At the end of May 1997, international speculators led by Soros' "Quantum Fund" began to launch attacks on Southeast Asian countries.

After these countries mobilized a large amount of foreign exchange reserves, Soros and others' actions did not have much impact on these places, and there were also positive calls in the media.

However, the brewing of the crisis has been completed in the darkness.

On July 2, 1997, the Thai baht was sold in large quantities, with an amount of up to 5 billion US dollars!

This is a shocking news for Thailand, which has almost reached its limit under the attack of international speculators! At this time, even a short sale of hundreds of millions of dollars is enough to become the last straw that will break the camel's back, let alone a large short sale of 5 billion dollars.

The avalanche effect appears immediately.

On the afternoon of the day when this large short sale occurred, that is, on the afternoon of July 2, 1997, Thailand announced that it would abandon the fixed exchange rate system and implement a floating exchange rate system, which triggered a financial storm throughout Southeast Asia.

Needless to say, this big move is Zeng Lingfeng's masterpiece.

In the past few years, Zeng Lingfeng transferred a large portion of his funds to Southeast Asian countries through various very hidden means. These actions were for this upcoming event.

Originally, something that was destined to happen without Zeng Lingfeng's participation. Driven by Zeng Lingfeng's black hand with only huge power, he quickly developed on his destined historical trajectory.

On that day, the exchange rate of Thai baht to US dollar fell by 17%, and foreign exchange and other financial markets were in chaos.

Under the influence of Thai baht fluctuations, the Philippine peso, Indonesian rut and Malaysian ringgit have successively become the targets of international speculators.

The Malaysian ringgit became the second country after the Thai baht to be attacked by international speculators with all their might. Although the Malaysian government mobilized all its strength to save the ringgit, how could Malaysia, which is not strong in economic strength, be the opponent of these international speculators who will not give up until they achieve their goals and have strong economic strength? After a month of hard resistance, in August 1997, Malaysia gave up its efforts to defend the ringgit.

Subsequently, the always strong Singapore dollar was also hit. However, the impact on the Singapore dollar seemed a little weak, and it did not cause any impact on the Singapore dollar in the end. This was mainly because Zeng Lingfeng was not involved. After Soros saw that Zeng Lingfeng did not participate, he also let the Quantum Fund withdraw from the Singapore battlefield.

Although Indonesia is the country that was "contagious", it was the worst hit. After Malaysia announced that it would give up defending the ringgit, in mid-August, Zeng Lingfeng moved his target to the country he hated the most, Indonesia. A large short sale of US$25 billion is enough to drive Indonesia into the abyss of despair. Not to mention that Soros's quantum fund, which followed Zeng Lingfeng, also threw out a large order of US$5 billion.

On the second day of Zeng Lingfeng's action, on August 13, the Indonesian Ministry of Finance and Indonesian Bank jointly announced that it would abandon the exchange rate policy of nailing the US dollar and implement a free floating exchange rate system, and the Indonesian rupiah fell sharply by 55%.

As the crisis develops, the international community, led by the International Monetary Fund, began to provide a lot of assistance to the crisis countries. However, the financial markets of these countries are still deteriorating and affecting the Hong Kong and the United States markets. Crisis countries also began to carry out economic and financial reforms when taking measures to stabilize the financial market and financial system.

On August 11, the International Conference on Aid to Thailand chaired by the International Monetary Fund was held in Tokyo. After consultation, it was determined to provide about US$16 billion in financial aid to Thailand to stabilize Thailand's economic and financial market order. The Hong Kong Special Administrative Region Government used the foreign exchange fund for the first time and provided US$1 billion to participate in Thailand's loan program.

On September 1, the Philippine stock market continued to fall, and the Philippine stock comprehensive index broke through the 2,000-point defense line and finally closed at 1975.20 points, the lowest record in four years.

After entering September, the crisis began to show signs in South Korea. On September 4, the Korean won against the US dollar fell to the lowest point since South Korea implemented the market average exchange rate in March 1990, and the closing price was 906 won to 1 US dollar.

On October 7, the Philippine peso fell to a new historical low, and the average trading price of the whole day fell below the 35 peso mark for the first time, reaching 35.573 peso for 1 dollar.

On October 24, Thailand issued an emergency decree to support the restructuring of the financial sector.

On October 28, this was the darkest day in the world's stock market that year. Both the United States and Hong Kong stock markets fell below historical records. The Hong Kong Hang Seng Index fell 1,438 points and closed at 9,059 points. This is the first time since 1996 that the Hang Seng Index fell below 10,000 points.

