1997 1 10 In October, international speculators led by george soros began to attack the coveted financial market in Southeast Asia, selling Thai baht and buying US dollars. The Thai baht plummeted. Its purpose is clear: to disrupt the financial market in Southeast Asia, so as to fish in troubled waters and make a fortune. The chaotic and out-of-control management of real estate, foreign exchange reserves and financial markets in some Southeast Asian countries provides speculators with a golden opportunity. Soros's wishful thinking is to start with Thailand, Indonesia and Malaysia, which are the most vulnerable countries, then disrupt the "Four Little Dragons" in Asia, such as Singapore, South Korea and Taiwan Province Province of China, and finally capture Hong Kong, in an attempt to impress them with invulnerability, crush market confidence and trigger a "herding sheep" mentality.

1. Since August 1998, the Hong Kong government has spent nearly 100 billion Hong Kong dollars continuously, and the stock market, futures market and foreign exchange market have intervened at the same time, trying to form a three-dimensional defense network, with the aim of boosting the Hang Seng Index, not only to make speculators unprofitable in shorting the August futures index, but also to make them retreat and lose all their money. On August 27th, the eve of futures settlement in August, the SAR government made a decisive battle gesture.

2. The Hong Kong government invested more than HK$ 654.38+00 billion in the two-week stock market support operation, and concentrated on buying the stocks of several major blue-chip companies in Hong Kong. It is estimated that the Hong Kong government will hold 4% of the total market value of the Hong Kong stock market of US$ 265.438+000 billion, and become the major shareholder of several blue-chip companies in Hong Kong.

In the whole process of resisting the financial turmoil in Hong Kong, the central government gave strong support. First of all, the central government insists that the RMB will not depreciate. At the critical moment of the decisive battle with international speculators, the central government sent two deputy governors of the central bank to Hong Kong, demanding that all Chinese-funded institutions in Hong Kong go all out to support the Hong Kong government's action to prop up the market and become a strong backing for Hong Kong to overcome the financial turmoil.

4. In the whole Asian financial crisis, the only thing that survived Soros's attack without economic collapse was Hong Kong after the reunification, which retained the achievements of Hong Kong's development for decades. At that time, Soros mobilized world public opinion (including Hong Kong public opinion) and lashed out at the Hong Kong government for "administrative intervention in the market", which violated the rules of the market economy. If the then Hong Kong SAR government and the central government gave in to the pressure of world public opinion and did not use macro-control to intervene in the market, it would be a catastrophe.