The United States goes to Hong Kong Financial Center

1. 1. London, the capital of England, is the largest city in Europe. It is also the largest financial center in the world with New York

2. New York is the core of the New York metropolitan area and the largest city in the United States. In order to distinguish it from the state of New York, it is called New York City. New York is located in the northeast of the east coast of the United States. It is the most populous city in the United States and a multi-ethnic city< Zurich is the largest city in the Swiss Federation, the capital of the state of Zurich, and one of the safest, wealthiest and highest standard of living cities in Europe. It has more than 120 global and European headquarters, more than half of which are foreign banks, so it enjoys the title of "European Millionaire City". UBS, Credit Suisse, Zurich Financial Services Group and many European private banks are headquartered in Zurich< Chicago is located in the Midwest of the United States, Illinois, east of Lake Michigan, one of the Great Lakes of North America, one of the famous international financial centers, and the third largest city in the United States

5. Hong Kong, the third largest financial center in the world after New York and London, is known as "port of Newlon" and enjoys a high reputation in the world. It is an important shipping hub and one of the most competitive cities in the world and Asia Pacific region. For 21 consecutive years, the index of economic freedom ranks first in the world.

2. What do you say on the first floor? Is the business of Hong Kong University of science and technology inferior to that of Hong Kong University and the Chinese University of Hong Kong
almost all the teachers of Hong Kong University of science and technology graated from the top 20 business schools in the United States, which is the best business school in Hong Kong
for Asian development, Hong Kong is a good choice. If you want to go to the United States, you must go to financial centers like New York, Chicago, Boston and Los Angeles, or Toronto in Canada.

3. You can say it's the third in the world

according to the latest ranking of world financial centers, New York and London are tied for the first time, ranking the highest in banking and finance. Among Chinese cities, Hong Kong remained third, Beijing jumped to 15th, and Shanghai fell out of the top 10
the city of London government commissioned Z / yen group to conct a survey of 75 financial cities around the world from July to December last year, integrating the survey results of financial professionals, including office rent, airport satisfaction and tax rate. The survey found that the cumulative scores of 71 cities increased, while four fell, reflecting that the international financial instry has graally come out of the haze of the financial turmoil, but also highlighting the growing challenges from Asia, as Hong Kong and Singapore are approaching the leading position
among them, Singapore ranked fourth and Tokyo ranked fifth. Shenzhen, which ranked fifth for the first time last year, fell back to ninth, on a par with Sydney; Shanghai dropped from 10th to 11th; Beijing jumped from 23 to 15, tied with San Francisco; Taipei climbed from 25th to 21st
London has been overtaken by New York, the second largest financial city in the world, e to its declining performance in the past six months. The report warns that London, which has always been the world's financial leader, is no longer as competitive as it used to be.

4. Shanghai may be able to replace Hong Kong. It should be noted that it may be, and I don't know it's a long time ago. Even Singapore and Tokyo, which can threaten Hong Kong, dare not say that they will certainly surpass Hong Kong. Otherwise, the Communist Party of China had already laid hands on Hong Kong last year. Don't be brainwashed by the government. At present, the top three financial centers are New York, London and Hong Kong, which are called port of Newlon

5. With the rapid development of Asian manufacturing instry, Tokyo, Singapore, Hong Kong and Shanghai have recently expressed their desire to become Asian financial centers<

at present, the financial instry in Asian countries or regions is dominated by large local banking systems, and the capital markets are still scattered. In this case, who will win

