Chapter 787
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Many of the participants were concerned about business and urged the agenda to start quickly. After all, it is precious for everyone to come to the venue for discussion under the current background of panic and different plans.
The focus of the agenda is that it is time for the Xiangjiang Banking Association to take action. There is no objection, but how to raise interest rates to reflect the banking industry's support for the Hong Kong dollar?
The result of the current discussion is that raising the interest rate of savings deposits, but the relevant range has different interest considerations. One per cent seems to be painless and meaningless, and two per cent seems to be higher. Banks have concerns, or try a compromise of 1.5 per cent... In short, they are afraid of wolves and tigers for a while.
It was Sir Gao's turn to represent the chairman of Xiangjiang Banking Association, Yili bank, Gaoyi bank, Xiangji bank and other members of Gaoyi's first line of banks. When he officially stated his position, the atmosphere began to fill with the smell of fire and medicine.
Because Sir Gao rarely spoke sharply, "I think the increase in the interest rate of savings deposits actually reflects how much confidence banks with Hong Kong dollar deposit business have in the Hong Kong dollar. If even banks lose confidence in the Hong Kong dollar, do they still expect businesses and people to accept and use the Hong Kong dollar?"
"In this case, people prefer to raise interest rates by 1.5%, which is really just the minimum statement."
"However, I don't think this measure will achieve any practical results after it is launched, because in the crisis of the collapse of the Hong Kong dollar, the financial secretary, on behalf of the Zhengfu, makes a decision and announces the increase of interest rates, which can have real credibility."
Speaking of this, sir Gao became excited, slammed the table and raised his voice. "I always don't understand that the situation of the Hong Kong dollar has collapsed to such an alarming extent. Why hasn't the financial secretary taken any measures to stabilize the Hong Kong dollar?"
"Work in his position! At present, signs of rejection of the Hong Kong dollar in commercial places have begun to appear. Has the financial secretary forgotten that the Hong Kong dollar is the legal tender of Xiangjiang? The exchange rate of the Hong Kong dollar against the US dollar has fallen below 8. Why does the financial secretary refuse to consider a new monetary policy to adapt to the new international financial situation?"
In the end, sir Gao's eyes fell squarely on the face of Financial Secretary Chris Pang, which clearly means, will you work?
The financial secretary, Peng Lizhi, who had been prepared for a long time, controlled his emotions, glanced at Shen Bi, Huifeng's senior class, motioned for him to speak quickly and crack down on Gao Xian's arrogance.
Unexpectedly, Shen Bi looked down and looked at the document with interest.
The financial secretary Peng Lizhi is even more angry. You are an old slick and can't count on others. What about yourself! Mystifying and as like as two peas, he replied with a strange and eccentric attitude: "the accusation of high jazz to the government is just the same as that in China."
Sir Gao sneered, "don't buckle your big hat. You're not afraid of the shadow. Now we're talking about whether the financial secretary has done his duty and whether we can avoid losing everyone's underwear?"
Looking around the conference room, financial secretary Peng Lizhi found that the Zhengzhi card was really useless. Everyone here had never seen the world. How could he be fooled by the big hat? Now sir Gao's firing just reflects the voice of the overwhelming majority of people. Tell me, what is the government's plan? Is it really necessary to completely turn Xiangjiang prosperity into a bargaining chip threatening negotiations regardless of everyone's life and death?
Facing the eyes of the public, financial secretary Peng Lizhi lowered his eyes. Big radish's face was not red or white and explained: "Xiangjiang's economic achievements benefited from the long-term non intervention policy pursued by the government, and the financial secretary was also following this successful experience."
Sir Gao chuckled. "Does it make sense to see that the big ship is going to sink and we are about to drown? What flags are still hanging? What's more, isn't it more and more consensus that a positive attribute should be added in front of the non intervention policy?"
"Everyone here, who doesn't know the law of vicissitudes, the change of time and things, and the truth that poverty changes and flexibility changes? If you really stick to the old ways and stick to the dead dogma, you really can't be the Financial Secretary!"
At this point, financial secretary Chris Pang could not keep his gentlemanly demeanor. He immediately retorted: "Sir Gao is so righteous, but Gao's banking group has not bought us dollar assets on a large scale, which has increased the pressure on the Hong Kong dollar. If we really want to be investigated, the responsibility is not small!"
