Chapter 1110: Unwilling to Fail
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In the early morning of April 28, the Hong Kong Observatory issued a thunderstorm warning, and it is normal for thunderstorms to occur in Hong Kong after the beginning of summer, but this time, the Buddha is a kind of foreshadowing, indicating that April 28 will be an extraordinary day, and it will be a day of change.
The settlement price of Hang Seng Index futures is the average of the Hang Seng Index quotations every five minutes on this day, therefore, in order to raise the settlement price, it is necessary to ensure that the Hang Seng Index trend is stable and cannot rise and fall.
The financial market on this day is not only concerned by government officials and business elites, but also by millions of Hong Kong citizens, because from the newspapers and television, they already know that the success or failure of this day is actually closely related to their lives, and if Hong Kong fails, the most direct reaction is that their quality of life will be greatly reduced in the future, not only because the government cannot come up with more funds to solve people's livelihood problems, but also have to face the dilemma of unemployment and wage cuts.
Early in the morning, millions of Hong Kong people locked the channel, their eyes glued to the fast-beating Hang Seng Index, and all of them were sweating, and their hearts were raised to their throats.
Chen Kangjie, as the coach of the defensive side, got up at seven o'clock, went to the private gym to exercise around, ate some breakfast, drank some milk, and sat in front of the computer screen with the team members.
All combat orders will come out from here, Chen Kangjie's office has thirteen telephones, and Chen Kangjie has three on his desk alone.
At 1o o'clock in the morning, the decisive battle began, Chen Kangjie and the financial predators immediately launched a fierce battle on the "HSBC Holdings" and "Hong Kong Telecom", the speculators sold the momentum and overwhelming, Chen Kangjie came to block, the water came to cover, there was no one left, the whole market was bought, the market opened only 5 minutes, the turnover was as high as 6.5 billion Hong Kong dollars, at the same time, the Hong Kong government at the same time set up a buying defense line on the 43 Hang Seng Index constituent stocks, and defended the whole line.
In order to cope with today's fierce battle, Chen Kangjie has prepared more than 700 billion Hong Kong dollars, which on the one hand can help stabilize the foreign exchange market, and on the other hand, this money can be used sparingly, and at the same time, he has set aside 400 billion US dollars in reserves.
In order to suppress the stock market, every minute that passes, the pressure on speculators will increase by one point, and their investment will become larger and larger, and Chen Kangjie's consumption will naturally increase.
Before the market closed at 12 noon, the battle intensified again, and many blue-chip stocks such as "Cheung Kong Industrial" and "China Telecom" were frantically sold by speculators, and a large number of European funds entered the market.
On the contrary, international speculators have repeatedly told the media that the Hong Kong government is no longer capable of fighting, and they can no longer afford to take a penny in their hands.
In a televised speech on the morning of the 27th, he told investors and ordinary citizens that the government not only has money in its hands, but also has abundant funds, but he did not say a word about where the money came from and how much it was.
Part of the white lie is a measure of last resort, and part of it is the result of communication with the central government.
Huang Zhenhua once called the special government, and on the phone, Huang Zhenhua clearly told him in a semi-commanding tone that not only could not give up, but should also use every means to recover the decline, Huang Zhenhua said that the central government has mobilized a large number of funds from all aspects to prepare for it, and clearly sent a signal that this is not his personal meaning, but the idea of the central collective.
I don't know the truth of Huang Zhenhua's words, and he doesn't quite understand how much money will enter the market, but from his responsibilities, he can't make unfavorable news, he can only deliver positive messages, and at the same time, he also expects that what Huang Zhenhua said will be reality.
On the morning of 28 April, in the Special Mansion, Special Affairs, his staff, and important financial officials did nothing else, and all of them were paying attention to the trading and fluctuations in the market.
Seeing that in the face of such a large sell-off and trading volume, the index not only did not decline, but also showed a continuous upward momentum, especially his subordinates did not doubt Huang Zhenhua's words, their gray hearts rarely appeared a trace of freshness, of course, before the market closed, it was not to be taken lightly, and it was only a moment of breathing.
In Hong Kong, in the United States, in Europe, in the mainland, many offices have a group of financial elites busy, everyone looks nervous, everyone is constantly tapping on the keyboard, not only making and receiving calls, every second is very critical for these people.
The turnover at the close of Hong Kong's afternoon market was reported at 9.o9 billion Hong Kong dollars, which is already a record for half-day trading, and before that, the Hong Kong stock market has never had such a huge trading volume.