"it depends on the choice of multinational companies." Professor Pan Yingli of Antai School of management, Shanghai Jiaotong University, said in an interview that which region can become the financial center of Asia, and then finance for Asia, depends on the choice of multinational companies. Generally, where the headquarters of multinational companies are located, which region will become the financial center. Professor Pan Yingli said that the main factors that determine the choice of multinational enterprises are as follows: first, the region should have huge financial demand. From this point of view, Shanghai and South Korea are very dominant. Shanghai is backed by a strong Chinese market, and South Korea has also developed rapidly in recent years. Second, business costs, that is, the price of labor and the supply of talents. Although developing countries have the advantage of low labor costs, the relocation of multinational companies often has to consider the sunk costs, such as the supply of talents in the local market and some movable and real estate problems of companies. Therefore, some old financial centers are still very dominant. In addition, there are many uncertain factors about who will become the new financial center. Although it looks good now, the long-term development is uncertain, and multinational companies have to bear certain risks. Therefore, Professor Pan Yingli believes that in the short term, there will not be too many changes in Asian financial centers. The old financial centers have a certain degree of stability, and it will take time for new financial centers to develop

Hong Kong, China, was once regarded as the financial center of Asia

as the leader of Asian economy, Hong Kong has rich experience and advanced financial trading system, and has the advantage of forerunner. On October 28, 2005, ring a visit to New York, the chief executive of the Hong Kong Special Administrative Region (HKSAR), Donald Tsang, said that Hong Kong has become a powerful turbine in terms of international finance, commerce and trade. Through CEPA and the Pan Pearl River Delta cooperation agreement, Hong Kong has become the best platform to do business with the booming mainland of China, It has a strong radiation effect on the whole Asia Pacific region

from a small entrepot with an area of only 1100 square kilometers to today's freest economic system and an important international financial, shipping and Trade Center, Hong Kong has created an amazing economic miracle through the hard work of several generations. After the Asian financial crisis, Hong Kong's economic competitiveness has been weakened. At one time, it was in the doldrums, and the house prices and stock prices have shrunk greatly, which has put the financial system to the test. At the beginning of 2003, Tung Chee Hwa admitted in his letter to the family of Hong Kong: "this is the most severe time for Hong Kong's economy. This kind of predicament in Hong Kong has not been seen in the past decades." However, in the latest report on global competitiveness in 2005, Hong Kong jumped to the second place in the global competitiveness ranking from the sixth place last year, thus regaining its huge competitive advantage<

2005-12-19 22:50 reply cbloc 0 fans 2nd floor Shanghai, as China's financial center, has benefited from the rapid development of the mainland economy for more than 20 years and the strong support of the government, and has become more and more competitive. Sudrian giwandono, President of the Central Bank of Indonesia, once commented on Shanghai: "in the past, we attached great importance to Hong Kong's position in the international financial market. In the future, we will pay more attention to Shanghai." He believed that despite the arous process, Shanghai will definitely become an international financial center in the next 10 to 15 years

history also proves that Shanghai has the possibility of becoming a financial center. In the 1930s, Shanghai was already the financial center of the Far East, with the reputation of "Oriental Paris". Today, the Chinese government is more determined to build Shanghai into an international financial center. With the continuous improvement of the financial system, the agglomeration and radiation ability of Shanghai's financial market is further enhanced< At present, Shanghai Stock Exchange has become the third largest stock exchange in Asia after Tokyo and Hong Kong. As the most advanced city of China's economic development, Shanghai has a good investment environment, high-quality human resources and the support of the vast hinterland. More and more multinational banks, insurance, finance and high-tech companies set up Asia Pacific headquarters, open factories and build R & D centers in the mainland. All these have enhanced Shanghai's competitive strength< However, Professor Pan Yingli also said that there are obstacles that must be overcome in the development of Shanghai's financial market. As the mainland stock market is in the stage of reform, the timetable for the opening up of capital account has not yet been determined, which makes the development of the mainland capital market face greater difficulties, so that various financial procts and derivatives can not be launched in time, which to some extent slows down the pace of Shanghai competing for the Asian financial center< Professor Pan Yingli believes that Hong Kong and Shanghai can complement each other in function. She believes that Shanghai mainly focuses on the huge market in mainland China, while Hong Kong's international status is more valued. This difference in functional positioning avoids the confrontation between Shanghai and Hong Kong. In the future, Hong Kong and Shanghai can fully complement each other and achieve a win-win situation. At the same time, she believes that the market positioning of Singapore is similar to that of Hong Kong. Therefore, the main competitor of Hong Kong now should be Singapore<