"That's not because the Hong Kong dollar exchange rate is out of control and customers' demand for asset preservation, including foreign exchange swaps, surges." Sir Gao replied with a calm face: "Everyone acts according to the rules designed by the Zhengfu from the top level. What's wrong? Now, the situation has changed dramatically. The financial secretary should adjust the mechanism with the times, rather than dogmatic inaction, and call it the tradition of non intervention policy."
In these words, Gao Xian pushed the responsibilities that may be involved in the "Self-protection" and "self-interest" of himself and others in the current Hong Kong dollar crisis, and the inaction of the Hong Kong government has become more and more prominent.
Financial Secretary Chris Pang was still rational and knew that he could not take the risk of public anger to attack a large area. He was speechless. He quickly said, "I know that Sir Gao's real purpose in creating pressure on me is to urge the government to adopt the improved currency board system you have planned for a long time and experimented on a small scale."
"It is undeniable that this improved currency board system has been carefully optimized by many world-class economic experts. It can be called very perfect and highly operable, but is it really applicable to Xiangjiang?"
Speaking of this, the financial secretary Peng Lizhi put on the shelf of Xiangjiang's "treasurer" and made a sincere and in-depth analysis. "Sir Gao will not deny it. The premise for the success of this improved currency board system is that it needs a large amount of foreign exchange reserves as protection. For Xiangjiang, that is enough foreign exchange funds."
"However, the reality is that the size of the exchange fund is only a few billion US dollars, and the M3 currency circulation of Xiangjiang this year exceeds HK $300 billion. Once the financial secretary decides to stabilize the Hong Kong dollar exchange rate at a certain level, it is bound to attract the continuous impact of International foreign exchange speculators. Sir Gao feels that how long can the exchange fund survive consumption?"
Not to mention, the financial secretary's remark that he was trying to prove that he was not a straw bag also attracted many people to nod again and again.
Sir Gao didn't buy it. "You're just avoiding practical work and staying on the theoretical analysis of paper. At present, the situation we are facing is that if we don't take action, the Hong Kong dollar will become waste paper, which is close at hand."
"In fact, Xiangjiang's foreign exchange reserve capacity is not limited to the exchange fund. Once the improved currency board system is adopted, it will first attract banks to spontaneously arbitrage interest rates and quickly establish the first firewall to stabilize the Hong Kong dollar."
"There are many practical operations like this. Since the financial secretary is consciously incompetent, I am willing to share my worries and set up an independent exchange fund management committee to ensure that in five years, the asset scale of the exchange fund will exceed US $30 billion and escort the stability of the Hong Kong dollar!"
"What, do you want the exchange fund?" the financial secretary, Mr Patrick Pang, was stunned. He knew that Gao Xian was ambitious, but in any case, he did not expect that he would even point at the exchange fund.
The reaction of other participants was almost the same. They were so surprised that they broke the ground lens. Shen Bi, the senior class of Huifeng bank, thought deeply. It turned out that Gao Xian's real purpose was here
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Many of the participants were concerned about business and urged the agenda to start quickly. After all, it is precious for everyone to come to the venue for discussion under the current background of panic and different plans.
The focus of the agenda is that it is time for the Xiangjiang Banking Association to take action. There is no objection, but how to raise interest rates to reflect the banking industry's support for the Hong Kong dollar?
The result of the current discussion is that raising the interest rate of savings deposits, but the relevant range has different interest considerations. One per cent seems to be painless and meaningless, and two per cent seems to be higher. Banks have concerns, or try a compromise of 1.5 per cent... In short, they are afraid of wolves and tigers for a while.
It was Sir Gao's turn to represent the chairman of Xiangjiang Banking Association, Yili bank, Gaoyi bank, Xiangji bank and other members of Gaoyi's first line of banks. When he officially stated his position, the atmosphere began to fill with the smell of fire and medicine.
Because Sir Gao rarely spoke sharply, "I think the increase in the interest rate of savings deposits actually reflects how much confidence banks with Hong Kong dollar deposit business have in the Hong Kong dollar. If even banks lose confidence in the Hong Kong dollar, do they still expect businesses and people to accept and use the Hong Kong dollar?"
"In this case, people prefer to raise interest rates by 1.5%, which is really just the minimum statement."
"However, I don't think this measure will achieve any practical results after it is launched, because in the crisis of the collapse of the Hong Kong dollar, the financial secretary, on behalf of the Zhengfu, makes a decision and announces the increase of interest rates, which can have real credibility."
