Meanwhile, the Thai Foreign Ministry held a press conference, connecting by phone with media outlets from the United States and several European countries. During the call, the spokesperson stated that Thailand's economy is strong and its industries are well-balanced. While there are indeed some minor issues, the annual GDP growth rate can be maintained at five percent.
The spokesperson also released a number of solid data points, and after the broadcast on television, retail investors had completely surrendered.
The Thai baht surged from 72 to 36 in one go, then began to trade sideways. There was only one hour left before the market closed.
The Quantum Fund and Tiger Fund were eerily silent, everyone's face etched with worry. If the Thai baht were to return to thirty baht, they would be close to breaking even.
“Trading volume has increased, let’s redeem the Thai baht now!” a manager suggested.
Soros was furious upon hearing this and pointed at the other man, shouting, "I'm informing you now that you're fired!"
What will be left besides a stampede if people redeem now? They stopped pushing the price up to 36 baht, and all that's left is for these funds and institutions to trample each other, causing the Thai baht to fall back to 25 baht!
Soros would never fall into such a trap!
"Call Schroeder, we'll send some of us first, let him try throwing out five hundred million!" Soros suddenly roared in fury, yelling at his assistant, "Tell those idiots to stop waiting!"
The news was playing on the television in the trading room. Soros stared at the screen for a while, then picked up the phone and called the Federal Reserve, hoping to increase the lending of Thai baht, but was refused.
He then called Robertson, who answered the phone: "Don't be nervous. I can see their vulnerability. Our contract still has ten days left. I'll run out a batch of people in a bit to repay the contracts that expire in three days. They won't last long."
“I know, I heard they’ve made a lot of calls. I guess they have no more than four billion in foreign exchange reserves left. This high level can’t be maintained for more than ten days; it will collapse on its own!” Robertson said.
The two have perfect control over Thai funds. This situation cannot be maintained by a single investment; it requires long-term international investment.
The devaluation of the Thai baht is a foregone conclusion; the only question is by how much. Compared to the 50% devaluation in the previous era, it may not be as severe this time. Even if it's just five points less, it's still a huge amount of wealth for a country.
In John's office, his assistant came in and briefly explained the situation. John calmly took a sip of coffee, stood up, and said, "The Thai baht is having a last gasp. Since they want to take 500 million, let's throw 500 million at them and see what happens!"
Five minutes later, a sell order worth 20 million was placed, and it was absorbed in less than a second. Then another 20 million was placed!
Everyone in the exchange tensed up. Those who had already exchanged their money back for Thai baht stared intently, thinking to themselves, "Please don't let it drop. If it drops back down, I'll lose everything, while those who didn't cut their losses will make a killing. They're making money while I'm losing money. It's so painful."
Those who haven't cut their losses are now hoping for a massive short squeeze to crush the bulls and drive the price down to 100.
Back home, the man, listening to the radio, was now in a frenzy, yelling, "Smash it! Smash it now! Back to seventy dollars. No, no, no, just fifty dollars, let me out!"
"It's so noisy! Why are you shouting in the middle of the night? Are you crazy?" the neighbor yelled.
"Go to hell, are you looking to die? I'm not going to live anymore!!" The man rushed out of the house and kicked the neighbor's door wildly.
The woman sat on the bed, the excitement of more than an hour ago gone, her eyes glazed over, silently shedding tears. In the financial market, the distance between heaven and hell is very short; in extreme cases, one second you can be a millionaire and the next you can be millions in debt.
Soros sold off 300 million at a price of 36. He wanted to test the strength of the bulls with the remaining 200 million. Judging from the market trading volume, the bulls had already spent more than 3 billion to pull the price back to 36 and maintain the fluctuation.
As sell orders were placed one after another, the Thai foreign exchange bureau ran out of funds. In the last fifteen minutes, the Thai baht fell below 38 yuan, and everyone became excited. A crash was imminent!
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