Yang Di, a postdoctoral fellow in finance at the Shanghai Academy of Social Sciences, believes that if an area wants to develop into a financial center, government support is also very important. In this regard, the South Korean government can be called a model< In recent years, South Korea has developed very rapidly. As early as 2002, the South Korean government proposed the idea of becoming an Asian financial center, and in December 2003, it made a strategic plan, formulated a detailed schele and pointed out the main tasks. Analysts pointed out that South Korea has some unique advantages that other rival countries can't match. For example, South Korea has a more open and higher-level business environment and a huge financial market. However, there are different opinions. Yang Di said that there are still many problems in the Korean market, such as lack of labor, high taxes, lack of transparency and so on, which seriously hinder the operation of the market and companies. If South Korea can't lift the restriction and bondage of legal system and social system on the market, the road of South Korea becoming the financial center of Asia will be far away< No doubt, Tokyo is one of the international financial centers. However, in recent years, e to the continuous downturn of Japan's economy and the fierce competition in the international financial market, Tokyo's position as an international financial center is facing more and more severe challenges. Recently, the Tokyo Stock Exchange, the symbol of Tokyo International Financial Center, also shows signs of decline

some people in the instry believe that the decline of the stock exchange has not only seriously affected the status of Tokyo as an international financial center, but also further shaken the foundation of Tokyo as an Asian financial center. Therefore, emerging Asian financial markets such as Singapore, Hong Kong, Shanghai and South Korea are likely to catch up with or even surpass Tokyo's financial markets in the near future

so who will be the Asian financial center<

Huang Kai, Professor of economics at Southeast University, believes that Asia is likely to have multiple financial centers in the future, and with the continuous change of importance, financial centers will also shift. Similarly, Du Jiaqi, general manager of Prudential Life, believes that there will not be only one financial center in Asia in the future. It seems that in the eyes of many people in the instry, there may be more than one financial center in Asia in the future.

6. In 2006, I was thinking about a question: will Guangdong be marginalized<

in fact, more and more people will have such worries after the strategy of Shanghai as the center has come out recently. Hong Kong in particular

a very interesting phenomenon: from 01 to 07, Chaoshan cities such as Chaoan and Puning fell out of the top 100 counties in China after 2005. Because of the rapid development of cities in Jiangsu, Zhejiang and Shandong. But you will find that the geography and resources of those cities are the same as those of Chaoshan city in those years. Why is there such a big difference after 2005
I think the difference of soft power leads to such an outcome

so back to business, will Shanghai replace Hong Kong, finance and logistics

in fact, from the perspective of logistics, what is worse in Shanghai is the soft power such as management and consciousness. I think that it is not too much to improve this gap in 20 years. In fact, Shanghai is the first place in logistics, but in terms of region, ports in the Pearl River Delta, such as Hong Kong and Shenzhen, still far surpass Shanghai. Moreover, in terms of regional coordination, Shanghai has more room for improvement, because Ningbo and Lianyungang can be complementary ports
what Shanghai lacks is not goods, but the whole system. Hutchison Huangpu, which has logistics points all over the world, operates Hong Kong and Shenzhen ports from a global perspective. There is still a long way to go for local enterprises in Shanghai
in the next 15 years, if the Pearl River delta instry upgrades to a high-level manufacturing or service instry, then the volume of goods will not be as large as that of Shanghai, so Shanghai's logistics center is inevitable

in terms of finance,
Hong Kong's advantage lies in its soft power. In Lujiazui, I eat launch all the way to Zhengda square every day, and I always hear Cantonese. This at least shows that there are many people in Hong Kong who understand the domestic situation and the financial system. But how many people in Shanghai work in Hong Kong? What's more, many of the current situations are that Hong Kong takes the initiative to integrate Shanghai and China, including the state-owned enterprise index issued a long time ago. In fact, Hong Kong is still a free port and an offshore port. Just look at Du, or Shanghai will become New York, but Hong Kong still is Hong Kong
so where are the advantages

in the view of senior management, the purpose of logistics center and financial center is only one: internationalization of RMB. These three deployment are consistent and mutual

although I don't like the atmosphere of Shanghai, I still say, come on, Shanghai<