Speaking of this, sir Gao became excited, slammed the table and raised his voice. "I always don't understand that the situation of the Hong Kong dollar has collapsed to such an alarming extent. Why hasn't the financial secretary taken any measures to stabilize the Hong Kong dollar?"
"Work in his position! At present, signs of rejection of the Hong Kong dollar in commercial places have begun to appear. Has the financial secretary forgotten that the Hong Kong dollar is the legal tender of Xiangjiang? The exchange rate of the Hong Kong dollar against the US dollar has fallen below 8. Why does the financial secretary refuse to consider a new monetary policy to adapt to the new international financial situation?"
In the end, sir Gao's eyes fell squarely on the face of Financial Secretary Chris Pang, which clearly means, will you work?
The financial secretary, Peng Lizhi, who had been prepared for a long time, controlled his emotions, glanced at Shen Bi, Huifeng's senior class, motioned for him to speak quickly and crack down on Gao Xian's arrogance.
Unexpectedly, Shen Bi looked down and looked at the document with interest.
The financial secretary Peng Lizhi is even more angry. You are an old slick and can't count on others. What about yourself! Mystifying and as like as two peas, he replied with a strange and eccentric attitude: "the accusation of high jazz to the government is just the same as that in China."
Sir Gao sneered, "don't buckle your big hat. You're not afraid of the shadow. Now we're talking about whether the financial secretary has done his duty and whether we can avoid losing everyone's underwear?"
Looking around the conference room, financial secretary Peng Lizhi found that the Zhengzhi card was really useless. Everyone here had never seen the world. How could he be fooled by the big hat? Now sir Gao's firing just reflects the voice of the overwhelming majority of people. Tell me, what is the government's plan? Is it really necessary to completely turn Xiangjiang prosperity into a bargaining chip threatening negotiations regardless of everyone's life and death?
Facing the eyes of the public, financial secretary Peng Lizhi lowered his eyes. Big radish's face was not red or white and explained: "Xiangjiang's economic achievements benefited from the long-term non intervention policy pursued by the government, and the financial secretary was also following this successful experience."
Sir Gao chuckled. "Does it make sense to see that the big ship is going to sink and we are about to drown? What flags are still hanging? What's more, isn't it more and more consensus that a positive attribute should be added in front of the non intervention policy?"
"Everyone here, who doesn't know the law of vicissitudes, the change of time and things, and the truth that poverty changes and flexibility changes? If you really stick to the old ways and stick to the dead dogma, you really can't be the Financial Secretary!"
At this point, financial secretary Chris Pang could not keep his gentlemanly demeanor. He immediately retorted: "Sir Gao is so righteous, but Gao's banking group has not bought us dollar assets on a large scale, which has increased the pressure on the Hong Kong dollar. If we really want to be investigated, the responsibility is not small!"
"That's not because the Hong Kong dollar exchange rate is out of control and customers' demand for asset preservation, including foreign exchange swaps, surges." Sir Gao replied with a calm face: "Everyone acts according to the rules designed by the Zhengfu from the top level. What's wrong? Now, the situation has changed dramatically. The financial secretary should adjust the mechanism with the times, rather than dogmatic inaction, and call it the tradition of non intervention policy."
In these words, Gao Xian pushed the responsibilities that may be involved in the "Self-protection" and "self-interest" of himself and others in the current Hong Kong dollar crisis, and the inaction of the Hong Kong government has become more and more prominent.
Financial Secretary Chris Pang was still rational and knew that he could not take the risk of public anger to attack a large area. He was speechless. He quickly said, "I know that Sir Gao's real purpose in creating pressure on me is to urge the government to adopt the improved currency board system you have planned for a long time and experimented on a small scale."
"It is undeniable that this improved currency board system has been carefully optimized by many world-class economic experts. It can be called very perfect and highly operable, but is it really applicable to Xiangjiang?"
Speaking of this, the financial secretary Peng Lizhi put on the shelf of Xiangjiang's "treasurer" and made a sincere and in-depth analysis. "Sir Gao will not deny it. The premise for the success of this improved currency board system is that it needs a large amount of foreign exchange reserves as protection. For Xiangjiang, that is enough foreign exchange funds."
