Tiger Fund's global macro-investment strategy for most of the 1990s is to short Japanese stock market and Japanese yen, and short Southeast Asian stock market and its currency.

Hong Kong is the last link.

The latest round of Asian financial turmoil, which started from 1997, has long been a thing of the past, but it has never really gone. Hong Kong's linked exchange rate system (which requires US$ 65,438 +0 foreign exchange guarantee for each issue of HK$ 7.8) was in a state of turmoil in 65,438+0998, and finally it was broken through with the efforts of the Hong Kong SAR Government. However, three years later, Argentina, one of the few countries in the world that still implemented the linked exchange rate system, finally announced that it would abandon the currency board system (a linked exchange rate system) at a time of internal and external troubles, which made people rethink the high cost of the linked exchange rate system of the Hong Kong dollar in the changed global financial system.

1997 another lesson of the financial turmoil is that the free flow of capital and the asset bubble may stimulate each other in the short term, but they can never exist for a long time. In the open international financial system, if the asset bubble cannot deflate itself, it will eventually be forced to burst. During the periods of 1997 and 1998, hedge funds, especially macro hedge funds headed by Quantum Fund and Tiger Fund, undertook this function.

For China, which chooses to integrate into the international economic and financial system, these are very close and necessary reflections. Under the background of these reflections, this magazine invited Mr. Pan Ming to make a highly professional interpretation of the whole process of macro hedge fund 1998 attacking Hong Kong's linked exchange rate system, and thus gained significance.