Chapter seven hundred and seventieth powers and obligations
When Carrefour and Wal-Mart announced the closure of their Xiangjiang stores, the Xiangjiang Monetary Authority was holding a meeting. The people attending this meeting included the heads of major banks in Xiangjiang.
These days of bank runs and foreign exchange exchanges for the citizens of Xiangjiang have made the financial situation in Xiangjiang extremely severe. Today we invite the heads of major banks to come here in the hope that everyone can stabilize the current situation and allow the financial industry in Xiangjiang to develop stably.
Crosso Tyshawn, director of the Hong Kong Monetary Authority, said at the meeting, "Hong Kong is currently facing huge challenges in our financial market due to some external factors. The current exchange rate of the Hong Kong dollar has dropped to 76 Hong Kong dollars per US dollar. Given the current situation,
It seems that it may continue to fall in the future, and I hope that major banks will reserve more U.S. dollars to meet the citizens' demand for foreign currency exchange."
At present, Xiangjiang's top management is still negotiating on this issue. Before getting the order from Governor Youde, he can only ask the major banks in Xiangjiang to ensure the financial stability of Xiangjiang, so that the citizens have money to withdraw and foreign exchange to exchange, so that the citizens of Xiangjiang can
There will be no panic or anxiety.
This time there is such a problem in Xiangjiang. The main problem is not an economic problem. Now we can only wait for the people of Xiangjiang to calm down, so that the financial system can be stabilized and their crisis can be resolved.
This time, although the Li Family Group and some Chinese families in Xiangjiang have come forward to express their opinions, asking Xiangjiang citizens not to worry about this, it is just the nature of seeking advantages and avoiding disadvantages that makes Xiangjiang citizens rest assured that they want to take the initiative in their own hands.
They can rest assured only with materials and currencies that they consider to be safer.
That's why this situation happened this time. Fortunately, Hengyu Supermarket Group has made outstanding contributions in material supply and price stability. The looting of materials in Xiangjiang has basically disappeared.
However, there are still runs on foreign exchange, and the continuous decline in the Hong Kong dollar exchange rate has aggravated this phenomenon. After all, no one wants to watch their wealth shrink.
Li Guobao said, "Mr. Tyshawn, I think Standard Chartered and HSBC should make greater contributions in this regard. As the Hong Kong dollar note-issuing banks, they have the responsibility and obligation to maintain the stability of the Hong Kong dollar. At the same time, they also ask their two major banks to
Relax the regulations on the exchange of foreign exchange by our major banks at their banks to alleviate the current difficulties of our major banks."
Faced with Li Guobao's request, both Shen Bi and George Lavin objected. This was simply a joke. If their two major banks were responsible, they would probably be bankrupted by the Li Group.
If the major banks were to relax their restrictions on foreign exchange exchange, I am afraid that in less than a day, their banks' foreign exchange would be wiped out by them, and how would the two major banks be able to operate normally?
Crosso Tyshawn would not agree with Li Guobao's opinion. He wanted to put the two major banks to death. No matter when, the two major banks would not be able to relax restrictions in this regard.
He said, "Mr. Li, I know that many banks in Hong Kong are under great pressure, but this does not include your Bank of East Asia. Yesterday, your Bank of East Asia also announced that your bank has sufficient foreign exchange reserves and can exchange for customers at any time.
Your bank doesn’t need help from HSBC and Standard Chartered.”
Of course, Li Guobao did not need help from HSBC and others. The Bank of East Asia had been preparing for several months, reduced external lending, and converted most of the funds into US dollars, just to cope with the current situation.
Now their major banks can sit firmly on the Diaoyutai and watch how other banks respond. However, he is still willing to cause trouble for HSBC and Standard Chartered.
And this time they need to fight for the right to issue Hong Kong dollar notes for the Hong Kong Bank. This is a very good opportunity for them, and they are not willing to miss it.
Li Guobao said, "Mr. Tyshawn, our Bank of East Asia is also trying to make a fool of itself. If we don't say this, customers' withdrawals of foreign exchange will be even more serious. Now our Bank of East Asia is in urgent need of support, and Standard Chartered and HSBC are the two parties with the right to issue Hong Kong dollar notes."
Big banks have the obligation and responsibility to accept Hong Kong dollars in exchange for U.S. dollars to maintain the needs of Hong Kong citizens and maintain the normal operations of our major banks. If HSBC and Standard Chartered cannot afford it, I think they are not in line with the needs of Hong Kong people as Hong Kong dollar note-issuing banks.
Benefit."
When Crosso Tyshawn took office, Governor Youde reminded him that the Lee Consortium and the Hong Kong Consortium had been seeking the rights to issue banknotes in Hong Kong. How could they let go of such an opportunity this time.
However, Governor Youde has made it clear to him that neither he nor the British senior officials have any plans to allow Chinese-funded forces to interfere with the right to issue Hong Kong currency notes.
It is even more impossible to cancel the note-issuing rights of HSBC and Standard Chartered. At least for now, the right to issue Hong Kong dollar notes can only be the responsibility of these two banks. This aspect must be firmly controlled by the British.
As for Li Guobao's statement that the Bank of East Asia has reached a crisis point, Crosso Tyshawn doesn't quite believe it. These banks have been preparing for too long. It is said that each of them has a large amount of foreign exchange reserves, especially
Tianyu Bank alone has tens of billions of dollars in foreign exchange reserves, and this is just in Hong Kong, not counting their U.S. dollar reserves in other regions.
If the Bank of East Asia was really in crisis, Tianyu Bank would have taken action long ago. Why would it wait until now? What Li Guobao said was just to compete for their own interests.
Crosso Deshawn said, "Mr. Li, I am very aware of the situation of your major banks. Xiangjiang is currently facing unprecedented difficulties. I also hope that everyone can unite as one at this time to jointly cope with the current predicament. I also hope that Tianyu
The bank can take greater responsibility in this incident."
Yuan Tianfan quit. Now there is a problem. HSBC and Standard Chartered, as the banknote-issuing banks, do not stand up, but ask Tianyu Bank to come out. They want to do it. This time, if Xiangjiang Bank is not allowed to get the right to issue banknotes, Tianyu Bank will only
These banks manage their own interest groups. As for other banks, that is a matter for the Monetary Authority, HSBC and Standard Chartered.
Yuan Tianfan said, "Mr. Tyshawn, we have a proverb in China, if you want the horse to be good, but also want the horse not to eat grass, I don't know if you understand this sentence, we Tianyu Bank have no responsibility or obligation to raise HSBC and
Standard Chartered solves the problem. The stability of the Hong Kong dollar is the responsibility and obligation of these two companies. Now that the Hong Kong dollar has experienced huge fluctuations, it will be fine if they are not held accountable. At this time, the Monetary Authority also hopes to let other banks take responsibility. I am afraid that this will not convince the public.
ah."
Although Crosso Tyshawn didn't quite understand the meaning of this proverb, he could roughly guess it.
Yuan Tianfan's meaning is very clear. It is okay to let Tianyu Bank take responsibility, but the Financial Management Bureau must give them the rights they deserve so that they can fulfill their obligations.
It's just that at present, the British government will never give up the right to issue Hong Kong currency notes. There is no room for negotiation on this matter.
He said, "Shen Bi, Lavin, you two must effectively maintain the stability of the financial situation in Xiangjiang according to the situation of your banks, so that this crisis can be passed smoothly. For some banks that have insufficient foreign exchange, you two major banks must take action at any time." Good support to ensure that their bank can operate normally."
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