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cheap wholesale iced out jewelry In January 1997, international speculators led by George Soros began to attack the long -awaited Southeast
The financial markets, and started selling Thai baht and buying US dollars. Thai baht fell straight. Its purpose is clear:
The financial market in Southeast Asia, mixing water to touch fish, and fishing hard. In some countries in Southeast Asia, real estate, foreign exchange
The chaos and out of control of reserves and financial market management have provided speculators with opportunities for thousands of years. Eat the persimmons to pick soft
, Soros's Ruyi abacus is: start with the most vulnerable Thailand, Indonesia, Malaysia, and Malaysia. In the end, Hong Kong captured Hong Kong, which caused him
The impression of the indestructible, defeating market confidence, and triggering "group sheep" psychology. Soros believes that as long as it defeats a
The financial market in a country, other countries will inevitably fall down one after another. This is the so -called "Domi
Nuo Bone card" effect.
The Thailand has become the goal of being the first.
-May May, international currency speculators began to sell baht, and the exchange rate against the US dollar fell sharply. Faced with speculation
The business aggressive offense, the Central Bank of Thailand and the central bank of Singapore joined forces to enter the market, tried to defend the baht
, they used $ 12 billion to absorb the baht; forbid the local area to prevent the local area from being prohibited from the local area. The bank borrowed baht to offshore speculators; the big
increased interest rates. After some short soldiers connected, the status of the Thai baht was temporarily kept.
The international currency speculators have conducted a strong counterattack, and their tricks are only one: raising funds
, and throwing baht. Soros began to advance. At the same time, the wave of depreciation of the Thai baht continued, and the exchange rate of Thai
has reached a record low that the exchange rate of the US dollar exchanged for the US dollar. The Thai government was replaced, and the former Minister of Finance, La Lei Willawang, was forced to hand over
Handsome seal. n, the exchange rate of the peso began to rise sharply.
The depression of La Lei Wirawan failed to stop the fierce defeat of the Thai baht. In June, the speculator began to issue
The US Treasury bonds, raised funds, and launched a fatal blow to the Thai baht again. The Thai central bank fought back. At that time, people's hearts
are disturbing, and everyone is in danger. The disadvantages under the grand age of Taiping are exposed one by one. In order to stabilize the military heart, 6
On the 30th of the month, Thai Prime Minister made a TV speech: "I reiterate again that the baht will not depreciate, we will let those speculative bloods be lost." Vowed to the oath and swear. , It is about its financial market that cannot afford to afford. At this
, the central bank of Thailand has been spanned, and only $ 30 billion in foreign exchange reserves have already been spent. Two days after the speech of the Prime Minister of Thailand, the central bank of Thailand was forced to announce the implementation of the floating exchange rate system and abandoned the exchange rate system linked to the
for 13 years. On the same day, the Thai baht fell 20 %. On July 29, the Governor of the Thai Central Bank Rong Ma
Routing announced his resignation. On August 5, the Thai Central Bank decided to close 42 financial institutions. At this point, the Thai baht finally lost
.
At the same time, the weakness of the Philippines Peso can bully it to become another sniper target of speculators. The ups and downs of the exchange rate of the US dollar, trying to fight Solo
. But the general trend has gone, and it is unable to return to heaven. On July 11, the Philippine Central Bank announced that the Philippine peso fluctuated within a wider amplitude
. For a while, the devaluation of the peso was terrible. In fact, this marked the comprehensive loss of the Battle of the Peso.
is like a addict. At this time, Soros was obviously not satisfied. They dispatched around and looked for the next goal of hunting. within.
The central bank in Malaysia attempts to raise the cost of selling short -selling Malaysia to prevent the speculators from making waves.
Indonesia also entered the market to support the Indonesian shield. However, in the end, the speculators could not stop the strong offensive, and the RMB and Indonesian currency against the
are low in exchange for US dollars.
The losses of neighboring positions have begun to affect Singapore currency, which has always been known as "refuge currency". The lips are cold,
Although Singapore has also taken measures such as high interest rates, the gate of the city is caught fire, and the pool fish is affected.
In Soros's tough situation, governments of various countries were unhappy, and they had given up the defense operations, opened
to yield, and they couldn't fight back. As a result, the currency of the country is floating in the market. On the other hand, the national
is even more afraid of the inter -currency speculators.
The Southeast Asian currency sniper battle made everyone's self -risk, and the financial authorities of various countries made every effort to avoid falling into this mud
The United States has also begun to make a statement that the Lord of the Federal Reserve Committee
Stglinspan said that he was particularly uneasy. The United States is willing to help "countries affected by this fluctuation."
