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Before the start of the big war, in which Chan really needed to intervene himself, Hong Kong people had already experienced months of heart-pounding.

Under the tide of the financial crisis that swept through East and Southeast Asia, coupled with the malicious impetus of international speculators, Hong Kong's stock market was like a roller coaster rushing down from its highs, and the stock index continued to decline from 14,000 points in the middle of last year to 6,800 points at the end of March.

It can be said that in just half a year, the Hong Kong stock market has steamed more than 2 trillion Hong Kong dollars, and the bleak sound of the stock market has been one after another.

Of course, those international speculators have not really made any money, they invest in stock index futures, and they can only obtain huge profits if the stock market is below a certain point for a long time.

During this period, the senior officials of the SAR government were anxious and tried in every possible way to save the market decline, but in the face of the general trend of regional decline, they achieved little success, and Huang Zhenhua, a senior central official who led the issue in charge of this issue, was restless and frightened, and the number he got every day was that he had lost tens of billions of Hong Kong dollars.

It is not these government officials who are most anxious, after all, it is not the money in their pockets that is lost, but the most anxious are those big entrepreneurs and businessmen, whose assets have shrunk sharply.

If nothing else, the top 50 richest people represented by Sir Li and Zheng Yutong alone have lost more than 60 billion US dollars in the stock market, close to 500 billion Hong Kong dollars.

They are sad, Chen Kangjie's green pine days are also over, Sir Li and Zheng Yutong, as representatives of Hong Kong entrepreneurs, have looked for Chen Kangjie more than once, because they believe in Chen Kangjie's ability to persuade other business friends to join the Hong Kong market defense war, but not only did not gain gains, but suffered heavy losses, even Xiang Yan, who has always believed in Chen Kangjie, has been shaken, the boss is now very sad, the family assets have shrunk by two-thirds, the family brothers have a great opinion of him, the gang has been affected by the economic crisis, and there have been more incidents recently, and the government has put a lot of pressure on him。

Chen Kangjie is like Jiang Taigong who sits firmly in Diaoyutai, every time they look for Chen Kangjie, he says "no hurry", and they look for Ouyang Zhenhua again, but the answer they get is still "not in a hurry".

However, since Wednesday, April 1, everyone has been in a hurry, even Chen Kangjie has been waiting for it.

On April 1, international speculators sold 22.3 billion Hong Kong dollars, and they also warmed up before, selling 35 billion yuan a day, but from this day, it suddenly increased several times, directly rising to more than 20 billion.

In order to deal with the challenge of major Western investment groups and hedge funds, Chen Kangjie has set up three lines of defense, the first line of defense is rushed by local Hong Kong businessmen to defend themselves, but by now, they have run out of money, suffered heavy losses, and have no power to fight back, and the second line of defense is only used.

The second layer of defense set by Chen Kangjie is to be undertaken by the SAR government, and the coordination work is completed by Huang Zhenhua, and it is inconvenient for Chen Kangjie to come forward.

Hong Kong is a free economic centre, and the government's commitment to non-intervention in the operation of the market, especially in the financial sector, is an intrinsic guarantee that Hong Kong can be called an international financial center in Asia.

However, the situation now is that of a fierce enemy, and if the SAR government does not stand up and put up a frontal resistance, Hong Kong will really fall.

In order to increase the market pressure on the Hong Kong dollar, there is a voice in the international public opinion circles that the renminbi is bound to depreciate, and as long as the renminbi really depreciates, not to mention that other countries with close trade relations with China will suffer heavy losses, especially the Southeast Asian countries that have just experienced the great looting, the Hong Kong market will also be even worse, and even the linked exchange rate system will collapse instantly.

Therefore, the market is generally not optimistic that Hong Kong can stand alone, and besides, every exploratory attack on Hong Kong by international speculators has made some gains, and they have gained more than 8 billion Hong Kong dollars in a tentative attack in July last year, and in September, October, and March 1998, several small attacks have not returned empty-handed, and the least one has also gained 3.4 billion Hong Kong dollars.

In such an atmosphere, they decided to be ruthless and strive to defeat the Hong Kong dollar once, in that case, with the delivery of stock index futures, their income will not be simply billions of Hong Kong dollars, at least hundreds of billions of Hong Kong dollars or even more than a trillion Hong Kong dollars, this kind of loss, Hong Kong said it cannot afford.

The severe predicament has made it impossible for the SAR government to sit idly by and watch the market this time, and the previous attack on the government has also lost 6.4 billion Hong Kong dollars.

