Chapter 373: Take from the British and use it on the British

At 4am Eastern Standard Time, when Zhou Ming was sound asleep in bed, the phone by the bed suddenly started ringing. Zhou Ming picked it up dazedly and connected the call, and heard the nervous voice of Joe Roth on the other end of the line.

'Mr. Zhou Ming, there's a problem. There's a big problem in the UK. I'm afraid we'll have to find another solution. Please turn on the TV now. The Wall Street Finance Channel is broadcasting a news feature. Mr. Zhou Ming?' said Jiao Luosi.

Zhou Ming did not fully wake up when Chou began to speak, and it was not until he repeated a few times that Zhou Ming understood. However, after understanding, Zhou Ming frowned again.

Zhou Ming knew that Joloos would not call at this time just for a prank, and that something major must have happened in the pound. This is what Zhou Ming is now very concerned about, so he immediately turned on the TV and tuned to the Wall Street Finance Channel. Looking at the headlines on the TV, Zhou Ming immediately understood what George Soros . Zhou Ming immediately understood what George Soros meant and said to him, 'Mr. George Soros, what you are trying to say is that the Bank of England is doing its best to defend the exchange rate of the British pound, right?'

Zhou Ming asked and turned on the TV. Sure enough, a news feature about the exchange rate of the British pound was being broadcast.

On the TV said the host: 'Since yesterday, under the leadership of George Soros and his Quantum Fund, the pound has been sold like crazy, which has caused the pound's exchange rate to fall by 1.3 percentage points in one day. It must be said that is actually not high or low, but the Bank of England responded very quickly. Just last night, the UK Treasury and the Bank of England held an emergency meeting, and today they announced that they would buy pounds to show their determination to maintain the pound's exchange rate.'

The camera then shows a commentator, who says: 'Actually, this is not surprising, because we know that the Bank of England, also known as the Bank of England, was the world's largest central bank in the world. For three hundred years, no one dared to challenge its authority. Perhaps the Bank of England is no longer as glorious as it once was, but its position in finance is still not to be ignored.'

'Indeed, the British economy is not doing well, and Germany is constantly raising interest rates within the European Exchange Rate Mechanism. At first glance, this appears to be a loophole for the depreciation of the British pound . Anyone who dared to sell the pound and buy the German mark would have made a profit. In fact, that is exactly what George Soros and his Quantum Fund did.'

The commentator's commentator's words took a sharp turn: 'But please note that George Soros and his Quantum Fund were only able to succeed because the Bank of England did not intervene. Once the Bank of England started intervening, the situation was completely different.'

'After all, is the Bank of England, which has the most experience in regulating the market and resisting chaos. Even the mighty Federal Reserve is just a junior disciple in his presence. Therefore, as long as the Bank of England and the UK Treasury clearly state that the pound will not depreciate, then the pound should logically not depreciate.'

The commentator continued continued, 'Today's comments by Chancellor Philip are a good illustration of this argument. At a press conference just a short while ago, Philip said that he would order the Bank of England to buy one billion pounds in response to international speculators.'

'This is very effective measure. As we all know, George Soros and his Quantum Fund devalued the pound by selling it. So the Bank of England naturally managed to maintain the pound's exchange rate by taking the exact opposite measure.' The commentator said 'This was also borne out by the fact that within half an hour of the end of Phillips' speech, the pound's exchange rate had stopped falling, which is a very good sign.'

'So this means that this attack on the pound will turn into a head-to-head battle between money and money, right? Sell on the one hand and buy on the other,' the host suddenly asked.

'More or less is the case,' the commentator said. 'Then, in the clash of money, the simple way to determine the winner is to see who can invest more capital. . Although I admire George Soros and the Quantum Fund for their courage in defying the Bank of England, I'm sorry to say that I don't think they will come out on top.'

Zhou Ming saw muted the TV, because from the news feature he had seen, he could already guess what had happened.

So he asked George Soros directly, 'How much foreign exchange has the Bank of England prepared to save the market?'

'Now one billion has been invested, but the British Chancellor of the Exchequer said at a press conference half an hour ago that he would continue to invest more foreign exchange if necessary.' George Osborne thought thought for a moment and then said, 'According to the financial data released by the UK, they have US$20 billion in foreign exchange reserves. If they are really determined, I believe they can come up with at least US$15 billion to deal with this crisis.'

Chloros said, 'Just ten minutes ago, I got some new news: the UK has borrowed $10 billion from the International Monetary Fund. Judging from the current situation, it is very likely that this is to maintain the stability of the pound's exchange rate.'

'So the the situation is very unfavourable for us. Mr. George Osborne, you want to sound the retreat and admit defeat to the Bank of England, right?' Zhou Ming asked.