The aggressive anger of international speculators has made the international community's understanding of collective monetary crisis is being added
deep. On July 25, China, Hong Kong Special Administrative Region, Indonesia, South Korea, Malaysia
to 11 countries and regions in Asia Pacific in Asia Pacific in Asia Pacific in 11 countries and regions in Asia -Pacific regions in Asia Pacific. The statement issued by the Shanghai Meeting and after the meeting stated that a stable currency market is very important. Asia -Pacific
The countries will jointly study with the International Monetary Fund to assist members of member states to provide new assistance measures to relevant countries in r at r. nIn economic adjustment when necessary. For Southeast Asian countries, at least it makes them feel that they are no longer so lonely when they fight with international
when currency speculators fight.
On August 5th, Thailand, which crisis, agreed to accept the backup of the International Monetary Fund with harsh conditions
The loan plan and a package of measures. On August 11th, in order to save the shortage of funds, Thailand was owned by the International Monetary Fund Group
In weaving and hosting. Organization and some countries and regions of Asia promise to sharing a total of $ 16 billion (later to 1
67 billion US dollars) of financing plans for Thailand. n -dollar loan. On August 21, the International Clenging Bank (BIS) announced that it would give Thailand a temporary loan with a total value of US $ 3.3 billion in Thailand to assist it through the difficulty.
When the southern Asian countries were asking for help and actively planning, the international speculators disappeared, and suddenly stopped
attacking. On August 20, the currency exchange rates of various countries in Southeast Asia temporarily stabilized, and people from all over the Southeast Asia were panting
Qi: Okay, the storm finally passed!
It is like the tranquility on the eve of the storm, and a killing opportunity under the calm appearance. It is obviously that the joy of all countries in the east is too early. The new round of "crazy wind and heavy rain" is just waiting for a suitable opportunity. The helplessness is
, this tranquility lasted only a few days; the countries in the east have not had time to stain the blood. At the end of August, another
's stunned decline came instantly. This time, the ASEAN member Brunei also pulled off the water.
. So far, Soros has an unwavering posture, leaving the poverty -stricken poverty, and once again concentrated the firepower to sweep Southeast Asia
. In September, the storm continued to rage for the third month, and the decline of the foreign exchange market continued. East
The economic conditions in South Asia continued to deteriorate. On October 19th, Thailand's Minister of Finance, other farmers, Bidaa, was also full of belly
.
. Until early November, the black storm of more than 4 months for the nightmare for Southeast Asia was gradually flattened
. According to industry analysts, this turbulence has come to an end. But for Southeast Asia, especially Thailand, which is located in the source of the earthquake
, the crown is OK, but Xiangqing has been bitter.
In helplessness He Hua drops
In this crisis, the worst victim is probably the Thailand. To the bottom of the valley. Prior to this, Thailand's image of one of the "Four Dragons" in Asia made people faint. One
The small owner recalled: "It seems that we are rich, so that everyone is ready to buy Mercedes. "They
The is keen on the coastal villa, Switzerland Omega, France XO, Germany Benz, Panasonic, Japan. Like Americans,
. They also arranged to travel to Europe every year; children are sent to private schools ... When you meet a
The village housewife, even hawkers selling on the street, maybe it may be A member of the stock army; "money is too easy
", at that time, they would say in such a ridiculous tone that they were preparing to travel to Europe. But now, the Thai
stunned watching Soros's stream of Soros snatched everything that belonged to them from them; the family sedan was dragged away by the police, and the unemployment began to bother themselves. I had to cancel, and the child had to go to the cheap
public school ... Malaysian Prime Minister Mahathir said: "This guy (referring to Soros) came to our country
, and for us one night, so that we made us. The struggle of people across the country for more than ten years has become black. "
The governor of Thailand's bank governor said:" We can only watch the rogue robbers of Soros deprive us
used to have owned once owned We just want to say, do you just want money? "
For all Southeast Asians, they used to have a large amount of wealth instantly to be black, Samat Electric
n n n n n n n n n R N Xunu Vaster said: Bangkok people have not even had time to enjoy Ronghua. The car just went down the production line. But they have lost everything. Indonesian musicians Bangniere Mach has been struggling for 30 years to buy a
. When I was about to move in, the storm came, "I have to retreat." He
said Essence
A era of worries about eating, a era that needs to save money is inevitable, but the feeling of
of the former sea feels that they are still immersed in rich aftertastes. In the square in the center of Bangkok, some hawkers screamed to rent clothes in theirsing
. "You can rent anything. In order to maintain decentness, students from private universities are almost
. They rent from head to toe. "The hawker said that his business was quite hot. In the shopping mall, he was still crowded, but
The difference was that he was shy in the pocket and could only stroll around. Just like many old people in Beijing.
