Hong Kong Financial Defence War:
At the beginning of Hong Kong's return from 65438 to 0997, the Asian financial crisis broke out. 1998 from mid-July to August, international financial speculators attacked the Hong Kong dollar three times and took actions in the foreign exchange market, stock market and futures market at the same time. They used financial futures to buy Hong Kong dollars with three-month or six-month Hong Kong dollar futures contracts, and then quickly sold them short, resulting in a sharp rise in Hong Kong dollar interest rates and a sharp drop in the Hang Seng Index, from which they made huge profits.
Faced with the rampant attack of international financial speculators, the Hong Kong SAR Government decided to fight back. 1In August, 1998, the Hong Kong Monetary Authority used the Exchange Fund to invest a lot of money in the stock and futures markets, preparing to fight to the end. The 28th is the settlement date of the Hang Seng Futures Index of Hong Kong stock market in August, and a decisive battle broke out between the SAR government and speculators.
The SAR government resisted the unprecedented selling pressure of international financial speculators, resolutely bought all of them and supported the market independently, which finally saved the stock market, effectively defended the linked exchange rate system linking the Hong Kong dollar to the US dollar and ensured the security and stability of Hong Kong's economy.
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World influence:
The financial crisis has a far-reaching impact, exposing some deep-seated problems behind the rapid economic development of some Asian countries. In this sense, it is not only a bad thing, but also a good thing, which provides opportunities for developing countries in Asia to deepen reform, adjust industrial structure and improve macro-management.
Because of the arduous task of reform and adjustment, it will take some time for these countries to fully restore their economies. However, the basic factors of economic growth in developing countries in Asia still exist. After overcoming internal and external difficulties, there is great hope for the improvement and further development of the Asian economic situation.
1In the summer of 997, a rare financial crisis broke out in Asia. Under the continuous onslaught of a group of international speculators, such as American financial speculator Soros, who is known as the "financial thief", since Thailand, the foreign exchange market and stock market of Southeast Asian countries such as the Philippines, Malaysia and Indonesia have plunged all the way, and then rebounded. After his success in Southeast Asia, Soros decided to move to Hong Kong.
The festive atmosphere of Hong Kong's return has not yet dispersed, and the Asian financial turmoil has enveloped the city. After consulting the central government, the SAR Government decided to intervene in the market decisively. After several rounds of "hand-to-hand combat", international speculators ran out of ammunition and ran away. Hong Kong won the final victory and kept the development achievements of decades.
Baidu Encyclopedia-1997 Asian financial crisis