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In the past month, the Hong Kong stock market has continued to decline, Chen Kangjie knew in advance that the international speculators with Soros as the secret ambush are secretly ambushing a large number of short positions in Hong Kong stock index futures, and the main source of profits will come from here.

Correspondingly, Chen Kangjie is also constantly ambushing a large number of short Hong Kong stock index futures, and both sides choose to settle in April, and the settlement date of Hong Kong Hang Seng Index futures in April is April 28, in other words, this day will be the critical point of the war between the two sides.

If you want to get the most out of stock index futures, the attacking side must attack the most realistic Hong Kong dollar and stock market.

Among the three targets that can be attacked by international speculators, the Hong Kong dollar is the most real. Compared with attacking the pound, in the case that the Hong Kong economy does not have too many weaknesses, it will be more costly to attack the Hong Kong dollar and guide the market to expect the decoupling of the Hong Kong dollar from the US dollar (the health of the Hong Kong dollar linked exchange rate is far greater than the healthy strength of the pound when attacking the pound), but the gains are not large, even if the linked exchange rate is broken, with the health of the Hong Kong economy, it will not be able to attack the Thai baht and force the Thai baht to depreciate by 2o%.

However, it is necessary to attack the Hong Kong dollar, because only by shaking the linked exchange rate of the Hong Kong dollar can we really lead to a comprehensive panic in the Hong Kong market and shake investors' expectations of Hong Kong's economy.

Compared with the Hong Kong dollar, the real component of the stock decreases, and the virtual component increases, why do you say that, because the stock market trading or speculation is the future development expectation of each listed company, although there is an evaluation of the normal operation of the enterprise, but the valuation is more dependent on the income that the company can bring to investors in the next few years to measure, to put it bluntly, it is speculation in the future, if the future is dim, the valuation will fall, and the holder will sell.

The factors affecting the stock price include the company's own operating conditions, including the prediction of the future development of the industry, and the economic expectations of the country and region where it is located also greatly affect the evaluation of the stock value of the enterprise, especially in a region where foreign exchange is not controlled and there is no restriction on foreign investors, because the income of the enterprise is Hong Kong dollars, if the Hong Kong dollar depreciates, when foreign investors use the future US dollar to the Hong Kong dollar exchange rate to evaluate the income, even if the Hong Kong dollar income is not reduced, once converted into the US dollar, it will actually decrease, once this expectation is formed, investors will reduce their investment in listed companies in Hong Kong, to put it bluntly, it is to sell the stocks of Hong Kong listed companies。

Therefore, if you want to manipulate the decline of the stock market, it is also necessary to attack the Hong Kong dollar, and if there is no problem with the operation of the listed company and the future development of the industry, the only way to attack the exchange rate is to do so.

Beginning on 2 February, the other side first chose to suppress the Hong Kong stock market, although the attack on the exchange rate would be the only way, but before eating, they had to suppress the Hong Kong stock market to a suitable position, and the Hong Kong stock market opened on 2 February, and it fell by more than 200 points in one day.

In July 1997, Hong Kong stocks were still above 14,000 points, but after half a year of turmoil, Hong Kong stocks have fallen below 12,000 points, in other words, in this half year, nearly 500 billion Hong Kong dollars have been steamed out of the Hong Kong stock market.

Of course, the decline of Hong Kong stocks is not all done by international speculators, but also for their own market reasons.

"Xiaojie, shouldn't we take some measures, today the Hong Kong stock market fell by 19o points, nearly 40 billion Hong Kong dollars and disappeared again", the night before Valentine's Day in 1998, Chen Kangjie received a call from Huang Zhenhua as soon as he came to his office at the New World Center.

"Don't worry, these are just preludes, I'm looking at the trend of the Hong Kong stock market today," Chen Kangjie stared at the computer in front of him, holding a cup of tea and said calmly.

The school opened on February 14 and 15, and classes officially started on Monday 16, so Chan was able to stay at the New World Centre for the next few days.