George Osborne heaved a sigh in exhale heavily: 'I understand what you mean, Mr. Zhou Ming, and personally I don't want to do this either, but the Bank of England has already prepared so much foreign exchange. Although it is equivalent equal to our capital, but we need a profit, and equal capital cannot devalue the pound. If the pound does not depreciate, we will not be able to create a profit. The Bank of England can do everything it can to maintain the exchange rate of the pound, but we don't need to.'

'I know this is not the time to say such a disheartening thing, but there is really no chance now,' said George Soros 'Because just now other hedge funds that I have worked with have contacted me to say that they are all ready to close, and although it is only a profit of 1.3%, it is better than nothing.'

'I am a fund trader, I am responsible to all the investors of the quantum fund, I cannot make investments with no return.' George Soros finally said, 'So I'm very sorry, Mr. Zhou Ming, it seems that I underestimated the determination of the UK and overestimated the decay of the European exchange rate system...'

Zhou Ming interrupted and asked, 'So, Mr. George, do you believe the statements and promises made by those politicians?'

This sudden question left George frozen. He couldn't understand what Ming Zhou meant: 'Mr. Ming Zhou, are you saying that the UK will not maintain the exchange rate of the pound sterling as firmly as they have stated?'

'Isn't ? The British Chancellor of the Exchequer only said that to boost market confidence, and he had to say that. If he dared to say that he didn't care about the exchange rate of the British pound, I'm afraid the pound would collapse in no time. As for the foreign exchange reserves that the UK has prepared and the foreign exchange reserves borrowed from the International Monetary Fund, borrowed from the International Monetary Fund are nothing more than a show of force. As long as we continue to sell the pound, they will not be able to hold out,' said Zhou Ming.

'Mr. Zhou Ming, I understand everything you say, but the problem is that we don't have enough capital,' said George Soros helplessly 'Although the Tang Dynasty Bank has invested 30 billion US dollars in the Quantum Fund, this capital is still being audited and filed in the United States, and not all of it has been transferred to our European accounts.'

Chloros added: 'Of course, even if the money had been transferred in full to the Quantum Fund's account in Europe, it would have been useless, because it would have been impossible to generate sufficient profits while our funds were equal to those prepared by the Bank of England.'

'Put simply there's not enough money!' Zhou Ming said, "So how much more money do we need to support our plan?'

'At least 10 to 20 billion, right?" Chouros said hesitantly hesitated, and then added, 'And the money must be in an account in Europe.'

'Don't worry, the money will of course be in an account in Europe, because I can't wait for the funds to be transferred, not for a single day,' Zhou Ming said, 'By the way I remember you once told me, Mr. George Osborne, that the UK is a very wealthy country, right?'

George Osborne nodded nodding and saying yes, but then he snapped back to his senses and said incredulously, 'Mr. Zhou Ming, you don't mean to suggest that, do you?'

Zhou Ming smiled and replied 'Of course. If the British can borrow money, why can't we? I think since George Soros' Quantum Fund was able to prepare this project to attack the British pound, it must have companies in the UK and Europe, right? Then we can borrow money from banks in the name of these companies, or we can also issue bonds to raise funds from the public. I think since the UK is so rich, it shouldn't be difficult for us to raise 20 billion yuan.'

'Borrowing money from the UK to finance the project and then selling it back, this is called taking from the UK and using it in the UK,' said Zhou Ming.

As for on this issue, George Osborne could only nod blankly and say yes. Despite his reputation as a speculative genius, he had never thought of this method: borrowing money from the UK and selling it back.

It must be said that this is a very cunning method, because it is equivalent to asking a seller of eggs to sell a bunch of eggs on credit, and then go to the market to sell them and drive down the price. How can anyone play like this? It's just that now they are facing this situation. After thinking about it, it seems that this is the only solution for them, but now the only person who can think of this solution is Zhou Ming.

Zhou Ming then said 'But there is one important question here. George, are you sure that the British economy cannot support a strong British pound and that the pound will definitely depreciate?'

'I am absolutely sure!' George answered firmly.

Zhou Ming smiled, because he didn't really want to ask. After all, Zhou Ming had the memory of his previous life and was 100% sure that the pound would definitely depreciate. He just wanted to strengthen George's confidence.

'That's fine . 'Chloros, just go ahead and raise the financing. I'm sure you'll be able to do it quickly,' Ming Zhou said. 'And you also said that once the pound depreciates, it will stimulate the domestic economy to go up, so there will be more hot money, and financing will become easier.'

Zhou Ming said, and Joe Ross kept nodding in agreement over there: 'That's right, that's exactly what Mr. Ming Zhou is like. I will definitely complete the task!'