"However, the reality is that the size of the exchange fund is only a few billion US dollars, and the M3 currency circulation of Xiangjiang this year exceeds HK $300 billion. Once the financial secretary decides to stabilize the Hong Kong dollar exchange rate at a certain level, it is bound to attract the continuous impact of International foreign exchange speculators. Sir Gao feels that how long can the exchange fund survive consumption?"
Not to mention, the financial secretary's remark that he was trying to prove that he was not a straw bag also attracted many people to nod again and again.
Sir Gao didn't buy it. "You're just avoiding practical work and staying on the theoretical analysis of paper. At present, the situation we are facing is that if we don't take action, the Hong Kong dollar will become waste paper, which is close at hand."
"In fact, Xiangjiang's foreign exchange reserve capacity is not limited to the exchange fund. Once the improved currency board system is adopted, it will first attract banks to spontaneously arbitrage interest rates and quickly establish the first firewall to stabilize the Hong Kong dollar."
"There are many practical operations like this. Since the financial secretary is consciously incompetent, I am willing to share my worries and set up an independent exchange fund management committee to ensure that in five years, the asset scale of the exchange fund will exceed US $30 billion and escort the stability of the Hong Kong dollar!"
"What, do you want the exchange fund?" the financial secretary, Mr Patrick Pang, was stunned. He knew that Gao Xian was ambitious, but in any case, he did not expect that he would even point at the exchange fund.
The reaction of other participants was almost the same. They were so surprised that they broke the ground lens. Shen Bi, the senior class of Huifeng bank, thought deeply. It turned out that Gao Xian's real purpose was here
Many of the participants were concerned about business and urged the agenda to start quickly. After all, it is precious for everyone to come to the venue for discussion under the current background of panic and different plans.The focus of the agenda is that it is time for the Xiangjiang Banking Association to take action. There is no objection, but how to raise interest rates to reflect the banking industry's support for the Hong Kong dollar?The result of the current discussion is that raising the interest rate of savings deposits, but the relevant range has different interest considerations. One per cent seems to be painless and meaningless, and two per cent seems to be higher. Banks have concerns, or try a compromise of 1.5 per cent... In short, they are afraid of wolves and tigers for a while.It was Sir Gao's turn to represent the chairman of Xiangjiang Banking Association, Yili bank, Gaoyi bank, Xiangji bank and other members of Gaoyi's first line of banks. When he officially stated his position, the atmosphere began to fill with the smell of fire and medicine.Because Sir Gao rarely spoke sharply, "I think the increase in the interest rate of savings deposits actually reflects how much confidence banks with Hong Kong dollar deposit business have in the Hong Kong dollar. If even banks lose confidence in the Hong Kong dollar, do they still expect businesses and people to accept and use the Hong Kong dollar?""In this case, people prefer to raise interest rates by 1.5%, which is really just the minimum statement.""However, I don't think this measure will achieve any practical results after it is launched, because in the crisis of the collapse of the Hong Kong dollar, the financial secretary, on behalf of the Zhengfu, makes a decision and announces the increase of interest rates, which can have real credibility."Speaking of this, sir Gao became excited, slammed the table and raised his voice. "I always don't understand that the situation of the Hong Kong dollar has collapsed to such an alarming extent. Why hasn't the financial secretary taken any measures to stabilize the Hong Kong dollar?""Work in his position! At present, signs of rejection of the Hong Kong dollar in commercial places have begun to appear. Has the financial secretary forgotten that the Hong Kong dollar is the legal tender of Xiangjiang? The exchange rate of the Hong Kong dollar against the US dollar has fallen below 8. Why does the financial secretary refuse to consider a new monetary policy to adapt to the new international financial situation?"In the end, sir Gao's eyes fell squarely on the face of Financial Secretary Chris Pang, which clearly means, will you work?The financial secretary, Peng Lizhi, who had been prepared for a long time, controlled his emotions, glanced at Shen Bi, Huifeng's senior class, motioned for him to speak quickly and crack down on Gao Xian's arrogance.Unexpectedly, Shen Bi looked down and looked at the document with interest.The financial secretary Peng Lizhi is even more angry. You are an old slick and can't count on others. What about yourself! Mystifying and as like as two peas, he replied with a strange and eccentric attitude: "the accusation of high jazz to the government is just the same as that in China."Sir Gao sneered, "don't buckle your big hat. You're not afraid of the shadow. Now we're talking about whether the financial secretary has done his