Phase Three: In August 1998, taking advantage of the turmoil in the US stock market and the continued depreciation of the Japanese yen, international speculators launched a new attack on Hong Kong.
The Hong Kong government quietly intervened in the market, launching a comprehensive crackdown on speculators in stocks, futures, and stock lending channels, thus supporting the stock market and preventing speculators from profiting from the bearish futures market.
In those short 10 trading days, the Hong Kong government used more than HK$120 billion in foreign exchange funds.
After defeating international speculators, the government withdrew entirely from the stock market and made billions of dollars.
Subsequently, the Hong Kong stock market continued to climb.
In the above, Liu Feng told Liao Bisheng and Jin Xiaohu what he knew in a predictive and analytical tone.
The two seasoned stock market investors were not entirely convinced. They also regularly read newspapers, searched for news online, and paid attention to the domestic and global economic situation.
Initially, the two were skeptical of Liu Feng's views, after all, they had long paid attention to the domestic and international economic situation and had a deeper understanding of market fluctuations.
However, as news broke that Thailand was abandoning its fixed exchange rate system, the Thai baht plummeted by 20% against the US dollar that day, triggering a chain reaction like dominoes.
A financial storm that swept across Asia was quietly approaching.
At this moment, Liao Bisheng and Jin Xiaohu began to re-examine Liu Feng's judgment. They realized that this young boss might really have extraordinary foresight.
However, they still do not believe that this financial crisis will affect Hong Kong.
At this time, the Pearl of the Orient was completely immersed in the fragrance of the Bauhinia flowers and did not pay much attention to the situation of the Thai baht.
For a century, wanderers have returned home, and dazzling fireworks illuminated the night sky over Hong Kong, as well as the aspirations of 6 million Hong Kong people for a better future.
The smooth return has added more confidence to Hong Kong's already thriving economy.
At that time, Hong Kong was the world's fourth largest financial center, the sixth largest foreign exchange trading market, and the second largest stock trading market in Asia.
The Hang Seng Index, a barometer of the Hong Kong stock market, has been soaring and bullish.
Who would believe that Hong Kong's financial sector would encounter a crisis?
Liu Feng didn't care whether Liao Bisheng and Jin Xiaohu believed him or not. He simply took out 0.2 billion and told them to buy stocks in Thailand, the Philippines, Indonesia, Japan, Malaysia, South Korea, Singapore, and other countries.
Engage in "short-term" and "short-selling" transactions with international speculators and profit from the profits.
Once the international speculators move to Hong Kong, we'll withdraw, stand on the side of the Chinese people, and fight back against their massive short-selling campaign to fleece these international financial giants!
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