February 7, 1997, the first day of the Lunar New Year.

At this time, there are still more than 20 years before Siam declares the Chinese Spring Festival as a statutory holiday in Siam. Therefore, on this day, Siamese people still have to go to work, especially the Siam Stock Exchange.

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However, although the Spring Festival has not yet been designated as a legal holiday, because there are a large number of Chinese in Siam, the streets and alleys of Bangkok are already full of festive atmosphere today.

After all, for most people, they don’t care whose holiday today is, they just know that it is a holiday and that there is enough atmosphere to stimulate their desire to consume.

Merchants even put a wide variety of products at the door of their stores for people coming and going to choose from.

Today will be a carnival day for countless Siamese people!

But the Siamese people, who were immersed in the atmosphere of festive celebrations, probably could not have imagined that a huge financial massacre was about to befall them.

At the Star City Foreign Exchange Market, 1,600 kilometers away from Siam, Soros, Fang Chen and many other financial giants have gathered here.

This will be their main battlefield.

When Fang Chen was targeting the British pound before, he also said that the foreign exchange market is actually a global market that keeps spinning around the clock.

The most obvious difference from other trading markets is that the foreign exchange market is continuous in time and unconstrained in space.

If calculated according to Yanjing time, from the Wellington foreign exchange market in New Zealand, which opens at 4 a.m., to the New York market, which closes at 4 a.m. the next day, a perfect closed loop will be formed under the alternation of the six major foreign exchange markets in the world.

Because it belongs to Southeast Asia, it is equivalent to other foreign exchange markets. The Star City foreign exchange market, which is the second largest in Asia after the Tokyo foreign exchange market, has more frequent Thai baht exchange rate transactions.

Therefore, the Star City foreign exchange market can also be called the main trading market of Thai Baht.

Yanjing time, 3:30 pm.

Most foreign exchange trading practitioners can now breathe a sigh of relief, take a walk, and move their bodies to give their tense nerves, lumbar vertebrae, and muscles a little rest, and delay the time for them to become scrapped.

Although there is still half an hour before the market closes, it has obviously entered garbage time.

After all, foreign exchange speculators who are willing to take action have already exchanged their chips in sufficient trading time.

In other words, after a day of trading, no one has too many chips in their hands.

The trading curves of various currencies have gradually become flat, which is also a good proof of this.

Those who do day trading, no matter whether they win or lose, have chosen to close their positions and settle down. They have even begun to prepare to reflect on today's gains and losses and prepare for tomorrow's trading.

After all, most individual traders do not have the ability to conduct 24-hour trading.

Of course, if something big happens, that's a different story.

As the second hand crossed the number twelve on the clock, the time officially entered three-thirty in the afternoon. Soros picked up the phone on his desk and directly ordered: "The attack begins!"

Fund manager Hewlett responded excitedly, and then immediately said to the traders: "Start the operation. First sell the US$500 million Thai baht forward contract to give our allies a signal to tell them that the general attack is about to begin."

Perhaps Mr. Soros has communicated with people from Citigroup, Morgan, and other financial institutions, but no one would dare to tell people from other financial institutions in advance about his real trading time and transaction size.

As I said before, financial transactions are completely like a dark forest. While you think you are a hunter, maybe in the eyes of others, you are just a prey.

The only way to save your life in the dark forest is to hide yourself and kill all exposed enemies!

Take for example now, once they tell other financial institutions about the time and chips of their upcoming attack, who knows if someone will target them and perform reverse operations when they short the Thai baht.

Don’t forget that in their eyes, Siam is a dish, but they themselves are also a dish.

After all, if you defeat them, the opponent can still get a lot of benefits.

In the foreign exchange market, no money is marked.

These characteristics are also the main reasons why the foreign exchange market is fascinating and even crazy.

Following Hewlett's order, the international speculators who were still wandering in the Star City foreign exchange market suddenly discovered that the Thai baht exchange rate in their hands had undergone huge changes.

In just one minute, the Thai baht exchange rate dropped from 25 baht to 1 U.S. dollar to 26 baht to 1 U.S. dollar.

It seems that the Thai baht has only depreciated by 1 yuan, which is not a big deal.

But you must know that currency is the foundation of a country. Once it moves, it will affect the operation of the entire country. Therefore, the foreign exchange market uses 0.0001, which is one ten thousandth, as the basic unit, and this one ten thousandth is also called

It is a base point.

Generally speaking, a fluctuation of 80 to 100 basis points in a world currency like the US dollar is enough to be called a major fluctuation, which will cause countless international speculators who have opened a high leverage of more than 100 times to liquidate their positions instantly.

In other words, it is precisely because the foreign exchange rate is difficult to fluctuate and the fluctuation range is very small that the foreign exchange market can have terrifyingly high leverage of one hundred to four hundred times.