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to add a few words

although Shanghai and Hong Kong are competitive, they are more cooperative than life and death. Moreover, the status of Hong Kong as a free port is not comparable to that of Shanghai. Offshore companies, if you look at Delaware in the United States, you can see that most of the top 500 companies have companies there, and capital needs to be free<

at present, Shanghai has become a financial center, which is more settlement and the result of national policies. How many powerful local banks are there in Shanghai? Look at NY, Lodon, Hong Kong. I think local banks are the shadow of the competitiveness of a financial center. Shanghai has a bright future because of China, not because of Shanghai itself. There is still a long way to go.

7. In the 1920s and 1930s, Shanghai was the second largest city in the Far East after Tokyo. If you need a more emotional statement, I can tell you that at that time, Hollywood blockbusters would appear in major cinemas in Shanghai within three days after they were launched in the United States. Second, since the reform and opening up, almost all the modern marketing and advertising techniques you can learn and see can be found in Shanghai at that time. What makes me particularly impressed is that when you look at the advertising creativity of national enterprises at that time, you will find that we Chinese are not unfamiliar with the market economy at all, and we have achieved great success in the fierce competition as early as 60 years ago
in addition, the prosperity of Shanghai at that time had a lot to do with the concession. Again, I don't want to give more examples. You can search for it. From a certain level, the prosperity of the concession played a considerable role in the development of Shanghai. But as for the one on the first floor who said that the cattle in Shanghai at that time all depended on foreigners, this is groundless. You can go to Shanghai library or Shanghai archives to check some historical materials at that time. In fact, the concession of Shanghai is directly related to the opening of the port after the signing of the Treaty of Nanjing, and the result of the opening of the port is the prosperity of the concession and the immigrants, which are complementary
go back to the first floor. The prosperity of Hong Kong today is closely related to that of Shanghai. After liberation in 1949, Lao Jiang took away 80% of China's hard currency. From then on, Shanghai people began to immigrate to Hong Kong. Tung Chee Hwa, the first chief executive of the Hong Kong Special Administrative Region, Tang Yingnian, the current Chief Secretary for administration of Hong Kong, Du Yuesheng, the head of Shanghai Youth League, Zhang Ailing, the famous female writer, Rong Zhijian's family, chairman of CITIC Group, Run Run Run Shaw, godfather of entertainment circle, Wang Mingquan, the elder sister of Hong Kong entertainment circle, and Shen Dianxia, the famous host, all went to Hong Kong for development after they got rich in Shanghai
in the 1920s and 1930s, Shanghai had the reputation of "Paris in the Far East", so the word "big" was often added to newspapers and magazines to describe the importance of Shanghai on the international stage at that time. I heard my grandmother talk about the past. It is said that Hong Kong was still in the low tide of development. Many people with insight in Hong Kong were eager to make Hong Kong as prosperous as Shanghai one day. Therefore, the local newspapers once described Hong Kong as "little Shanghai" to encourage the public< After that, another wave of immigrants began in the 1970s and 1980s, thanks to the reform and opening-up policy put forward by Comrade Deng Xiaoping. At the same time, the opening of the door to the outside world also gives Chinese people a better understanding of the charm of Hong Kong's rapid development. However, e to the objective factors such as the "Cultural Revolution", the gap between Shanghai and Hong Kong widened rapidly in the 1960s and 1970s. Shanghai, once known as "Paris in the Far East", was once known as "Greater Shanghai", In the early stage of reform and opening up, we can only face the fact that Hong Kong has become a rock solid international financial center< On March 25, the central government announced to the world through the official news agency Xinhua news agency that the executive meeting of the State Council of China held on that day, in principle, adopted opinions on promoting the development of modern service instry and advanced manufacturing instry in Shanghai, as well as the construction of an international financial center and an international shipping center, Shanghai will be basically built into an international financial center compatible with China's economic strength and international status, and an international shipping center with the ability to allocate global shipping resources<
less than half a month after Beijing officially announced its decision to build Shanghai into an international financial center, the central government authorized Xinhua news agency to issue a document on April 8, announcing that Shanghai, Guangzhou, Shenzhen, Zhuhai and Dongguan will be listed as pilot cities for RMB settlement of cross-border trade
the current chief executive of Hong Kong, Donald Tsang, cheered the people of Hong Kong through the media that night, saying that he believed that the central government had other plans, and that Hong Kong would also actively prepare to become the first region outside the mainland to coordinate trade settlement with RMB. In the eyes of the people of Hong Kong, chief executive Zeng's timely response is to seek policy from the central government and strive to maintain Hong Kong's status as an international financial center
in the face of reality, in terms of its status as a financial center, Shanghai today is still not as important as Hong Kong to the global financial market, or even worse than the heyday of the 1930s when Shanghai was hailed as "Paris of the Far East". There are subjective factors, such as the seriousness of brain drain in recent years, which has reached an almost incurable level. Fudan University, a famous university in Shanghai, once spread such a "joke": the best graates went to the United States, the second-class ones went to Hong Kong, the ones who couldn't go anywhere stayed in the University for postgraate study and then taught
objectively speaking, the strict control of RMB exchange by the people's Bank of China and the foreign exchange regulatory authorities also makes the dream of Shanghai as an international financial center more like a slogan. At least it doesn't seem to have much practical use at present. Even the taxi driver in Hong Kong who took me to central for a meeting a few days ago knows when RMB will be freely convertible, When will Shanghai become a real global financial center
based on this fundamental judgment, many economists, after learning that the resolution of China's State Council on building Shanghai into an international financial center by 2020 has been passed, excitedly put forward such a reverse thinking conclusion: RMB can be freely exchanged under the capital account, and there will be a play before 2020!

