Resource Tycoon Reborn

Chapter 489: Dramatic changes in Thailand

"British people are eager to return home!"

"Prince Charles was teased and speechless!"

"The British national anthem can be so short!"

………………

Almost without exception, many media in Hong Kong used the second page headlines to report the scene that happened in the twenty seconds before midnight on July 1st. Many media even included eye-catching pictures of Prince Charles and Prince Charles.

Photos of Prime Minister Blair. And not only the Hong Kong media, some foreign media, and even the British media also reported this matter! But compared with the media in other countries, which mostly gloat about the misfortune, the British media mostly expressed condolences.

tone.

These reports were of great concern to Prime Minister Blair and others who rushed back to the UK in a special plane in advance, as well as to Prince Charles and the last Hong Kong Governor Patten who rushed to Victoria Harbor in the rain and boarded the cruise ship "Britannia" amid the fireworks.

It is tantamount to being slapped in the face again and again! But the British side is helpless about this. This is stealing a chicken but losing a handful of rice!

On July 1st, the land of China, including the Chinese in Hong Kong, Macao and Taiwan, held a series of activities to celebrate Hong Kong, the pearl of East Asia, returning to the embrace of the motherland and ruling Hong Kong for more than 150 years.

The British in 2000 will no longer be able to dominate and do good things on the land of Hong Kong!

Along with the 23 principal officials of the first government of the Hong Kong Special Administrative Region, 14 members of the first Executive Council of the Hong Kong Special Administrative Region, 59 members of the Provisional Legislative Council of the Hong Kong Special Administrative Region, and the permanent judges of the Court of Final Appeal of the Hong Kong Special Administrative Region

, Thirty-six judges of the High Court took the oath of office in batches. This marked the official establishment of the Hong Kong Special Administrative Region government.

July 4, 1997, will be remembered by people in Southeast Asian countries for more than ten years, or even decades!

On this day, the Thai government, finance and central bank, which had been struggling for nearly five months and spent tens of billions of dollars in foreign exchange reserves, announced at the same time that the Thai currency would implement a floating exchange rate system and the value of the baht would be determined by the market.

decided to abandon the 14-year-long exchange rate package system in which the Thai currency was pegged to the U.S. dollar since 1984. The exchange rate of the Thai baht plummeted by 20% that day. And Thailand has the same economy.

Problem-prone countries such as the Philippines, Indonesia and Malaysia were also quickly hit by the depreciation of the Thai baht. This marked the official outbreak of the Asian financial crisis. Soon, the crisis began to spread from Thailand to other Southeast Asian countries, and from the foreign exchange market to the stock market...

Bangkok, the capital of Thailand, was still a small fishing village in the 17th century. After development in recent decades, it has developed into the largest modern metropolis in Thailand and the second largest in Southeast Asia! Today, there are many high-rise buildings and busy traffic here.

Extremely prosperous! More than 50% of Thailand’s industrial enterprises and 80% of institutions of higher learning are concentrated here! Bangkok’s Silom Street is known as Thailand’s “Wall Street”. On both sides of the nearly one kilometer long street, there are various

Such bank buildings are connected together, such as Bangkok, Asia, Ayutthaya, Thai Kyoto, etc. In front of the tall building of the Bank of Thailand, the fountain that symbolizes prosperity and wealth is spraying water 24 hours a day. It can be said that Bangkok

It is the economic, political, academic and financial center of Thailand!

At the same time, Bangkok is one of the internationally renowned international activity center cities. It houses the headquarters of the United Nations Economic and Social Commission for Asia and the Pacific, the Southeast Asia Branch of the World Bank, the Southeast Asia Branch of the World Health Organization, the International Labor Organization and more than 20 international agencies.

Office. This is also the headquarters of the World Buddhist Federation and the International Asian Institute of Technology. Hundreds of various international conferences are held here every year! Some people even call it the "Geneva of Southeast Asia"!

However, today’s place is no longer as prosperous as it used to be. Although there are still many high-rise buildings and busy traffic, the faces of people on the streets of Bangkok have become less confident and proud, and more worried and confused.

.

Before February 1997, they were the first of the four tigers in Southeast Asia. Their national income level was second only to Japan and the four Asian tigers in Asia, close to the standards of developed countries! I am afraid that Thai citizens have never been like this in the past century.

So rich! The elites among them even drive luxury cars, live in villas, wear famous watches, and can travel to European and American countries from time to time. Life has never been as beautiful as it is today!

And they are full of confidence in the future - as Hong Kong's return to China approaches, senior officials of the Thai government have revealed on many occasions that they intend to compete with Hong Kong for the status of Asia's financial center! In that case, Bangkok and

Thailand's status in the international community will undoubtedly rise to a higher level!

However, just when the Thai people were full of expectations and joy for the future, in early February, the Thai baht, which had always been optimistic, actually became the target of selling in the market! There were even incidents of mutual runs by several financial institutions! This undoubtedly caused a stir.