After all, if there were no such high leverage, the foreign exchange market would fluctuate at one thousandth the usual level.

If you bet in the right direction, you can earn only one yuan for a thousand yuan, which is lower than bank interest.

And there are still a lot of possibilities of not betting in the right direction.

No one would be happy running around looking for something.

Small currencies like the Thai baht, due to their importance in the international market, are not as sensitive to fluctuations as the US dollar, but usually the fluctuations are only within one or two hundred basis points at most.

But now it has been directly reduced by one yuan, which means that it has been reduced by 10,000 basis points, which is fifty to one hundred times the normal fluctuation.

Isn’t this enough to call it a terrifying big fluctuation?

"Is it true that another fool's hand slipped?"

These words reflect the sentiments of countless international foreign exchange speculators.

After all, this kind of sudden drop of 10,000 basis points can only occur when short contracts of hundreds of millions of dollars are established.

But the question is, who would invest hundreds of millions of dollars in a short contract on Thai baht?

How can a small national currency like the Thai Baht afford so many short contracts?

Crazy?

They can even say with certainty that if someone really spends hundreds of millions of dollars on the Thai baht, the Siamese government will definitely raise the Thai baht exchange rate very quickly.

In other words, the person who shorted the Thai baht this time with such a large amount of money did not face ordinary foreign exchange traders, but the Siamese government.

It is obviously impossible for an organization or one person to fight against a country to win.

Countless foreign exchange speculators’ eyes lit up, this is an opportunity!

If nothing else goes wrong, that fool with slippery hands will definitely find a way to close the short contract in his hand as soon as possible and convert the short contract in his hand into US dollars again.

That means that the exchange rate of the Thai baht will return to the previous 25 baht to 1 U.S. dollar very soon.

Thinking of this, thousands of operators frantically bought the chips in their hands into Thai baht, preparing to take advantage of this opportunity to make a fortune and teach that slippery fool a lesson.

As we all know, the trading market, whether it is the stock market, foreign exchange, futures, or futures, is a typical zero-sum game.

If they buy a large amount of Thai baht, it will push up the price of the Thai baht, which means that if the fool who is short-selling wants to close the short contract in his hand, he will have to buy the Thai baht at a higher price.

The difference in price lost by the other party is their profit.

At the same time, Zhu Changhong, who noticed the violent fluctuations in the Thai baht exchange rate, suddenly lit up his eyes, turned around and rushed into Fang Chen's office.

"Mr. Fang, Soros has taken action!" Zhu Changhong said excitedly.

He has been waiting for this trading signal for half a year, and now it finally appears. Can he not be excited?

"Is that correct? I don't want to be the leader and end up being the target of public criticism." Fang Chen asked in a deep voice.

Behind Soros is the United States, so he can act recklessly. Those countries that have been cheated can only dare to be angry and dare not speak out. If he takes action first, he will bring trouble to China.

This does not mean that China cannot withstand attacks from Siam or Southeast Asia.

He just said that he was unwilling to harm China's interests because of his own reasons.

Furthermore, there is obviously a scapegoat like Soros in front of him, so why doesn't he have to rush out on his own?

This is also one of the important reasons why he released Soros back then.

Otherwise, if you want him to release Soros, the conditions offered by the Rockefeller family are not enough!

After all, to be fair, if the loser was not Soros but him, would Soros let him go so easily?

I'm afraid even if you think about it with your toes, you will know that Soros will definitely not do it.

"I'm 80% sure! After all, I can't imagine anyone except Soros and other financial giants who would spend 500 million US dollars to short the Thai baht. And don't you think there is still half an hour before the foreign exchange market closes?

Is this attack exactly the same as the last attack on the pound?"

Although Zhu Changhong said 80%, looking at his expression, he clearly felt that this was 100%.

After all, he is no longer the rookie with only a small amount of trading experience he was four years ago.

Over the years, in order to cultivate the trading skills and experience of these people, Fang Chen gave them 100 million US dollars for them to operate.

Although the foreign exchange market is very large, and the daily capital transaction volume is calculated in trillions of US dollars, US$100 million is not a small amount, and even in terms of size, it is also an extremely large speculator.

Because, if they are willing to increase leverage, US$100 million can be magnified to at least US$1 billion to US$10 billion.

Leverage of ten to one hundred times is considered relatively normal in the foreign exchange market.

But Fang Chen didn't let them do this, and he didn't let them use any leverage.

After all, Fang Chen gave Zhu Changhong and the others US$100 million in order to allow them to accumulate experience and grow, not to increase capital appreciation and turn money into more money, like most international foreign exchange speculators.

In trading, profits and losses have always come from the same source. Leverage not only amplifies the profit multiple, it also amplifies the loss multiple.

To put it simply, after the leverage is enlarged, the money that was originally lost in ten transactions is lost in one transaction.
To be continued...