8. Have you ever seen that social economy can become an international financial center? Is it possible for Shanghai to become an international financial center without free access to capital and information? Most foreigners surf the Internet with shoes. Do you have any confidence in this place? Have you seen the international financial center of state-owned enterprises? Have you ever seen an international financial center where currencies are not freely convertible<

Hong Kong and Singapore were Asian financial centers in the 1970s
now Hong Kong and Singapore are international financial centers
how many steps would Shanghai like to take? What's the difference with the nationwide steel-making
Shanghai is at best China's financial center, because the most basic freedom of capital and information in and out of the international financial center is impossible for Shanghai to enjoy, and the freedom of capital and information in and out will seriously affect our party<

urban planning (impossible):
is Shanghai's road big enough, traffic jam serious? Is Hong Kong's Road small enough, traffic jam? You drive to the middle of the road to get stuck

currency freedom (expected):
is it complicated for Shanghai to exchange foreign currency? In Hong Kong, when you walk in the street, you can change any country's currency at any time. How much money you need, how much money you need... As soon as the money is in circulation, the bank can change new banknotes quickly. In Hong Kong, you can never get black Hong Kong dollars. In Shanghai, needless to say.

going abroad Conference (expected):
if Shanghai wants to go abroad for a conference, there are proceres to go through. What about Hong Kong? Take your passport and air ticket and fly directly. Even if you need a visa for a Hong Kong passport to the United States, you can get a visa for a few hundred yuan, and you won't have to sign it again in three years.