Shock in Thailand’s financial world!

It’s just that most Thai people don’t know that this is because international financial speculators have focused on Thailand and launched the first wave of attacks on the Thai baht. The Central Bank of Thailand used billions of dollars in foreign exchange reserves to intervene in the foreign exchange market, and then it calmed down.

Overcome this turmoil!

The Thai people who did not know the truth and were good at comforting themselves quickly felt relieved. However, in just three months, Thailand's financial market was in turmoil and dangerous, and international foreign exchange speculative funds once again launched an impact on the Thai baht.

They short-sold the Thai baht in large quantities in the market in an attempt to force the Thai currency to depreciate in order to make huge profits. On May 18th and 20th alone, the Thai baht exchange rate against the US dollar fell sharply in the foreign exchange market, and Thailand's stock index

It also plummeted by more than 800 points from nearly 1,300 points at the beginning of the year, losing nearly two-thirds. This caused chaos all over Thailand!

Although the Central Bank of Thailand, with the full cooperation of financial institutions in Singapore, Hong Kong, Japan, China and other countries and regions, jointly intervened in the foreign exchange market and invested a huge amount of US dollars to purchase the Thai baht, the Thai baht exchange rate was temporarily stabilized and repelled

The second round of attacks by international financial speculators, but Thailand's financial order has been severely damaged, and Thailand's foreign exchange reserves have dropped significantly!

Just when people who didn't know the truth breathed a sigh of relief and thought that the most dangerous moment was over, the third round of offensive by international financial speculators followed. This time, the Thai government really couldn't hold on anymore and had no choice but to

It will not announce changes to the basket of currencies pegged to the U.S. dollar and implement a managed floating exchange rate system for the Thai baht.

Next, the exchange rate of the Thai baht plummeted, setting new records every day. This frightened the people of Thailand, as if the end of the world was coming. So in front of banks all over Thailand

There was an endless queue, and the frightened people took away all the belongings they could from the bank. At the same time, the foyers of stores and supermarkets in Thailand were flooded like a sea tide.

Countless shoppers were overwhelmed, and people were using the money in their hands to snap up everything they could buy, from rice to washing powder, from toilet paper to women's underwear. The scenes that took place in China back then were repeated in Thailand.

Repeat! Only this time, there will no longer be a Carrefour Group in Thailand to stabilize people's hearts!

As time goes by, the exchange rate of the Thai baht against the U.S. dollar continues to decline, and there is a tendency for it to stagnate. This has put the already precarious Thai economy in danger, and the Thai government and central government are like ants on a hot pot.

The banks hurriedly intervened in the financial market many times, but to no avail! By July 27, the Thai baht exchange rate had dropped to the point where one U.S. dollar could be exchanged for 42 baht!

This means that the Thai baht has depreciated by more than 37% in just over half a month! This also means that Thai people’s property has also depreciated in just over half a month.

Shrunk by 37%! The international purchasing power of the Thai baht has dropped significantly!

Countless Thai industrial and commercial enterprises were forcibly involved in such a violent financial turmoil. Those who were more powerful were able to hold on despite their injuries, but those small and medium-sized industrial and commercial enterprises were immediately faced with life and death.

The decision was made, and for a time Thailand was filled with mourners!

"Sure enough, you got it right again!" Mr. Guo put down the newspaper in his hand and said sadly. Although all this happened in Thailand, it can be said that Mr. Guo has been doing business in Southeast Asia all his life.

He has friends all over Southeast Asia. In Thailand, he also has many long-term business customers. When he thinks of their current situation, although he has made considerable profits from this crisis, Mr. Guo can't help but feel a little pity in his heart.

!

In fact, before the financial crisis broke out in Thailand, it was not that Mr. Guo did not issue a veiled warning to them. However, the situation in Thailand was still relatively stable at that time, and it had successively repelled attacks from international financial speculators. These people completely regarded Mr. Guo's warning as a warning.

The wind has fallen on deaf ears! And it is impossible for Mr. Guo to explain the future trend to them as clearly as Fang Mingyuan did. The result is that these people, without exception, were all destroyed in this financial crisis.

Got involved!

Moreover, Mr. Guo is also worried about the future of Hong Kong. International financial speculators are very likely to use the power of victory to attack Hong Kong. Although Hong Kong's foreign exchange reserves are very considerable, and the Chinese central government has also promised to use China's

Foreign exchange reserves support Hong Kong, but Mr. Guo still feels uneasy!

It can be seen from the news coming back from Thailand that the total amount of foreign exchange speculation funds making waves in the Thai financial market has exceeded the 100 billion U.S. dollar mark! Such a huge sum of money, if it were to turn around and head north, would be extremely lethal.

, unbelievable!

"Grandpa Guo, this is just the beginning!" Fang Mingyuan said calmly.

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