Rebirth of Hong Kong 1981

   Chapter 853 Currency Devaluation

   "Achen, what do you think of the recent fluctuations in the Hong Kong dollar?"

   didn't convince Yang Chen on the immigration issue, Huo Zhenting ended the issue, he was afraid to let Yang Chen continue talking, he didn't convince the other party, but the other party persuaded himself first.

  Yang Chen took a sip of his tea and said in a calm tone, "I seem to have reminded you before."

  Huo Zhenting: "I told the old man, but a long time ago, the Huo family's funds have been transferred to the inland side, and the devaluation of the Hong Kong dollar will not have a big impact on the Huo family."

   "Now the old man is worried that if the Hong Kong dollar continues to depreciate like this, Xiangjiang will be really chaotic. The inland side attaches great importance to this issue, and they don't want any turmoil in Xiangjiang."

   "Don't worry, there will be no chaos in Xiangjiang. I have already told Hang Seng Bank to prepare."

Seeing that Huo Zhenting finished listening, he stared at himself curiously, he wanted to ask but hesitated, Yang Chen couldn't help but smile: "You know, I made a little money in the United States before, and I had a lot of dollars in my hand. It's the same when you put it in Hong Kong dollars."

  Huo Zhenting: "…"

   'made 'a little' money'

  ‘I have a little more dollars in my hand’

  …

  These words, only if they come out of Yang Chen's mouth, will people not be too surprised.

   However, some speechless is true.

   For the ability of Yang Chen's game company to attract money, Huo Zhenting couldn't help but be jealous, especially when he heard that Orange Technology Company had brought down the No. 1 game giant in the United States, and then there was news that it was preparing to acquire the No. 1 giant company in the United States.

   Honestly, Yang Chen's movements are getting bigger and bigger now, even with his indomitable personality, he still feels a little pressure.

Acquired American companies, and is still a giant in the industry, even if the game industry is only an emerging industry, but with the value generated by the game industry in the past few years, especially after the emergence of the beast of Orange Technology, the output value of the game industry has actually far exceeded many traditional industry.

   Therefore, when the news of Orange Technology's plan to acquire the No. 1 game giant in the United States came out, not only the entire United States was shocked, but even the overseas media started to report the news.

   Of course, whether the dollar is more or less is just an excuse.

   Since entering 1983, as British-owned companies and non-Hong Kong companies are bearish on Hong Kong's economy, there have been continuous news of British-owned companies and non-Hong Kong local companies leaving Hong Kong one after another.

  Due to a series of actions after these companies issued news again, a large amount of funds flowed out, resulting in a continuous decline in Hong Kong’s foreign exchange reserves, which in turn caused the Hong Kong dollar exchange rate to plummet.

   From a few years ago, one US dollar was exchanged for four to five Hong Kong dollars, and now it has directly fallen below one US dollar to about eight Hong Kong dollars, and this number is still falling.

  Xiangjiang is one of the most prosperous regions in Asia and is also a free economic zone. Foreign exchange is very important to Hong Kong, which can maintain the continuous prosperity and stability of the Hong Kong economy.

   Compared with the departure of manufacturing companies from Hong Kong, the immigration of elites is far less than the loss of foreign exchange, which has a greater impact on Hong Kong’s economy.

  Because Hong Kong pursues a free economic system, restrictions on currency exchange cannot happen unless it is a last resort.

  Once Hong Kong makes any regulations that hinder the free convertibility of currencies, the entire Hong Kong economy will be greatly affected, and at the same time, it may also cause Hong Kong to lose its due economic status and value in the Asian region.

  Since no restrictions can be made, then the devaluation of the Hong Kong dollar is understandable, and after the devaluation of the Hong Kong dollar, a series of impacts have caused the people in Hong Kong to depreciate the Hong Kong dollar too quickly, resulting in a certain degree of panic and market follow-up effects.

   If a British-owned company wants to leave, it first needs to convert the cash in the company into other foreign currencies and transfer it out, and the elites want to immigrate and leave, they also need to convert into other foreign currencies to go abroad.

   In addition to the above two who really want to leave, other non-Hong Kong local companies, most of them are conservative, converting their own liquid cash into a currency that they think preserves their value.

   As for the local companies in Hong Kong, although they do not want to see such a thing happen, in order to keep their personal worth, or to prevent their worth from shrinking too much, the big guys are also exchanging foreign currencies like crazy.

  The rich are exchanging foreign currencies, and the people at the bottom are not fools. Everyone has seen the devaluation of the Hong Kong dollar, and naturally they all want to exchange their Hong Kong dollars for foreign currencies that preserve their value.

   Therefore, the scene from 1973 is reappearing on the streets of Xiangjiang. The whole Xiangjiang has started a general mobilization. However, unlike everyone who crowded outside the exchange in 1973, now everyone is crowded in front of the major banks in Xiangjiang.

In the face of the turbulent exchange crowd, Hang Seng Bank is the most calm except for the two note-issuing banks HSBC and Standard Chartered. It is the only bank with no restrictions on window cabinets among all the banks in Hong Kong.

   You must know that even HSBC and Standard Chartered Bank have taken the reduction of window cabinets to slow down the speed of depositors' exchange of foreign currencies. Hang Seng Bank's move has undoubtedly become a bright spot among many banks in Heungkong.

   Of course, as an enterprise, Hang Seng Bank cannot do good deeds without making money. According to the external currency market conditions, Hang Seng Bank does not dare to slaughter its own small depositors too harshly.

After all, the reputation that Hang Seng has accumulated over the years is not easy. In addition, although there are many small depositors, the amount of deposits is not large, and there is not much profit in making wool. For a little money, it is not worth it to lose the reputation accumulated over decades. .

However, it is different for those big depositors. According to the current market situation, Hang Seng Bank does not discount at all. The minimum exchange rate is 1:9, which belongs to the treatment of acquaintances. For those big depositors who are not Hang Seng Bank and British-funded enterprises, Hang Seng Bank There is no burden in my heart, and the slaughter is quite ruthless.

Anyway, Hang Seng is not the only one in Heungkong. Both HSBC and Standard Chartered are making crazy money now. As the money-issuing banks of Heungkong, they both have British backgrounds. At this time, I will helplessly watch the chaos in Xiangjiang.

In order to stabilize the exchange rate of the Hong Kong dollar and maintain the prosperity and stability of Hong Kong's economy, the Governor's Office will inevitably introduce corresponding policies in the future, but because the two banks have not yet figured out where the government's bottom line is, no one dares to eat too hard. .

   Unlike HSBC and Standard Chartered Bank, Yang Chen knows very well what kind of policy Xiangjiang will introduce next.

   So, the appetite of Hang Seng Bank is quite good.

  ——

   (end of this chapter)