culture (impossible):
there's no direction to pursue this kind of thing. Shanghai beach? Tangfu? many-storied buildings? Is this the culture of Shanghai? What about Hong Kong? The combination of Chinese and western special culture, food culture, colonial culture, Hong Kong style architectural culture and Hong Kong movies are even more famous. So many foreigners can speak Cantonese, which is the attraction of Hong Kong movies.
talk about Hong Kong celebrities (Bruce Lee, Jackie Chan, Jinyong, Li Ka Shing...) and then look for Shanghai celebrities<

Service Spirit (don't count on it):
needless to say, the attitude of the tourism service instry. What is the service of the police force? Fire rescue service
it's obvious to all of you in Shanghai, but what about those in Hong Kong? The tourism service instry, police force and fire rescue have reached the international top level
the police in Shanghai drive around with smoke in their cars, Police in Hong Kong are still patrolling the streets in summer with batons, walkie talkies, pistols, belts, uniforms and hats.
let's see, the ambulance teams in Hong Kong are divided into four types according to the four security levels. The other one is not a car, but an ambulance helicopter. The ambulance team is also a symbol of the international first-class rescue level, This is the service public servant of the international financial center.

transportation (it's enough to provide demand):
Shanghai sidewalk green light, crossing the road and car turning around. As a result, when you turn around, the driver is also green light!! It's just that the car turns... In Hong Kong, when you see the green light, you go straight. You don't have to look at the car. Is there a car coming? It's out of control, not caused by traffic lights...
it takes half a day for the subway to transfer to a station in Shanghai, and Hong Kong is just across from Hong Kong.
the airport in Chek Lap Kok, Hong Kong is ranked second in the comprehensive ranking, and now it's hovering in the top five, needless to say,

efficiency (press fast forward with remote controller):
which is faster when you walk, let's see if you are in a hurry to go to the toilet, In fact, there are many and fast trains, airplanes and subways to go to work. In addition, there are ships, light rail, trams, buses and minibuses, which disperse the traffic congestion level
have you seen the road fold 5.6 floors? The hospital is built on the mountain, and the roads are almost as high as the top of the mountain, haven't you seen it? There are many places in Shanghai that can't be compared with the land use value of Shanghai (remember that 70% of the undeveloped land in Hong Kong is country park)

Law (take your time, don't worry, it will take time)
law is the weapon to protect the capital right wealth

Public Security (Shanghai, come to the police, Hong Kong, No matter, the police still come to check your ID card)
did you see the police on the road in Shanghai? You met at the gate of the police station, didn't you? Or do you happen to see only two policemen come out of Hong Kong (the third in the world) at one intersection, and then two policemen come out of Hong Kong (urban area) at 3 or 4 o'clock in the morning? Turning around...

environmental protection:
Shanghai and Hong Kong are two places where you stand at the cash register of supermarkets in these two cities, and the recycling is better.
Shanghai: there is a slogan in the public toilet wash basins: "save water"
Hong Kong: there is also a slogan, people even save water for flushing toilets, The toilet flushing pipes of other people flow salty water from the sea, which is separated from clean water

I'm tired to death
the GDP of Shanghai and Hong Kong is often compared, and the per capita GDP of Shanghai is larger than that of Hong Kong, too.
why not? It's unrealistic to look at data all day.
the above is the process.
if all the above things are comparable to Hong Kong, it's not far from Hong Kong. Let's discuss this topic again

9.

In October of 1997, another round of & quot; Big Bear City & quot; Sweeping the entire Hong Kong stock market. October 20 is the tragedy of the US Wall Street stock market; Black Monday & quot; Because of this, it has become the most anxious day for investment analysts

On the contrary, the Dow Jones index rebounded 74 points after dropping 210 points in a week

just as the investment analysts are celebrating, the other side of the earth is already in danger and the undercurrent is surging. Ten years later, another & quot; Black Monday & quot; It began to come, but this time Hong Kong, known as a shopping paradise, was shrouded

