The most successful example is 1998, a successful sniper war by the Hong Kong government against international financial speculators. 1In August 1998, Soros and other international speculators launched a three-dimensional attack on the linked exchange rate of Hong Kong and the Hong Kong stock market. On the one hand, Soros, together with other tycoons with deep pockets, directed his funds to sell Hong Kong dollars, which hit Hong Kong's linked exchange rate for many years three times, and the exchange rate of Hong Kong dollars against the US dollar fell rapidly from a high level. At the same time, by1August 1998 1 14, the Hang Seng Index had dropped to nearly 6,500 points, the lowest point in the past five years. The Hong Kong government decided to intervene in the stock market and futures market, and used the Exchange Fund11800 million Hong Kong dollars to buy Hong Kong stocks. Speculators kept shorting stocks, but the Hong Kong government tried to sell them. After 14, the Hong Kong Government finally succeeded in repelling the speculators: on August 28th, the Hang Seng Index closed at 7829, with a turnover of HK$ 79 billion, a single-day high. Subsequently, the Financial Secretary of Hong Kong immediately registered and established the Exchange Fund Investment Company Limited, which was responsible for managing the stocks purchased when entering the market. Within 32 months of 200 1, all the Exchange Fund used by the Hong Kong Government at that time had been returned. At the same time, it also earned more than110 billion. In 2002, through TraHK, the Exchange Fund successfully transferred its Hong Kong stocks to the people of Hong Kong, successfully fulfilling its historical mission of rescuing the market.