Through the coordination of Huang Zhenhua, the SAR government finally changed its normal state and stated that it would come forward to stabilize the Hong Kong dollar and the stock market.

However, the specific responsibility is the response team composed of the Financial Secretary, the Chief Executive of the HKMA and the Secretary for Financial Services, led by the Financial Secretary, who also spread the news to the outside world.

In order to fulfill the duties of an official and to protect the prosperity of Hong Kong, the Financial Secretary was the first to stand up, and he personally told Special that he was willing to take responsibility if he failed.

On 1 April, the more than 20 billion Hong Kong dollars sold by international speculators were immediately completely absorbed by government funds, and this move made the financial secretary immediately become the target of public criticism, not only foreign investors and media criticized him, but even some investors and media in Hong Kong also attacked him, because his move undermined the imagination of Hong Kong's free financial center and shook the government's capital of Hong Kong, which is not directly involved in economic activities.

As a last resort, he was given a few days off and let him go to Eastern Europe to discuss cooperation affairs, which could be regarded as avoiding the limelight.

On Thursday, April 2, international speculators then sold another HK$31.5 billion, and the government funds were still fully absorbed.

The money of these international speculators is not all their own, all of them are borrowed from banks through credit, which is equivalent to attacking Hong Kong with Hong Kong people's money, of course, if they win, the interest on the loan is nothing, but once they lose, they will also lose very much.

The Chief Executive of the Hong Kong Monetary Authority (HKMA) is surnamed Ren, and people give him the nickname "Any Move", which means that whenever the financial speculators are about to kill, the only way for the HKMA to do so is to raise interest rates and increase the cost of financial speculation, so as to resist the sniping of speculators and maintain the linked exchange rate.

This method is effective, but it is also a double-edged sword, through guò several times to rise, the current dismantling interest has increased by 300 percent, if now a large increase in the interest rate, the lethality of the stock market property market is too great, the Hang Seng Index fell to 65oo points will be the minimum that the banking system can bear, Chen Kangjie's financial expert analysis, if the stock market and the property market further fall sharply, banks are bound to sell a large number of mortgage assets under no choice, thus setting off a vicious selling tide in the stock market and the real estate market, some small and medium-sized banks, and may even face the fate of collapse because of too many bad debtsOnce a bank begins to fail, Hong Kong's banking system is bound to suffer a fatal chain blow.

Therefore, Chen Kangjie's first commanding message to Huang Zhenhua was that he wanted to ensure that he could no longer raise the interest rate on the loan, and could only use funds to accept the call, and how to coordinate that was his business, and Chen Kangjie only told him that if the interest rate continued to rise, the cost paid by Hong Kong would be ten times that of international speculators.

After repeated coordination and consultation between the central government's economic authorities and the SAR government, they finally gave up the method of continuing to raise the interest rate, and adopted the hard-hitting method of the HKMA for every plate of Hong Kong dollar sold by speculators.

This method is extremely risky, but the profit is not small, and it is said that it is risky because once the reserves of the SAR government are exhausted, there is only one situation, that is, it is a big competition of strength, and it is said that it is not small because according to the regulations of the Hong Kong Monetary Authority, if the HKMA wants to buy back the Hong Kong dollar in the foreign exchange market, it must buy it at a fixed exchange rate of 1 US dollar to 7.8 Hong Kong dollars, but this time it bought all at the selling price of 7.75 Hong Kong dollars, which is equivalent to making a profit.

In three days, the SAR government bought 105.8 billion Hong Kong dollars from the market, which is unprecedented in the history of Hong Kong's financial industry, and the government has never been directly involved in a specific financial field in this way, and it has also made a profit.

Of course, whether or not they will make a profit in the end will not be known until the final results are released, but this move of the SAR government has already brought them a lot of criticism, and in addition to criticizing them for daring to operate in the market, there are also people who criticize them for competing with the people for profit.

It is impossible for the SAR government, which is already facing the situation of riding a tiger and difficult to get down, at this time it is impossible for them to retreat, they have no room for retreat at all, and they will not be able to stop it casually, but can only go all the way to the black and win this financial war completely; only then will the current infamy be washed away, and otherwise, they will be the sinners of history.

Chen Kangjie, who is in the mainland, does not stay in school in the afternoons recently, and he has to work in his office for at least five hours a day, gathering a lot of information from various aspects to his desk, which needs to be handled by him at his discretion.