On October 20, the Hong Kong stock market began to fall. On October 21, the Hang Seng Index of Hong Kong fell 765.33 points. On October 22, the Hang Seng index continued this trend, falling by 1200 points. On the 23rd, worries about the prospect of the Hong Kong dollar made the Hong Kong Interbank Offered Rate (HIBOR) keep rising. On the 21st, the overnight offered rate, which was only about 7%, once surged 300 times

in this market atmosphere, Hong Kong stocks suffered a setback for the fourth time in a row, falling by 10.41%. The financial secretary of the Hong Kong Special Administrative Region, Mr Donald Tsang, said on the same day that Hong Kong's basic economic factors were good. The decline of the stock market was mainly e to the temporary speculative influence of external factors. Investors need not panic

He said: & quot; I don't think it's a stock market crash& quot; In his view, in any case, the SAR government should first defend the exchange rate of the Hong Kong dollar. Although there was speculation in Hong Kong dollar the night before, it was calmed down by this time. Meanwhile, the chief executive of the Hong Kong Monetary Authority, Mr Joseph Yam, also made a speech, claiming that the HKMA had repulsed speculators the night before

maybe it's because of the strong intervention measures of the SAR government, or maybe it's because the confidence of the SAR government and financial managers has infected investors. On the 24th, after four consecutive trading days of sharp decline, Hong Kong stock market rebounded strongly on that day. Donald Tsang once again reiterated that Hong Kong's current linked exchange rate system will not change, and speculators will only suffer losses in this activity

The Dow Jones index in New York fell nearly 554.26 points on the 27th, which was the worst day in history. As a result, it automatically stopped trading for an hour

the Tokyo stock market fell more than 800 points after opening. Hong Kong's Hang Seng Index fell more than 1400 points on the 28th, down 13.7%. The lowest point of the whole day was 8775.88, closing at 9059.89. The number of points dropped was the highest in history. Under this situation, the shock of Hong Kong's stock market is not limited to its own factors

the & quot; Invisible War;, Earthquakes like volcanic eruptions have shocked the world, and Thailand and Malaysia, which are in the center of the earthquake, are suffering. On the other hand, Hong Kong across the sea is more nervous than ever

people all realize that this & quot; The dark tide of black Finance & quot; It's just a matter of time. In the face of the aggressiveness of international financial speculators, the chief executive of the Hong Kong Special Administrative Region, Mr Tung Chee Hwa, said with caution that the Hong Kong Special Administrative Region is rich in foreign exchange reserves, its economy is growing steadily, and more importantly, it has the support of a strong motherland behind it. Therefore, this storm will not have a particularly serious impact on Hong Kong. In fact, as early as August 1997, speculators tentatively attacked the Hong Kong dollar several times

on August 14 and 15, some powerful investment funds entered the Hong Kong foreign exchange market. They used financial futures to buy Hong Kong dollars with three or six months of Hong Kong dollar futures and then quickly short them. As a result, the exchange rate of Hong Kong dollar to us dollar dropped to 7.75/1. 7.75 is known as the important psychological key point of Hong Kong dollar exchange rate

Hong Kong's financial authorities quickly hit back. By tightening money and raising interbank interest rates, we can fight against speculators. The HKMA has raised the interest rate on loans to banks, forcing banks to return their surplus positions, which makes speculators who borrow money to sell Hong Kong dollars to buy US dollars face the situation of being isolated from the outside world and flinch under the extremely high cost of speculation

therefore, in a very short period of time, that is, August 20, the Hong Kong market returned to calm, and speculators returned without success. However, people know very well that this group of speculators will not give up, and the bloody fight between the two sides is inevitable. The Hong Kong authorities are taking precautions, combining policy and public opinion offensive to remind these & quot; Money alligator & quot; Don't act rashly

the attitude of the Hong Kong Monetary Authority is extremely clear: firmly maintain the stability of the linked exchange rate system. Before leaving London, the chief executive of the Hong Kong Special Administrative Region, Mr Tung Chee Hwa, who is visiting the United Kingdom, stressed that the SAR government has great determination to maintain the linked exchange rate

