Chapter 771

"No No, Xiao Hao, this How many times has it been? If you go on like this, my sister will die in front of you... " Zhao Yuqin's whole naked man was lying in Zhou Hao's arms. He even spoke weakly, as if he had been drugged all over his body. He couldn't move half a finger.

Zhou Hao gently stroked Zhao Yuqin, who showed a kind of popular pink skin, his face still had a lingering look. These two days, he did not see anyone, so alone with Zhao Yuqin for two days. They are in this unit. You and I have never been out of the door. Fortunately, the service provided by the property management company of the "triumphal arch" is very considerate. They are basically in line with the hotel apartment. They can deliver the fresh fish, meat and egg dishes or ready-made meals in a very short time.

Zhao Yuqin also enjoyed the world of two people with Zhou Hao. The only disadvantage was that Zhou Hao's constitution was so terrible that he could hardly sleep to do the men's and women's affairs without any signs of tiredness. On the contrary, Zhao Yuqin was always tossed by him and his whole body was soft, so that he finally gave up.

Just like now, the whole body is soft, and the feeling of crispy and numb in the lower body rippled like a ripple, which made her shiver. Sometimes her body will complain why she can't be ugly. In that case, Zhou Hao's interest in himself will not be so strong, and he can have a rest.

However, she thought that if Zhou Hao was really not interested in himself, then he would not be interested in himself. So she had to bite his teeth and bear the impact of Zhou Hao, and finally had to lose in a mess.

Even now, Zhou Hao is still very attached to Zhao Yuqin's armpit, constantly rubbing, licking her sweet sweat, smelling her sweet fragrance.

"Really can't, Xiao Hao, let go of my sister." Unable to be spoiled and unable to resist, Zhao Yuqin could only beg for mercy: "or Why don't I ask Su Lin or Xue Yun to come over and let go of my sister. "

"Hum, hum Sister, you are not right Zhou Hao kisses on her cheek: "where does anyone push her husband to the outside? Is there a woman like you?"

Zhao Yuqin said with a sad face: "but no one can be as terrible as you. You can't get out of bed."

Zhou Hao stopped talking after his nose "hummed" twice. He still held Zhao Yuqin and stroked her pink back, but he no longer teased her. After all, he knew that he had been making Zhao Yuqin a lot of trouble these two days. But it's also strange that Zhao Yuqin is so beautiful that Zhou Hao can't help but go for love.

"By the way, Chief Executive Tung and chief Tsang seem to have asked you to go with them to the HKMA tomorrow. Ha ha, you commander-in-chief has to do something." Zhao Yuqin shrunk in Zhou Hao's arms and said, "I'll tell you, tomorrow you can't refuse any more. You can't ignore all the serious things for the sake of your sister. It's all a national affair, and you'll be so indifferent."

Zhou Hao rubbed on Zhao Yuqin's forehead: "national affairs are not as important as my sister."

"I hate it. I'm serious with you." Zhao Yuqin is coquettish and angry, but her heart is sweet.

If someone else said this kind of sweet talk, Zhao Yuqin would not pay attention to it. However, when she said it from Zhou Hao's mouth, she would be as emotional as the nutmeg girl who had just fallen in love.

"Chief Tung, what are they going to do with you? Do you want to talk about how to deal with Soros and others? " Zhao Yuqin asked as he drew circles with his fingers in Zhou haohuai.

Zhou Hao said: "maybe, who knows."

"Soros and they have been selling Hong Kong dollars these days. They have also lost so much money that they have bought so many Hong Kong dollars. It is clear that they have already planned to make Hong Kong an idea." Zhao Yuqin road.

"Who says no, but the Hong Kong government will follow up on how much they throw these days. Although it has some influence on the stock market, the exchange rate of the Hong Kong dollar is very stable, and Soros can't do anything about it." "But I don't think they will be so simple. Otherwise, they will not be" big crocodiles "and" tigers "in the financial sector," Zhou said

Zhao Yuqin said in a strange way: "are they doing something secretly to cover up the Hong Kong government?"

"It's not impossible." So Zhou Hao doubted other aspects of currency for a long time

The next day, Zhou Haoru, Dong teshou and Zeng Yingquan came to the HKMA the next day, and even Zhao Yuqin was pulled by him.

"Miss Zhao, I haven't seen you for a long time. I don't want to tell us how to come to Hong Kong, so that we can do our best as hosts." Seeing Zhao Yuqin coming with Zhou Hao, chief executive Dong quickly went up and said hello with a smile.

At the time of Hong Kong's return to China, Tung and Zeng Yingquan met Zhao Yuqin at a dinner party to celebrate Hong Kong's return to China. I still remember how many young talents from Hong Kong gathered around Zhao Yuqin that day, but they could not win the favor of the princess. Several of his nephews beat their backs and vowed that Miss Zhao would not marry.