The rich people who are entangled in the waist can only watch themselves from 50 % or more property without trace
, it is estimated that from March to September The top 12 rich men lost
13 billion US dollars in the stock market alone. The children of Indonesia's President Suharto were forced to sell their companies to avoid the appearance of the granularity without the harvest. "The past world no longer exists." Ramsam, president of the third largest bank of Thailand, said
.
The strange scenery of Bangkok is still so beautiful, and the high -rise buildings in Kuala Lumpur are still so row; the
is that the once rich and the current poverty gaps are so out of reach. "This is not just a sense of loss
", Professor of Taiyi University sighed helplessly.
Faced with reality, maybe this is the most painful and helpless choice for the east neighbors!
three months later, the financial turmoil that swept Southeast Asia ascended the beach of Hong Kong Island --- Wolf finally came.
black Monday
Perhaps in the memory of many Hong Kong people, the "stock disaster" in Hong Kong in October 1987
Like a nightmare, I still have my heart.
1997 Golden Autumn October, another round of "Big Bear Market" swept the entire Hong Kong stock market. October 20
is the 10th anniversary of the Wall Street stock market tragedy "Black Monday". Because of this, it has become the most anxious day of investment analysts. However, the horror atmosphere did not appear in the Wall Street stock market. Just
Conversely, the Dow Jones Index fell 210 points a week, but rebounded 74 points that day.
Poly investment analysts to celebrate each other's forehead, but at the other end of the earth, it has long been crisis and the dark tide
. After 10 years, another "Black Monday" began to come, but this time it was shrouded in Hong Kong, known as shopping
.
On October 20, the Hong Kong stock market began to fall. On October 21, the Hong Kong Hang Seng Index fell 765
. At 33 o'clock, this momentum continued on the 22nd and fell 1200 points. On the 23rd, the concerns of the Hong Kong dollar
. The interest rate of the Hong Kong bank's interbank borrowing rate rose steadily. On the 21st, it was about 7 % of the overnight interest rate. In this market atmosphere, Hong Kong stocks have been frustrated for the fourth consecutive time, down 10.41 %.
The director of the Financial Secretary of the Hong Kong Special Administrative Region, Zeng Yinquan said on the same day that Hong Kong's basic economic factors were good. The decline in the stock market was mainly due to the temporary speculation of the peripheral factors. Investors did not have to panic. He said: "I don't think this is a stock market disaster." He recognized
, in any case, the SAR government first wanted to defend the Hong Kong dollar exchange rate. Although there were
speculative activities of the Hong Kong dollars in the night before, the sale event was calmed down at this time. At the same time, Ren Zhigang, president of the Hong Kong Financial Management Authority
, claimed that the Financial Management Bureau had repelled the speculators the night before.
Perhaps because of the strong intervention measures of the SAR government, maybe because of the SAR government and financial managers
Later, the Hong Kong stock market rebounded on this day of strong
. The Hang Seng Index rose by 718 points, an increase of 6.89 %. On the 27th, Zeng Yinquan reiterated again that the current contact rate system in Hong Kong will not change. Only the speculators will be lost during this event.
At this time, the stock markets around the world form a vicious recycling. On the 27th, the New York Road Jones Index
One day, it caused an automatic stop in the midway for a
hours. The Tokyo stock market plummeted more than 800 points after the opening. On the 28th, the Hong Kong Hang Seng Index was more than 1,400 points
, a decrease of 13.7 %, and a minimum of 8775.88 points throughout the day. Under the condition, the shock of the Hong Kong stock market is not limited to its own
.
The chief executive of the SAR, Dong Jianhua, emphasized that the shock of the Hong Kong stock market is only temporary adjustment. China
The spokesman of the Ministry of Communications Shen Guofang said that the Hong Kong stock market has also had such fluctuations in the past. The principle of "one country, two systems" will not directly intervene in
The stock market and Hong Kong dollar exchange rate in Hong Kong. Beijing is still confident in the overall economy of Hong Kong.
The director of the SAR Temporary Legislative Council Financial Affairs Bureau said in the question of answering parliamentarians that society is very concerned about the system of stable joint exchange
Freedom ", administrative intervention should be reduced to minimum.
