1In the second half of 1997, the hedge fund owned by the famous American financier Soros launched a series of attacks in Asian countries and regions, and achieved great success, sweeping away the foreign exchange accumulated in Thailand, Malaysia, Indonesia and other countries and regions for decades, thus triggering the Asian financial crisis that had the greatest impact on the political, economic and social life of these countries after World War II. 1998 from June to July, Soros took aim at the Hong Kong dollar and began to attack the Hong Kong stock market and futures market in a planned way.

Consequences:

Hong Kong's financial defense is a contest of economic strength. By the end of February, Hong Kong's foreign exchange reserves stood at US$ 92.8 billion, ranking third in the world, next only to Japan and the mainland of China. 65438+1In late August, 1998, the Hong Kong SAR Government decided to fight back against international speculators, and the Hong Kong Monetary Authority invested huge sums of money in the stock and futures markets. ?

On August 28th, 1998, the turnover in Hong Kong reached HK$ 79 billion, a record at that time. The Hong Kong government made every effort to resist the unprecedented selling pressure of international speculators, and the Hang Seng Index closed at 7829 points. Donald Tsang immediately announced that the Hong Kong government had won the battle against international speculators and defended Hong Kong's stock market and currency. Soros suffered heavy losses in this battle.

Extended data

The last battle:

1August 27, 998, the day before the settlement date. In the morning 10, Hong Kong stocks opened. At first, speculators sold like an avalanche. The turnover in the first 15 minutes reached1900 million Hong Kong dollars; The second 15 minutes, clinch a deal 10 billion Hong Kong dollars. Before the market closed 15 minutes, the war situation entered a white-hot state, with a turnover of HK$ 8.2 billion! The tragic state made all traders in the market dumbfounded.

On this day, the Hong Kong government spent HK$ 20 billion to entrust 65,438+00 brokerage companies to recover and intercept 33 Hang Seng Index stocks. The Hang Seng Index closed at 7922 points, up 88 points from the previous trading day, the highest point since 19971October 4 165438+.

On the evening of August 27th, 1998, the final decisive battle came. Almost no one slept in Hong Kong that night.

Baidu Encyclopedia-Hong Kong Financial Defence War