Prices have been gradually declining, and now that they have lost financial support, the price of the Thai baht will plummet. It is very likely that just one hundred million baht would be enough to bring it back down to the seventy-something baht level.
The finance minister realized the problem and immediately called the European delegation, asking them to prepare and request that the price of the Thai baht be fixed at 35 baht at the close of trading today.
When the price fell to 39 baht, a surge of funds rushed in, spending 200 million US dollars to drive up the price of the Thai baht, which then fluctuated around 35 baht.
Retail investors were devastated, and many in the exchange were so angry that they took their frustrations out on trash cans.
With less than ten minutes left before the market closed, John threw out another $50 million worth of Thai baht as a test, and the rebound was so strong that it was swallowed up in one go.
Looking at the transaction details in front of the chart, Soros frowned and asked, "Which exchange produced these funds?"
The exchange began investigating the source of these transaction funds and replied a few minutes later: "Europe! Ireland, Germany, the Netherlands, Spain, and France, with the largest buyer being the Lazarus Unity Road Second Branch."
He frowned and remained silent, staring at the computer screen for a long time until the transaction was completed, before slowly saying, "Just who is this person?"
After speaking with Robertson, Soros and Robertson agreed that something was wrong in Europe. Nobody knew how much money was involved, and if they could hold out for ten days, they would be finished.
Soros immediately contacted various European countries, especially France, through his superiors, demanding that they provide the user data for this branch, but was refused.
The trading session has ended, but the real game between the parties has just begun.
Domestically, at four in the morning, Lu Feng heard that the transaction had ended, yawned, and went upstairs. When he woke up, it was already noon. Not long after waking up, Lu Feng received a call from Su Yourong. Several major Thai media outlets published important articles, releasing comprehensive data on port data, currency data, industrial production value, M2 liquidity, real estate, and the number of investment projects implemented.
The article did not shy away from the fact that there were economic problems, but presented all the data. It concluded that economic growth had indeed encountered obstacles, but the decline was not that large, and that the situation would be reversed through industrial upgrading and government-led investment.
Furthermore, the article criticized the rampant short-selling of the Thai baht, arguing that these short sellers were making a mountain out of a molehill, taking advantage of the lack of foreign exchange reserves and the vulnerability of the exchange rate peg to launch a frenzied attack. The article also stated that Thailand has already abandoned the exchange rate peg, and the issue of US dollar reserves has received international support and is no longer a problem.
There are even rumors circulating internationally that the Thai baht is indeed not worth 25 to 1 US dollar, but at most it will fall to 30 baht. A 20% drop has already made the Thai baht show its strong value.
“I was watching the trading data all night. To be honest, I was scared by such a huge trading volume. Even in the last ten minutes when the trading volume slumped, there were still more than 3 billion baht traded. It felt like all the baht in the world had been dug up,” Su Yourong exclaimed.
“That’s normal. Those people would borrow as much Thai baht as possible from all over the world. But don’t worry too much. In my estimation, they won’t last more than a few days. They’ll run out of funds.” Lu Feng comforted him.
Su Yourong works in the stock market. The total daily trading volume of the entire Hong Kong stock market is only about five billion US dollars, and even less for individual stocks. Her only concern is that the market might not be able to handle such a large trading volume.
Even with ports, minerals, and arms as collateral, no one wants to lose money.
"Keep a close eye on things these next few days. It should only take a day or two. I have a call coming in, I'll hang up now." Lu Feng said and hung up the phone.
When I answered the phone at home, it was a call from above. They mainly inquired about the situation of the Thai baht. After discussion among experts, they believed that it would be best to end the situation this week, before December 25th. If the stalemate continues, international mediation will be needed, mainly because if Thailand continues to be under lockdown, there will be big problems.
Lu Feng said he would convey the message. After hanging up the phone, Lu Feng sat on the sofa and let out a long sigh of relief. He felt that the moment of the final battle was coming. The days of borrowing from those short sellers on Wall Street were coming. Thailand had also been under lockdown for almost half a month. If this continued, it would be a lose-lose situation.
I called Maha, briefly explained the situation, and asked for their thoughts again. They also said they would force the short sellers to their deaths as soon as possible. The main thing was that Sean encountered a situation where some companies on Wall Street contacted that branch directly and, after spending some manpower and resources, found Sean.
"They found Sean?" Lu Feng was shocked. How could they have found him so quickly?
"They did find Sean through some registration information, but your friend is no ordinary person. He found someone with the same name to register, so he called us in a hurry, asking us to keep his identity confidential and hoping to get things done quickly. Today, Wall Street is already encouraging retail investors to rush in."
"Trading volume will peak today, so be prepared and keep a close eye on things over there," the translator said.
Lu Feng was stunned. He never dreamed that Wall Street's financial investigation capabilities were so strong. Even a cunning guy like Sean was almost exposed. Wasn't he already exposed?
It's important to know that Lu Feng's funds were channeled through HSBC, the account was opened by Su Yourong, and the affiliated securities company was United Capital. It's likely that a few phone calls would be enough to uncover everything.
"Okay, I understand!"
Lu Feng hung up the phone, feeling somewhat terrified of Wall Street today. Wall Street in the 1990s was something Lu Feng, more than twenty years later, could not imagine, not to mention the large number of wiretapping activities he knew were taking place at that moment.
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