YM778.TV Chapter 948 - Why must it be here?
Chapter 948 – Why must it be here?
“Uncle Fu, how many people had agreed to let you handle their funds?” Feng Yu laughed and asked.
“Many. I didn’t expect them to be so crazy. They are all gambling with their wealth.” Fu Rongqi shook his head. These people are daring.
Betting all their assets in an industry is normal, even if they had to lose all their money. But they were blinded by their greed.
There may be profits for them, but there are risks. Fu Rongqi did not expect all of the Hong Kong tycoons to be so reckless when it comes to investing. This is a joke!
The total funds invested by those tycoons amounted to over 1 billion USD. But what they had done had also allowed Feng Yu and Fu Rongqi to gather everyone’s funds together. Fu Rongqi only needs to give those tycoons 10% of the profits according to the agreement signed between them. The rest of the profits will belong to Fu Rongqi!
Fu Rongqi had also signed an agreement with Feng Yu. They will cooperate, and the profits will be split based on proportions. Superman Li also join them and invested a few billion USD in Fu Rongqi’s fund, letting him manage it.
“We should start preparing. From tomorrow onwards, we will start to attack Korean Won.”
Those tycoons had all shorted Korean Won, and the futures contracts are all transferred to Fu Rongqi’s private equity company. Most of the profits will go to Fu Rongqi and Feng Yu, and Korean Won depreciating will benefit them.
Korean Won had shot up suddenly should be the works of Soros, and he must have bought lots of long position future contracts. The only way to make Soros suffer losses is to make the Korean Won rate drop.
Also, by attacking Korean Won, South Korea’s economy will suffer and will stop those powerful Korean enterprises in their tracks.
……
“Boss, our guess is correct. Those Hong Kong tycoons are trapped in the market. They had all short Korean Won, and very few of them do hedging.” Drucken Miller excitedly said.
“Hmph! Those short-sighted people only thought about profits and had not considered whether if they can save themselves. Did anyone step forward to help them?” Soros asked.
“We had been monitoring Feng and Fu’s funds. They should be preparing to attack the Korean Won. Should we continue to push Won rates up, or should we settle those contracts now and start to short it?” Drucken Miller asked.
“We should let them use more of their funds to attack Won first, and we must start to short Korean Won. This way, when Korean Won rate drops, we will get more profits.”
Soros swirled the wine glass he is holding. The previous two times, when all of them shorted the Forex market, Soros had been the one leading the attacks and Feng Yu following behind him to reap the profits. This time, he must make Feng Yu put in more effort, and he will hide behind to earn money. He can also withdraw from the market suddenly, trapping Feng Yu’s funds there to fight against the South Korean Government!
Until now, Soros still does not know how much funds Feng Yu has. He only has a rough estimation of those Hong Kong tycoons’ funds.
Soros had used up all his cards and will not have any more new funds coming in. But still, have his reputation. For example, he is not the only person pushing the Korean Won rate up. He had contacted a few international speculators for cooperation.
This time, Soros is pretending to be pushing Korean Won up, and make Feng Yu and his allies to invest more to depreciate Won. After that, he will switch when Won reached a high position, and he will make more profits than Feng Yu!
Soros can also cancel his short position contracts earlier and push up Korean Won’s rate. This will make Feng Yu and his allies suffer massive losses!
……
“President Park, our Won rate had dropped suddenly. Someone is dumping Won in large amounts!” Someone rushed into the office.
“Why is this happening? I thought Soros and those people had left?” Park Yooshin was shocked. He was still thinking of ways to stabilize Korean Won’s rate. Why did the rate fluctuate again?
“We are not sure, and we had been monitoring Soros. It must be someone else, or Soros is using some accounts unaware to us.”
“Has Soros canceled their contracts?”
“Not yet. Their long position contracts are still effective.”
Park Yooshin was relieved. This way, Soros will have no choice but to push up Korean Won.
Park Yooshin had not considered what if Soros switch position and start to short Korean won.
The following few days, Park Yooshin’s mood is like a costal roller ride. Korean Won rate is fluctuating violently. The rate will rise by several percentages, and the next day, it will fall by a few percentages. The Korean Government no longer have control over their currency.
Now, the Korean Government knows that two opposing funds are at war, using Korean Won as their weapons.
Park Yooshin almost cried. All you international speculators have nothing better else to do? Why must you pick Forex as your battleground? Even if you all must use Forex to fight it out, why can’t you all go and play with another country’s currency? Why must it be Korean Won?
Do you know how difficult it has been for us? We had called out to all our citizens to donate their gold and use the gold to stabilize our currency. All our TV stars do not have gold jewelry to wear now!
What are you all trying to do?
This is the first time Park Yooshin experiencing a financial war. Even when Thailand was attacked, such a situation did not happen. Korean Won is now like a basketball, being snatched by two opposing teams.
……
“Nephew Feng, have you figure out Soros’s tricks?” Fu Rongqi frowned and asked.
The past few days, Fu Rongqi and Feng Yu had invested a lot of their funds. Soros is a formidable opponent and always manages to gasp the best timing to build a portfolio and make money.
Fu Rongqi managed to settle the Hong Kong tycoons’ short position contracts with no losses or profits in the midst of the battle. But the tycoons were unhappy as they had used so many funds and can only get back their capital.
“Soon. I am thinking that if we carry on like this, Soros will have no choice but to compete with us using funds!” Feng Yu looked at Fu Rongqi. “We will make use of rumors to back us. Spread the news that Soros is going to make Korean Won fall, and we will pretend to be going all out too. Remember to spread the news that we are the ones who defeated Soros and his team previously!”
Soros doesn’t want to face Feng Yu heads on? Then Feng Yu will force Soros to battle it out. Soros can control so many funds is because he has the title of the world’s top fund manager.
If Soros refuses to accept Feng Yu’s challenge, he will lose his reputation and will affect his Quantum Fund.
Without the other speculators following him and losing their trust, Soros’s Quantum Fund will just be another ordinary investment fund. Soros will no longer command the international speculators!
The next day, the news reported that many Hong Kong businessmen are grouping up to help South Korea protect their currency. If Soros wants to attack Korean Won, he will have to face this group of businessmen first!
Although pushing up Korean Won rates will bring lower Feng Yu’s profits, but he will gain in many other areas. For example, he will be standing on the righteous side, gain the support of the Korean Government, and at the same time, make many people lose confidence with Soros.
Soros saw the news reports and was furious. Fine! You all are asking for it! Do you think you can step all over me?!
I will let you all know this is a major mistake for going against me!
……
Korea’s Central Bank President Park Yooshin cried this time. Damn! Both of you want to wage war, go ahead… why must you all pick Korea as your battleground? Why????
Translator’s notes: This chapter is slightly confusing. Feng Yu and Fu Rongqi should want to pull down the Korean Won exchange rate because of their short position contracts, and Soros should be trying to push up Korean Won rates. But their position switched nearing the end of the chapter. I am not sure what happened, as this is what the author wrote. Maybe the author will explain in the next few chapters. Anyway, the showdown between Soros and Feng Yu will be happening soon.