In the face of Dong te Shou and Zeng Yingquan, Zhao Yuqin was also generous and decent. At the same time, he said hello to Qin Donghai and Bai Zhengnan, two central bank governors. Of course, Qin and Bai knew Zhao Yuqin, and in Beijing, they matched each other as brothers and sisters."Chief executive Dong, uncle Quan, is it Soros? What's wrong with them?" Zhou Hao asked directly.

Zeng Yingquan said: "it is because they have no change that we feel strange."

Qin Donghai nodded his head and said, "we all know that none of those guys are good people. After fighting with us for such a long time, they will not give up so easily. We should know that the most taboo of financial hedging is that the funds are held in the same place and can not get flexible flow. In particular, we have a strong backing Soros, they should not fight with us for a long time. It is clearly that attacking the enemy with their own shortcomings is a great taboo in the art of war. "

"On the other hand, from the financial war, we can see that the linked exchange rate system in Hong Kong is not as unbreakable as we thought." "Several experts from our side have analyzed this, so we want to ask your opinion," Dong said anxiously

Zhou Hao noticed that there were several other scholars in the scene, and they were experts in the mouth of chief executive Dong. And these top experts who knew that they were rich in learning were also looking at Zhou Hao with curious eyes. When they saw Zhou Hao come in, they showed a look of surprise. They did not expect that the person who could make chief executive Dong, Zeng Yingquan and Qin Bai pay so much attention to was actually a young man in his early twenties.

Perhaps people who engage in learning are more or less arrogant, especially those who have made outstanding achievements in a certain field. They are even more critical in their view of others. They are arrogant, stubborn and pedantic. In short, if they do not have real materials, they will never be respected.

Zhou Hao knew that he could not show his timidity in front of these scholars and experts, but also show them his own weight with real materials. Otherwise, it would not only be Zhou Hao's personal honor or disgrace, but also make Zhou Hao's detached "adviser" no longer have any prestige, and even the two supporters of Zhao's family and the premier would be disgraced.

After thinking about it, Zhou Hao said: "it is true that after this battle, no matter whether we win or lose, the linked exchange rate system linking the Hong Kong dollar and the US dollar has exposed its weaknesses. As we all know, Hong Kong's exchange rate system adopts the linked exchange rate system, which is a form of currency board system. The core of this system is that when a country or region wants to issue a certain amount of local currency, that batch of currency must be supported by foreign currency of the same value. Taking Hong Kong as an example, the HKMA stipulates that one US dollar should be converted into HK $7.8, and correspondingly, every issue of RMB 7.8 should be converted For HK $8.8, we must have a US dollar foreign exchange reserve as support.

When issuing currency, Hong Kong's three note issuing banks, namely, HSBC, Standard Chartered and Bank of China, must deliver us dollars to the HKMA at the exchange rate of US $1 to HK $7.8 in exchange for a certificate of liability as a guarantee of currency issuance. At the same time, the HKMA must also ensure to the banking system that all banks' Hong Kong dollar balances in the HKMA settlement accounts are freely convertible at the level of US $1 to US $7.8. "

Dong teshou and Zeng Ying all nodded, while one of the experts over there held up his glasses and said, "well, these are all well-known things."

Zhou Hao also said: "the linked exchange rate system has made great contributions to the stability of Hong Kong's currency over the past ten years, but this system also has inherent defects. Although the cash in circulation in Hong Kong is backed by 100% of US dollar foreign exchange reserves, this is not the case with bank deposits. Only after the HKMA receives a US dollar mortgage, can note issuing banks issue HK $7.8 notes. On top of this base currency, banks can make deposits in multiples through credit. In 1997, Hong Kong's cash in circulation plus various deposits amounted to more than HK $1.7 trillion, while its foreign exchange reserves were less than $700 billion in Hong Kong dollars. Obviously, if the people of Hong Kong lose confidence in the Hong Kong dollar and demand to convert their Hong Kong dollars into US dollars, the linked exchange rate system will not be able to hold on.

Moreover, in the face of a real crisis, because of the mechanism designed by the linked exchange rate system, the interest rate in the interbank borrowing market will soar, and the currency operation bureau system will not be able to play an automatic arbitrage function in the crisis. Although the Hong Kong Monetary Authority requires banks to lend Hong Kong dollars at the exchange rate of 7.8 Hong Kong dollars to the US dollar, this is mainly limited to three note issuing banks. It is also difficult for note issuing banks to borrow Hong Kong dollars from the HKMA frequently and on a large scale through the discount window, so as to avoid being warned of interest penalty by the HKMA. For other non note issuing banks, the interbank lending market is nearly paralyzed. The whole financial system will be difficult to operate, and the stock market will face the risk of a big fall. "

Finally, Zhou Hao breathed a sigh: "Soros, it is this that they see that will launch a large-scale attack on Hong Kong."

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