At this time, he is not the only one in his office, but also a team of six assistants, these people are outstanding financial experts and mathematicians, two of whom Chen Kangjie has known since 1989, and the other four are selected by Han Geng and Ouyang Zhenhuasai, which are absolutely trustworthy.

These six people are currently named investment advisors of COY, and in fact, they will keep an eye on the changes in the world's major markets, especially the Hong Kong market, in Chen Kangjie's office every day.

"How can I not be anxious, Hong Kong has only been returning to the motherland for half a year, and we are facing such a difficult situation, and we are facing great pressure from international public opinion, and now many media are saying that the reason why Hong Kong's stock market has fallen sharply is because investors do not have confidence in Hong Kong after the return to the motherland, and believe that it is impossible for a socialist government to manage a capitalist free metropolis well." Huang Zhenhua's voice was loud and slow, and he did not appear as anxious as he said.

To be a leader at the vice-national level, it is impossible to be like ordinary people who encounter a little pressure and make a noise, and calmness has become their biggest symbol, and if they are unstable, it is difficult to shoulder heavy responsibilities.

"It's not, I haven't paid much attention to the media news lately, but ,,,,,, if there really is such a trend of thought, then it is normal and not worth making a fuss," Chen Kangjie said halfway, pausing and pondering for a while before continuing in a deep voice.

"It's normal, that's normal, how to understand. Huang Zhenhua asked.

"Of course, isn't it normal for Western countries to have negative news about us, besides, this is not just a war in the financial field, the economic base determines the superstructure, and it will naturally involve the political and propaganda fields, the emergence of this trend of thought is actually to build momentum, they want to play up a false impression of Hong Kong's decline in the entire field of public opinion, which will cause more panic in the market, when everyone will be skeptical about Hong Kong, it will be beneficial and harmless for them to attack Hong Kong's financial market." , Chen Kangjie said steadily.

"Reasonable, reasonable", Huang Zhenhua on the other end of the phone said as he leaned on the sand and shook his head.

"There is no way to deal with this situation at present, especially the central government is very difficult to deal with, and it has never been our forte to fight an international cultural declaration of war, and we can only hand it over to the SAR government to deal with it itself.

Chen Kangjie's words are a little unkind, but it is a fact that in the field of international public opinion, we have very little right to speak, and the trend of international public opinion is controlled by Western society, and they firmly control the right to speak in public opinion through a series of large news organizations.

In addition to the need for reform of our institutional system, the need for innovation in means, and the need to go out in thinking, what is more important is that our national strength must be strong enough, otherwise, no one cares what we are talking about.

In the international arena, we are indeed still very weak, not to mention anything else, Xinhua News Agency, CCTV, People's Daily and other news media have not really gone out, and their voices and comments are rarely paid attention to and quoted by Western public opinion circles, and it may be much better in ten or twenty years to get the right to speak about information dissemination.

"Then let the Hong Kong market sink like this. Huang Zhenhua thought for a while and asked.

"In the current situation, we can only do this, we must let them see that they want to bet hard, and only then will they be hurt all at once, so that they dare not covet it anymore, this is like a battle, if we start a counteroffensive now, the formation is a positional war situation, not only the time will be protracted, both sides will lose a lot, the most important thing is that that kind of situation will cause great damage to Hong Kong, so we can only find a way to turn the positional war into a war of encirclement and annihilation, to do this, we must pay some losses in the early stage, give up the outer defense line, only put the enemy's strength in, to annihilate it in one fell swoop, if we win, not only can the previous losses be recovered, but also the fastest time to end this crisis, this is my strategy, I know your pressure will be great, but if you believe me, you can only do this, maybe you will have to withstand this pressure in a month or two", Chen Kangjie had to take the trouble to say for the sake of An Huang Zhenhua's heart, but also An Zhong's heart.

Chen Kangjie's idea is not that he did not communicate with Huang Zhenhua, but when the actual situation appears, there will be more ideas, Chen Kangjie understands their pressure, but at this time there is no way out, can only follow the established strategy.

"Of course we believe in you, Secretary Zhonghua also told me like this, otherwise I wouldn't have to listen to you, I won't ask anymore in the future, just follow what you decide."