Chen Fangsheng, director of the SAR Department of Administration, persuaded the public to keep calm and not to be allergic. When entering the market, he must be cautious and
The public opinion in Hong Kong expressed strong confidence. The Sing Tao Daily published a comment: "In the past, after experiencing
The second should also be no exception. U.S. finance pointed out
. Since the global stock market disaster in 1987, the return rate of the Hong Kong stock market in the past 10 years ranks first in the global stock market. After
97, Hong Kong only needs to vigorously develop the economy. , Ten years later, the return rate may be the most global. "
The Hong Kong dollar defense war
Shocking the world, in the
The Thai and Malaysia, which is the center of Zhenyuan. On the other hand, Hong Kong, which is across the sea, tighten his nerves than any time in the past. People realize that this "black finance dark tide" ascended to the beach is just
time. Faced with the aggressive anger of international financial speculators, Dong Jianhua, Chief Executive of the Hong Kong Special Administrative Region, said carefully that the foreign exchange reserves of the Hong Kong Special Administrative Region are rich and the economy is growing steadily. More importantly, the Hong Kong Special Economic Zone has the back
after there is any Powerful support of the motherland. Therefore, this storm will not have a particularly serious impact on Hong Kong.
In fact, as early as August 1997, the speculators impacted Hong Kong dollars several times. In the Hong Kong exchange market, they used financial futures
means to buy Hong Kong dollars with a three -month or 6 -month Hong Kong dollar futures and contract, and then quickly left. As a result, the Hong Kong dollar's exchange rate against the United States
once dropped to 7.75 / 1.7.75 an important psychological key point called the Hong Kong dollar exchange rate. Xiang
This financial management authorities quickly counterattacked. By tightening the silver roots and raising the interbank interest rates to meet the speculators. The HKMA mentioned
The high -to -bank loan interest, forcing the bank to return the excess position back, so that those speculators who borrowed money to buy US dollars
face the strong speculative cost of the strong speculative cost Looking down. Therefore, in a short period of time,
, that is, the Hong Kong and markets were calm on August 20, and the speculators returned without success.
However, people know very well that these speculators will not stop there, and the bloody fighting of both sides cannot end up
S avoidance. The Hong Kong authorities have planned ahead, and the policy and public opinion offensive are two prongs, reminding these "money -traveling crocodiles"
Hong Kong's financial management authorities are extremely clear: resolutely maintain the stability of the exchange rate system. Zheng
The Chief Executive Dong Jianhua, the Chief Executive of the SARs visited in the UK, emphasized that the SAR government has great determination to maintain the linkage of the linkage
series; Contact Huixi
is the preferred goal of the Hong Kong Government. It is inevitable that the interest on the interest is soaring for this goal. I hope that Hong Kong people are slightly
This. Calm, the Hong Kong General Chamber of Commerce issued a statement to support the
connection to the exchange rate system, and called on the financial market to think calmly and review the foundation of Hong Kong's economy, thereby stabilizing the
market. Zeng Yinquan said at an investment meeting: "I want to reiterate that we will not change our currency system or
The relationship with the US dollar. The actions of the Hong Kong dollars in the three -year -old and five times are not only determined to profit at the Hong Kong dollar exchange rate, but also adopt a comprehensive
strategy to benefit in the stock market and the futures market. A large amount of
, then buy a long -term US dollar, sell a long -term Hong Kong dollar, and make great momentum. When the Hong Kong Government is accepted by the Hong Kong dollar, when the Hong Kong dollar is accepted
A measures to greatly increase the measures, and the stock atmosphere has faded. People are worried that interest rates have greatly pushed down the stock market and property market. Refers, the order of diving is a big diving. As a result, people in the stock market are distracted, panic
sells stocks, and speculators can calm down the position and get rich profits. In other words, although the speculators at the Hong Kong dollar exchange rate
The returns to return or even small damage, but in the marketing market, it was severely fishing.