the financial secretary, Mr Donald Tsang, and the Secretary for financial affairs, Mr Rafael Hui, met with the media together, reiterating that maintaining the linked exchange rate is the government's preferred goal. It is inevitable that the interest rate will soar for this goal. We hope that the people of Hong Kong will be calm. The Chief Secretary for administration, Mrs Anson Chan, called on everyone to keep calm. The Hong Kong General Chamber of Commerce issued a statement in support of the linked exchange rate system

and call on people in the financial market to think calmly and re-examine the economic foundation of Hong Kong, so as to stabilize the market. Mr Tsang said at an investment conference: & quot; I would like to reiterate that we will not change our monetary system or our relationship with the US dollar. Speculators are the only ones who lose their lives by speculating in the Hong Kong dollar& quot;

International speculators have repeatedly attacked the Hong Kong dollar. They not only aim at making profits on the exchange rate of the Hong Kong dollar, but also adopt a comprehensive strategy to gain profits in the stock market and futures market. Their approach is to accumulate a large number of short positions in the futures market, then buy forward us dollars, sell long-term Hong Kong dollars, and build momentum

when the Hong Kong government takes measures to raise the interest rate sharply to deal with the attack on the Hong Kong dollar, the stock atmosphere turns pale, and people worry that the sharp rise of interest rate will push down the stock market and the property market. At this time, speculators will take advantage of the situation to sell the futures index, making the futures index plunge

As a result, people in the stock market panic, panic to sell out the stock, speculators can close short positions and get rich profits. In other words, although speculators failed in the exchange rate of the Hong Kong dollar, or even made a small loss, they made a lot of money in the futures market

In this regard, Hong Kong's financial authorities have carried out a tit for tat struggle. Their measures are: first, to absorb Hong Kong dollars with huge foreign exchange reserves; second, to raise interest rates and tighten monetary policy. After a series of attacks, Hong Kong stocks stopped falling in a row and began to soar strongly, mainly e to the entry of Chinese capital and foreign capital into the market, and 24 blue chip and red chip listed companies bought back shares from the market, which promoted the rise of the market

China Telecom's return to the level above the bidding share price also has a certain stimulating effect, making red chips and state-owned enterprises calm down and rebound. In addition, the interest rate cut in the mainland has become the theme of the rising market. These factors have made the Hang Seng index rebound rapidly. Under the strong rebound of the stock market, the exchange rate of the Hong Kong dollar returned to stability. At this point, the soul stirring battle to defend the Hong Kong dollar has come to an end

The chief executive, Mr Tung Chee Hwa, praised the financial secretary, Mr Donald Tsang, and his colleagues for their successful handling of the crisis; It's really commendable;. Although the contest ended with the difficult victory of the Hong Kong Monetary Authority, the shock it brought to people was not limited to the crisis itself, it forced more people to think

the financial secretary, Mr Donald Tsang, has finally said publicly that the Hong Kong government will conct an internal review as soon as possible, and meet with scholars and business people to sum up the financial turmoil and find a better way to fight back, so as to prevent the Hong Kong dollar from being attacked by foreign exchange speculation

extended information:

at the beginning of Hong Kong's return to China in 1997, the Asian financial crisis broke out. From mid July to August 1998, international financial speculators attacked the Hong Kong dollar three times and took actions in the foreign exchange, stock and futures markets at the same time

they used financial futures to buy Hong Kong dollars with three or six months' Hong Kong dollar futures contracts, and then quickly short them, resulting in a sharp rise in the interest rate of Hong Kong dollars and a sharp drop in the Hang Seng Index, from which they made huge profits

In the face of the rampant attacks of international financial speculators, the Hong Kong SAR government has decided to fight back. In August 1998, the Hong Kong Monetary Authority used the exchange fund to invest a large amount of money in the stock and futures markets to prepare for a showdown. The 28th is the settlement day for the Hang Seng futures index of Hong Kong stock market in August, and a decisive battle broke out between the SAR government and speculators

source of reference: Internet - Hong Kong financial security war