Both Quantum Fund and Tiger Fund are currently trading heavily. They've already made too much money at this price level, and it won't be easy for them to escape now that they've made their money.
They need to exchange their US dollars for Thai baht, and then use the baht plus interest to repay the banks and institutions that lent them the baht.
However, at such a low price, no one is willing to sell. If they rashly make a large-scale purchase now, it will only cause the price to rise rapidly and cause market panic. Retail investors and institutions that followed them in shorting will also engage in a stampede in order to rush to buy Thai baht to close their positions.
So now all we need to do is wait for a major investor to dump a large amount of Thai baht, causing these two funds to flee.
Domestically, countless people who speculate in foreign exchange are cheering at this moment, while others are crying and wailing, disturbing their neighbors.
"Wake up! Wake up! Everyone, it's fantastic news!" The man hurriedly entered the inner room wearing slippers.
"Are you crazy? Has your brain been damaged by trading forex?" The woman groggily opened her eyes and yelled, "I'll send you to a mental hospital tomorrow! The kids are sleeping; they have school tomorrow!"
"We're rich! Our family is rich! You have no idea, the Thai baht suddenly collapsed, it just dropped from over forty to seventy-two in a flash! My god, I never thought something like this would happen in my entire life, but I caught it!"
"Oh God, thank goodness we're lucky! The manager in the US the other day was right, all of Asia is going to collapse. I'll call him in a bit and exchange my dollars for Thai baht."
The man muttered to himself, occasionally bowing in all directions, looking rather mystical.
"How much money do you make?" The woman perked up and sat up from under the covers.
“Our family invested 150,000 yuan, and I mortgaged the house to Hu Laosi. I didn’t tell you about this. When it was 34 yuan, I exchanged our 150,000 yuan for US dollars, and then rented Thai baht and opened a short position. Now it’s 72 yuan. As long as we redeem it and return it to the institution, the rest is all ours,” the man said excitedly.
"Don't tell me these things, I don't understand them. Just tell me how much money you made!" the woman said urgently.
"More than double, 160,000 to 170,000!" The man stood by the bed and said smugly, "How about that? Your man is amazing, isn't he? He earned 160,000 to 170,000 in just half a month!"
"Dad is so awesome! I want to eat KFC!" the child shouted.
The man readily agreed. It was midnight, and the house was filled with joy as everyone looked forward to a bright future. The man made a bold statement: by this time next year, 300,000 would become 10 million US dollars.
Wall Street kept calling the City, urging them to sell off Thai baht as soon as possible, increase trading volume at the bottom, and at the same time reassure retail investors and other institutions that there were still opportunities to short the baht, so that the two companies could easily escape.
Around noon, the Wall Street Journal published a comprehensive analysis of Thailand's industries. Financial tycoons believed that the Thai baht still had a bubble and that the bottom should be at a price of 100 baht to one US dollar. Various managers appeared on TV and radio, inducing people to short the Thai baht.
Back home, it was already 3 a.m. Lu Feng sat in front of the phone listening to Manager Li's feedback. As an experienced currency and finance professional, he was also a little stunned. Where had he ever seen such a drop in a sovereign currency?
"Mr. Lu, given the current situation, both volume and price are falling, and we're hovering at the bottom. We need to wait for funds to enter the market. If no funds enter, rushing in will only result in being besieged. Looking at the KDJ and MACD indicators, there has already been a divergence..."
"I hired you to do technical analysis, right? Don't worry about all that, just wait for my message." After saying that, Lu Feng took out his phone and called Maha's assistant.
In Thailand, within an hour, they prepared the final funds: $3.5 billion. During that hour, they communicated with the Federal Reserve, as well as with the US military, Congress, and other parties, expressing a strong protest against the matter.
On the phone, Maha sounded very indignant, as if to say, "If you dare to kill me, I'll lie in my coffin. If the authorities intervene, they'll take responsibility for the consequences. If they want to recreate the 'Saigon moment' here, then so be it!"
The call wasn't just to the United States, but also to several major neighboring countries; at this moment, countless eyes were fixed on the current situation.
Having made all the necessary phone calls, Maha received her father's order and made a single call to the State Administration of Foreign Exchange, saying only one sentence: "Explode!!"
Half the planet was asleep, and at this moment, various sounds rang out in front of every trading computer inside the State Administration of Foreign Exchange.
"Seventy-two pieces, eat them all!"
"Seventy yuan, I'll eat it all!"
"Sixty-five yuan, eat it all!"
............
After hovering at the bottom for an hour, the Thai baht suddenly surged, its upward trajectory resembling a sharp reversal of the previous decline.
Inside the New York Stock Exchange, screams erupted everywhere. No one could sit still anymore; everyone stood there, covering their mouths with their hands, their faces filled with disbelief.
"Throw! Throw it now!!!"
"Margin call! Margin call!!"
"Stop pulling! Please stop! I've been liquidated! I've been liquidated!!"
"Help me sell them, exchange them for Thai baht, and go long on Thai baht!!"
The retail investors who just listened to the 'financial expert' were completely stunned. With the short-selling line at 72 yuan, they were destined to redeem at a high price.
Chaos erupted at the scene. The Thai baht to US dollar exchange rate was fluctuating faster than a heartbeat, advancing without any resistance. As it broke through the retail investors' defenses, a stampede ensued as everyone began to redeem their baht regardless of cost.
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