万亿美元、决战香港！惊心动魄的人民币保卫战

Core Viewpoint - The Federal Reserve's interest rate hike has triggered a return of global capital to the U.S., adversely impacting emerging market currencies, particularly the Chinese yuan [1][3]. Group 1: Impact of U.S. Federal Reserve's Actions - The Federal Reserve raised interest rates by 25 basis points on December 16, 2015, marking the first increase in nearly a decade, aimed at stabilizing the U.S. economy while making the dollar more attractive [1]. - The interest rate hike led to a significant capital outflow from emerging markets, with international speculators targeting the yuan, which was already under pressure due to declining exports and capital outflows from China [3]. Group 2: Speculative Activities and Market Reactions - Speculators, including notable figures like George Soros, began shorting the yuan, betting on further depreciation, which caused the offshore yuan to drop to over 6.6 against the dollar [3][7]. - The situation escalated as the offshore yuan market became a battleground, with daily trading volumes in Hong Kong reaching thousands of millions of dollars [3]. Group 3: China's Response and Market Stabilization - In response to the speculative attacks, the Chinese government took decisive actions, including raising interbank lending rates dramatically and intervening in the currency market to stabilize the yuan [9][11]. - The People's Bank of China utilized its foreign exchange reserves, which exceeded $3 trillion, to support the yuan, ultimately consuming about $500 billion in reserves to maintain stability [9][11]. Group 4: Long-term Implications and Lessons Learned - The events highlighted the importance of financial stability and the effectiveness of rapid policy responses in mitigating the impact of external shocks [11][13]. - Following the crisis, China strengthened its financial regulations and improved its exchange rate mechanisms to prevent extreme volatility in the future [13].