July 1997, the Asian financial crisis. American financier George Soros's Soros, the hedge fund using original reflection theory, in Asian countries and regions launched a sustained repeated attacks, and was a great success, so these countries for decades to accumulate foreign exchange moment come to naught.
nothing new so-called reflection theory, behavioral economics as the Chinese people as our civilization is bleak as bright. Look at his application, it seems clear at large or with Weiweijiuzhao Chencang to explain the darkness, foreign exchange, futures market, the stock market are the layout, use one of the market impact other markets. In Asia, the crisis in Thailand in 97 years from June 28 to reform the financial sector in Thailand, forcing 16 financial institutions out of business or merged. July 2 the Bank of Thailand and foreign exchange reserves by the lack of market pressure to abandon a fixed exchange rate of U.S. dollar, to a managed float. A number of international hot money profits from the beginning, the method: the Thai baht loan from the bank, wantonly sell, exchange U.S. dollars, to suppress the exchange rate, and low-return bank in U.S. dollars to buy baht. To the end of December 1997,
ecco golf, the Thai baht devaluation of 65.92%. In fact, the core of the crisis against the U.S. dollar exchange rate system, 97 May 9 Moody's Investors Service released in 61 countries worldwide bank examination reports, the survey found a high rate of 58 crisis. June 9 IMF said global financial markets of the recent banking crisis may occur.
eat in Southeast Asian countries, the hot money fancy Hong Kong,
ecco boston, the Hong Kong dollar linked exchange rate system is, in addition to futures markets, foreign exchange, stock market developed,
ecco men shoes, and a free economy, hot money is simply to do whatever they want : Prior short selling in the stock and futures markets, then a large number of the bank borrowings of HK, the Hong Kong dollar interest rates soaring to lead of the city, the stock market slumped, and thus profits. This approach has been since October 1997, 4 times in the Hong Kong stock exchange, of the three cities to start, the first three were profiteering. The end of July 1998 to early August, again through the hedge fund after another to attack Hong Kong dollars, to push up interbank rates and interest rates, they were only the surface of the HK attack, stock and futures markets is the real attack. Generous in the stock market short selling stocks and futures, significantly suppressed the Hang Seng Index and index futures index, the Hang Seng Index dropped substantially from 10,000 points 8,000 points and 6,000 points directed. Market rumors, \
down the Hang Seng Index at the same time, construction of a large number of short futures positions. Hang Seng Index fell 1 point each, each short position in the contract to get 50 dollars, 23 October 1997, Hong Kong's linked exchange rate system for the first time by the international financial speculators. They converted a large number of direct selling Hong Kong dollars to U.S. dollars. Hong Kong Interbank Offered once soared to 300%,
ecco shoes on sale, the Hang Seng index and index futures markets tumble more than 1000 points. Speculators who were selling more than 400 billion Hong Kong dollars, billions of dollar profit in the securities market. In August 14 the first 19 trading days, the Hang Seng index to plunge more than 2000 points, each contract earns more than 10 million dollars!
Hong Kong Government was forced to maintain exchange rate system and maintain financial stability in the stock market and foreign exchange markets to carry out the same time, the stock market's purpose is to maintain the Hang Seng Index futures market did not benefit the accumulation of short positions,
foreign exchange market on August 5, 1998 to 7, just three days thrown nearly 460 billion Hong Kong dollars (60 billion) dollar sell order on the fourth large-scale impact, Hong Kong Monetary Authority buckled, not to raise interest rates hit back, but foreign exchange reserves, throwing dollars, a lot of dollar buying, speculators sold one dollar each, the HKMA will eat the next dish, but eating is cheap Hong Kong dollar. HKMA's initiative to undertake the Government's fiscal reserves speculators selling of nearly 500 million, then bought back the dollar re-deposited in banks in order to suppress the rise in interbank interest rates to reduce economic damage. Friday, half past four p.m. to 7, a small victory to Hong Kong Monetary Authority has ended, the exchange rate stable at around HK $ 1 7.75 level. The degree of frustration because of the stock market is not large, not much of that decline, speculators failed.
98 on Aug. 14, the Hong Kong Government officially hands-on intervention in the stock market, the use of the Exchange Fund and the Land Fund into the stock market and while the Hang Seng Index futures market to absorb a large scale, resulting in that day the Hang Seng Index rebounded more than 560 points, an increase of 8%, to close at 7224 points; August 18, the U.S. stock market has rebounded sharply, the yen began to stabilize, Asian Stocks rebound. This day is the first trading day after the public holiday, the Government reserves the power, the Hang Seng index in narrow ranges, the market Zhong Pan edged down 14 points to close at 7210 points; August 19, the Hong Kong Government Exchange Fund to continue to enter the market, large rely on short positions, the index rose 412 points to close at 7622; August 20, the market high of 7,900 points in initial resistance encountered, and the Government is also buying a little convergence, the index to close in 7742, up 120 points;
the two sides in August 25 to 28 to start the rollover war, speculative capital that the Government has invested about 100 billion Hong Kong dollars, can not long sustain, and therefore decided to short the stock index by the August futures contract rollover to 9 months, starting from August 25, speculative capital in the August contract closed at the same time, a large number of short contracts in September. 27 and 28, the speculative capital out in force in the spot market, attempt to index crushed. Hang on in the stock market while the Hong Kong Government, after 8 days thrilling World War II, in the futures market contract price will be in August pushed to 7990 points, the settlement price of 7851 points, 1200 points higher than the pre-market. August 27, 28, the Government will accept all sell orders of all, the results amounted to 27 transactions 20 billion Hong Kong dollars, 28 transactions amounting to 79 billion Hong Kong dollars, setting a maximum transaction records in Hong Kong. At the same time, the Government positions in the August contract on the basis of profit taking advantage of its success, the September contract prices in August contract settled 650 points higher. In this way,
ecco casual, speculative capital positions per revolution with a contract to pay the cost of more than 30,000 Hong Kong dollars. Investment capital in the August contract in the complete failure of the competition.
the Government continue to push in the September index futures prices, forced the departure of speculative capital loss. September 7, the Government promulgated the financial management of foreign exchange, securities trading and clearing of new regulations,
ecco golf shoes, so that limited speculation speculators, on Hengsheng index rose 588 points to close at 8076 points. Meanwhile, the yen's appreciation, the Southeast Asian financial market stability, so that speculative capital funds and currency exchange costs, speculative capital had to retreat to leave. September 8, September 8220 contract price rose point, 8-position by end of exit of speculative capital to liquidate, per contract but also loss of 40,000 Hong Kong dollars. Sept. 1, in the August 28 results of spot market transactions settlement, the Government found loopholes in the settlement system, 146 million shares had not traded for delivery speculators to escape.
Cheap Christian Louboutin With Top Quality
Linear Mode