That night, Zeng Lingfeng talked to Soros. Zeng Lingfeng made it clear that he did not want Soros and others to continue their operations in Hong Kong, and hoped that they could stop immediately.

Soros was a little annoyed about Zeng Lingfeng's request. Although Zeng Lingfeng's strong support in the previous actions made him make a lot of money, he did not want Zeng Lingfeng to interfere with his actions. The two were just cooperative relationships, not relationships between superiors and subordinates.

Zeng Lingfeng also knew that Soros would not pay attention to his request. Zeng Lingfeng had no good idea. At this time, his main forces were involved in Thailand, Malaysia, the Philippines, Indonesia, South Korea and Japan. Other funds were not enough to resist the attacks of international speculators and a large number of hot money. Moreover, this was not Zeng Lingfeng's responsibility. As long as he did not participate in the attack on Hong Kong, he had already done his duty, let alone expressed his opinions to Soros.

Although you can fight Soros and others by mobilizing all your strength, it is not a wise decision. After all, in the overall situation, everyone is still a collaborator.

Besides, according to the situation in my memory, although Hong Kong has been hit, it is a problem of damage. Zeng Lingfeng naturally would not be too worried. It would be better to learn a lesson. This would allow the conceited Hong Kong people to see their actual identity clearly, that is, their power is very limited. In today's international environment, they can only rely on the mainland. Letting Hong Kong people suffer some losses may not be a good thing for the country, just treat it as spending money to buy lessons.

Thinking of this, Zeng Lingfeng was at ease to make a lot of money on other battlefields.

On October 31, Indonesia announced a bank disposal package: closing 16 commercial banks and implementing limited guarantees for deposits of other banks. This is the first Indonesian financial battle.

On November 1, International Monetary Fund President Kant Su announced that the international community will provide Indonesia with US$28 billion in emergency aid loans to help it stabilize its domestic financial market.

However, the conditions reached are very harsh. Putting aside the political level, the "suggestions" that the International Monetary Fund must implement mainly include the following three points.

First, the Indonesian financial market is fully opened. In fact, this is preparing for the arrival of the second Indonesian financial crisis in 1998. It can almost be said to be the beginning of a long-planned financial battle. Therefore, some financial experts later believed that the Indonesian financial crisis actually began in 1998. This statement makes some sense.

Second, increase interest rates, increase taxes, tighten fiscal fiscal policy, and cancel all kinds of subsidies. Indonesia is a relatively poor country with a weak foundation and cannot withstand a major domestic economic crisis, but this "proposal" will inevitably lead to a serious domestic comprehensive economic crisis in Indonesia. Note that it is not a financial crisis, but a typical government sudden austerity policy caused by a typical Indonesian government, which is not very prosperous. The consequences are very serious. After about a quarter of implementation, Indonesia fell into the quagmire of a comprehensive economic crisis. It also became the fuse of the Indonesian financial crisis in 1998.

Third, "reorganize" the "bad debts" of Indonesia's domestic ethnic financial institutions and state-owned banks, and "improve" the Indonesian financial system. At this time, Indonesian ethnic financial institutions and state-owned banks originally needed the government to inject funds or use policies to protect them, because the "front-line troops" that resisted the attack on external financial wars became the targets of "reorganization" and the targets of "selling". This kind of practice of covering the toes and applying medicine on the forehead was not only ridiculous, but the consequences were pathetic and long-term. But at that time, this practice was completely crazy!

In mid-November, the Thai government changed. However, this was a good move for the Thais. The newly established military government did not defeat some of the previous government's affairs, as if they were completely starting a new business, which has greatly alleviated the disasters suffered by Thailand's economy.

A military coup occurred in Thailand, but it was not in Zeng Lingfeng's memory. In the history of Thai politics, a military coup was a common political game. Thai soldiers seemed to have some self-evident connection with the survival of the country and social chaos. Soldiers were also midwives of the modern Thai political system. However, in Zeng Lingfeng's memory, except for the Thai military coup that occurred after entering the 21st century, it was only in 1991 in the 1990s. Later, protesters who supported democracy launched an uprising in Bangkok to restore civil servants' rule, and were supported by the general public. The military government was overthrown in 1992.

It seems that some things in this world have changed unknowingly. Zeng Lingfeng is now even more aware of this fact, and it is not entirely because of his little butterfly. Perhaps, this is the same as there are no two identical fingerprints in the world. When things happen again, there are always many differences. However, the mainstream direction of the world has not changed much, which is still good news for Zeng Lingfeng.

On November 18, the Central Bank of Korea announced that the central bank provided 2 trillion won to commercial banks and securities companies through a repurchase agreement to ease the shortage of funds.
Chapter completed!