During the lunch break, for ordinary people, there can be a short opportunity to rest, but for Chen Kangjie and those speculators, there is no rest at all, and they are taking advantage of this time difference to intensively analyze the gains and losses in the morning, and adjust their tactics to cope with the more fierce battles in the afternoon.
At the opening of the market in the afternoon, the battle situation became more severe, the speculators were rolling in, Chen Kangjie commanded the whole line to defend the whole line, and the stocks worth an average of 750 million yuan changed hands every minute, which was a big surprise for those who are accustomed to seeing the big scene.
In fact, Chen Kangjie can also increase the trading volume significantly, so that the stock index will rise faster, because according to the team's prediction, after three o'clock, the selling volume of speculators will more than triple, that is, there will be at least 2.2 billion Hong Kong dollars per minute.
However, Chen Kangjie still implements steady and steady tactics, does not require an increase, as long as he eats all the other party's selling, because he always has a hunch that the opponent must have left a hand, otherwise, the stock market would have collapsed long ago, Chen Kangjie speculated that the opponent's attack volume would at least be several times larger than the current scale, if the Federal Reserve really participated.
In the end, Chen Kangjie's prediction proved to be correct, although before three o'clock, the selling continued unabated, and the trading volume climbed all the way, while the Hang Seng Index and the futures index always remained above 78oo points, but after three o'clock, the speculator's selling seemed to have stepped on the brakes, and the trading volume suddenly decreased to 350 million US dollars per minute.
As the bell rang at 4 o'clock in the afternoon, as most people expected, Hong Kong stocks did not fall to 75oo points, but were lifted above 8,000 points by Chen Kangjie, and the constantly beating Hang Seng Index, futures index, and turnover on the display screen were finally locked in the three numbers of 8o29 points, 8o51 points and 17.9o billion respectively.
After a burst of joyful cheers, the Financial Secretary of the Hong Kong Special Administrative Region (HKSAR), on behalf of the government, immediately announced that the Hong Kong government had won the battle against international speculators and defending the Hong Kong stock market and the Hong Kong dollar.
This day is an unforgettable and thrilling day for many citizens, people meet each other, talk about one thing, that is, this financial war, and many people also take the trouble to quote the details of the grapevine to enhance their status, in the evening, Lan Kwai Fong's bars are all full, and the consumption is elite, they want to use a bold way to celebrate the pressure and tension that has been accumulated in their chests today.
In fact, today's battle, in addition to the figure of 17.9o billion Hong Kong dollars seems huge and fierce, there is really nothing to praise, at least, the 8o29 points of the Hang Seng Index and the 8o51 points of the futures index are ordinary numbers, it seems that the index has been pulled up by five or six hundred points, but these figures are normal before the financial crisis, the Hang Seng Index in 1997 has reached 14ooo points, what can be boasted of.
Of course, the numbers are prosaic, but the significance is immeasurable, and it has allowed the Hong Kong stock market to gain a firm footing, leaving international speculators not only without room to make profits, but also inevitably suffering huge losses because their contracts have expired.
It didn't take long for this battle to be quickly written into the financial textbooks of many countries around the world, and it has also become an important plot in many film and television dramas, but no matter how you deduce it in the classroom, or how to perform it movingly in the movie, it can't compare to the real excitement of that day, that kind of tension, and that dripping fight are extremely difficult to reproduce, unless Chen Kangjie personally puts the real director on the screen.
But whether Chen Kangjie will do that, it is still difficult to say.
April 28, 1998 was a heart-wrenching day for many speculators, who came with the results of the war that swept through Southeast Asia and the ambition to sweep Hong Kong, and their battle plan was not incomplete, perhaps their only failure was that they did not find out Chen Kangjie's savings and real strength, and the Hong Kong government, which has always pursued a zero-intervention economic policy, actually carried 19.8 billion US dollars in foreign exchange reserves, and entered the stock market and the foreign exchange market at the same time to carry out a large-scale defense war, coupled with Chen Kangjie's later investment, China invested more than 200 billion US dollars in this battle.
On the day of the 28th, the international speculative capital army pressed the border, trying to completely suppress the stock index, and Chen Kangjie collected all the sell orders according to the order to stick to the stock market, and the trading amount of this day reached 17.9 billion Hong Kong dollars, setting a record for the highest single-day transaction in the Hong Kong market.
However, the battle is not really over, the speculators are not willing to lose hundreds of billions of dollars, these ambitious people are not willing to lose, so they take a measure to continue the battle, they believe that the financial pressure and public opinion pressure can not make the SAR government and the central government support for a long time, so they decided to transfer the August contract to September, wanting to fight a protracted war with the Chinese side.