The financial management authorities in Hong Kong made a tit -for -tat struggle. Their measures are to use huge
to absorb Hong Kong dollars, and the other is to raise interest and tighten silver roots. After some offensive, Hong Kong stocks fell continuously
The stops to stop their footsteps and began to surge strongly. Mainly, Chinese and foreign funds were entered into the market. , Promote the rising market. The level above China Telecom has also produced a
The stimulus effect, which makes red chips and state -owned enterprises a rebound. Coupled with the theme of the mainland of the motherland
, these factors have caused the HSI to rebound quickly. Under the strong rebound of the stock market, the Hong Kong dollar exchange rate resumed stability. At this point, this
has come to an end of the thrilling Hong Kong dollar defense war. Dong Jianhua, Chief Executive of the SAR, praised the Financial Secretary Zeng Yin
The rights and his colleagues to deal with this crisis "worthy of praise." Although this contest is that the HKMA's hard
is difficult to win, but the shock it brings to people is not limited to the crisis itself. Essence
This chief of Finance Zeng Yinquan finally stated publicly that the Hong Kong government will conduct internal review as soon as possible, and meet with scholars and businessmen
In order to prevent Hong Kong dollars from being speculated by foreign exchange speculation
.
canadian wholesale jewelry suppliers In the second half of 1997, the hedge fund owned by Soros, a well -known US financialist, launched a series of attacks in Asian countries and regions and achieved great success. Thailand, Malaysia, Indonesia and other countries and regions have disappeared for decades and regions, which has caused the Asian financial crisis with the greatest influence on these countries' political, economic and social life after World War II. From June to July 1998, Soros aimed at Hong Kong dollars and began to attack Hong Kong stock markets and markets.
I Hong Kong's financial turmoil is a contest of economic strength. As of the end of December 1997, Hong Kong's foreign exchange reserves ranked third in the world, US $ 92.8 billion, second only to Japan and China. In late August 1998, the Hong Kong Financial Administration invested huge capital funds in the stock and futures market, and the Hong Kong Special Administrative Region Government decided to counterattack international speculators.
The total transactions in Hong Kong reached HK $ 79 billion on August 28, 1998, setting a record at the time. The Hang Seng Index closed at 7,829 points, and the Hong Kong government fully resisted the unprecedented selling pressure of international speculators. Zeng Yinquan immediately announced that the Hong Kong government has achieved victory in the battle with international speculators, and Soros, who defended the Hong Kong stock market and Chinese currency, suffered significant losses in this battle.
The expansion information: The evaluation of the Hong Kong financial defense war is mainly around two levels. One is the evaluation of the Hong Kong contact exchange rate system itself; the other is the government that has always pursued the "active non -intervention" free policy. Evaluation of the market in the market.
Due to the uniqueness of the economic system, in order to stabilize the economic and financial markets of Hong Kong, Hong Kong implements the system of connecting the exchange rate, that is, the system of the US dollar with a ratio of $ 1 at 7.8 Hong Kong dollars. The industry has always been controversial for this exchange rate system. Opponents believe that due to the failure to ensure that the economic development of Hong Kong and the United States, the fixed ratio of the US dollar and the Hong Kong dollar always has a speculative space. Under the long -term attack of speculators, the demise of this system is inevitable. The agreed person believes that the exchange rate system in Hong Kong was founded in 1983. At that time, due to the hindering negotiations between the Chinese and British Hong Kong issues, it caused a large number of Hong Kong dollars and the acquisition of the US dollar in the market. The Hong Kong Government established the Hong Kong people's confidence in Hong Kong's future confidence in Hong Kong. History also proves that under the contact rate system, the Hong Kong economy has developed greatly, and more importantly, Hong Kong has the conditions to implement the contact rate system: Hong Kong has always pursued cautious fiscal policies; Hong Kong has huge foreign exchange reserves; Hong Kong's economic system; Flexible, be able to cope with moderate economic fluctuations; Hong Kong's financial system is stable, prudent regulatory, and strong support for Hong Kong's booming economic backing in the Mainland, and so on.
. Another point of view is that the contact rate system itself is good, but the Financial Authority uses it wrong because the contact rate system is a cash issuance system, but the Hong Kong Financial Administration's approach is to make the foreign exchange market make the foreign exchange market It is also necessary to maintain the level of $ 1 against HK $ 7.8, and only the Hong Kong dollar exchange rate is higher than that of the lower limit, that is, only the Hong Kong dollar exchange rate is allowed to float. This is actually self -binding of cocoons, so that all exchange rate risks are borne by the HKMA.
For the intervention of the Hong Kong government's entry into the market, the opponents believe that government intervention may keep long -term investors away from Hong Kong and crack down on long -term investors to invest in Hong Kong; the Hong Kong government's move will damage the status of its financial center.
The supporters believe that the Hong Kong government has always believed in the freedom economy, and the free economy is the cornerstone of Hong Kong. However, the economy controlled by people is not a free economy. The Hong Kong Government's entry into the market aims to break this manipulation, and the intervention in the market is completely correct. The Hong Kong government's entry into the market is far more than its negative impact.