duty and whether we can avoid losing everyone's underwear?"Looking around the conference room, financial secretary Peng Lizhi found that the Zhengzhi card was really useless. Everyone here had never seen the world. How could he be fooled by the big hat? Now sir Gao's firing just reflects the voice of the overwhelming majority of people. Tell me, what is the government's plan? Is it really necessary to completely turn Xiangjiang prosperity into a bargaining chip threatening negotiations regardless of everyone's life and death?Facing the eyes of the public, financial secretary Peng Lizhi lowered his eyes. Big radish's face was not red or white and explained: "Xiangjiang's economic achievements benefited from the long-term non intervention policy pursued by the government, and the financial secretary was also following this successful experience."Sir Gao chuckled. "Does it make sense to see that the big ship is going to sink and we are about to drown? What flags are still hanging? What's more, isn't it more and more consensus that a positive attribute should be added in front of the non intervention policy?""Everyone here, who doesn't know the law of vicissitudes, the change of time and things, and the truth that poverty changes and flexibility changes? If you really stick to the old ways and stick to the dead dogma, you really can't be the Financial Secretary!"At this point, financial secretary Chris Pang could not keep his gentlemanly demeanor. He immediately retorted: "Sir Gao is so righteous, but Gao's banking group has not bought us dollar assets on a large scale, which has increased the pressure on the Hong Kong dollar. If we really want to be investigated, the responsibility is not small!""That's not because the Hong Kong dollar exchange rate is out of control and customers' demand for asset preservation, including foreign exchange swaps, surges." Sir Gao replied with a calm face: "Everyone acts according to the rules designed by the Zhengfu from the top level. What's wrong? Now, the situation has changed dramatically. The financial secretary should adjust the mechanism with the times, rather than dogmatic inaction, and call it the tradition of non intervention policy."In these words, Gao Xian pushed the responsibilities that may be involved in the "Self-protection" and "self-interest" of himself and others in the current Hong Kong dollar crisis, and the inaction of the Hong Kong government has become more and more prominent.Financial Secretary Chris Pang was still rational and knew that he could not take the risk of public anger to attack a large area. He was speechless. He quickly said, "I know that Sir Gao's real purpose in creating pressure on me is to urge the government to adopt the improved currency board system you have planned for a long time and experimented on a small scale.""It is undeniable that this improved currency board system has been carefully optimized by many world-class economic experts. It can be called very perfect and highly operable, but is it really applicable to Xiangjiang?"Speaking of this, the financial secretary Peng Lizhi put on the shelf of Xiangjiang's "treasurer" and made a sincere and in-depth analysis. "Sir Gao will not deny it. The premise for the success of this improved currency board system is that it needs a large amount of foreign exchange reserves as protection. For Xiangjiang, that is enough foreign exchange funds.""However, the reality is that the size of the exchange fund is only a few billion US dollars, and the M3 currency circulation of Xiangjiang this year exceeds HK $300 billion. Once the financial secretary decides to stabilize the Hong Kong dollar exchange rate at a certain level, it is bound to attract the continuous impact of International foreign exchange speculators. Sir Gao feels that how long can the exchange fund survive consumption?"Not to mention, the financial secretary's remark that he was trying to prove that he was not a straw bag also attracted many people to nod again and again.Sir Gao didn't buy it. "You're just avoiding practical work and staying on the theoretical analysis of paper. At present, the situation we are facing is that if we don't take action, the Hong Kong dollar will become waste paper, which is close at hand.""In fact, Xiangjiang's foreign exchange reserve capacity is not limited to the exchange fund. Once the improved currency board system is adopted, it will first attract banks to spontaneously arbitrage interest rates and quickly establish the first firewall to stabilize the Hong Kong dollar.""There are many practical operations like this. Since the financial secretary is consciously incompetent, I am willing to share my worries and set up an independent exchange fund management committee to ensure that in five years, the asset scale of the exchange fund will exceed US $30 billion and escort the stability of the Hong Kong dollar!""What, do you want the exchange fund?" the financial secretary, Mr Patrick Pang, was stunned. He knew that Gao Xian was ambitious, but in any case, he did not expect that he would even point at the exchange fund.The reaction of other participants was almost the same. They were so surprised that they broke the ground lens. Shen Bi, the senior class of Huifeng bank, thought deeply. It turned out that Gao Xian's real purpose was here
