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CH320 | GSI
🕑 Added 2025-04-20 13:52:50 +0000 UTCFebruary 19, 1997 – Bangkok, Thailand
At the Bank of Thailand’s (BOT) International Affairs Office, tension hung thick in the air from the early morning.
Everyone knew what was coming—another brutal day battling the hedge funds once the forex market opened—and their stiff expressions showed it.
Piyaphong, one of the lead forex officers, looked especially haggard. A week of relentless currency defense had clearly taken its toll. Usually clean-shaven and well-groomed, he now had patchy stubble and dark circles under his eyes that made him look completely worn out.
The daily fight to defend the baht was like living a nightmare on repeat.
Every day, they ran themselves ragged, monitoring trades with laser focus while the markets were open. And when the day finally ended, it felt like someone had pulled the plug—leaving their bodies limp like waterlogged cotton.
But even after Bangkok’s trading hours, the battle didn’t stop. As trading moved to London and then New York, the pressure continued around the clock. Since the attacks on the baht began, Piyaphong and the rest of the team had barely left the office, staying glued to their screens, intervening constantly to keep the baht from slipping.
“The yen market just opened, and baht sell orders are flooding in!”
The staffer overseeing the Tokyo session shouted urgently.
“How much?!” barked Damtatui, the head of the currency desk, his face grave.
“Over 4 billion—no, make that 4.5 billion baht!”
Damnatui clenched his jaw tight.
“Damn it. They’re coming out swinging today.”
He tried to sound composed, but the dryness in his mouth gave away his rising dread.
“Five minutes to market open!”
With a frustrated yank, Damtatui loosened his tie and shouted to the room.
“They’re going to hit hard right at the open. Stay sharp—this is no drill!”
“Yes, sir!”
Piyaphong, wired on multiple cups of strong black coffee, stared intently at the monitor, his eyes blazing with tension. The silence on screen felt like the eerie calm before a storm.
Seconds crawled by under crushing anticipation. Then—
“Market’s open!”
The shout came like a gunshot, immediately followed by an onslaught.
“JP Morgan, Lehman, Citi—they’re all dumping baht simultaneously!”
“Futures market is already over 6 billion baht in sell orders!”
“Damn! Goldman Sachs just dumped 9 billion baht in one go!”
The deluge hit like a tsunami. In mere seconds, the Bangkok forex market descended into total chaos.
Overwhelmed by the coordinated, aggressive sell-off, the critical 27-baht-per-dollar defense line—painstakingly held until now—was shattered like glass.
“No, no, no!”
“Shit!”
Shouts of panic echoed across the room. Hands grabbed at heads, fists pounded desks, and curses flew thick in the air.
Damtatui, momentarily stunned by the sheer scale of the assault, snapped back to command with a surge of adrenaline. His voice rose above the chaos, veins bulging in his neck.
“What are you all doing? Start buying baht now! Push the rate back up!”
But Piyaphong, pale as a sheet, spun around in his chair and shouted back.
“The sell orders are too big! The authorized intervention funds aren’t enough!”
“Damn it all!”
Damtatui bit down hard on his tongue to stop the string of obscenities building in his throat.
“Fine. I’ll get immediate approval for additional funds. Just hold the line—don’t let the rate collapse any further!”
“Understood!”
Piyaphong immediately turned back to his monitor and began pounding the keyboard, sending in massive buy orders for baht.
Around him, other forex officers were either typing in orders themselves or yelling into phones, their voices hoarse as they barked out quotes to commercial banks and securities firms.
“Damn it all…”
Watching the chaos unfold like a kicked hornet’s nest, Chief Damtatui gritted his teeth and snatched a receiver from the side desk. He hurriedly dialed Warit, the Governor of the Central Bank.
Meanwhile, another group was equally startled by the sudden onslaught of baht sell orders—the Eldorado Fund.
“Combined spot and futures trades have pushed total baht sell orders past 45 billion!”
“The exchange rate’s broken through 27 baht to the dollar!”
Traders’ voices trembled with urgency as they relayed updates from the market.
As always, Andrew, in his usual shirt and suspenders, turned to Seok-won and said quietly:
“Looks like George Soros’s finally made his move.”
Seok-won, hands in his pockets, eyes fixed on the large market display, gave a slight nod, his face unreadable.
“Just as expected. He’s going all in, trying to overwhelm his opponent in a single blow.”
Landon, standing nearby, chimed in, sounding a bit concerned.
“Other hedge funds are following his lead. They’re hammering the baht like they want to end it all today. Can the Thai government even hold the line?”
The government was frantically burning through its reserves to buy baht, but it was clear they were struggling. The exchange rate refused to climb back above 27 baht to the dollar.
“No movement from Hong Kong yet?” Seok-won asked.
Andrew checked the Bloomberg terminal on the desk and shook his head.
“Still quiet.”
Landon muttered under his breath, worry evident.
“With the handover to China just a few months away in July, Hong Kong must be caught up in its own chaos. Not sure they even can spare attention for Thailand right now.”
Even though the UK and China had agreed to maintain Hong Kong’s capitalist system under the “One Country, Two Systems” framework, the looming handover meant massive changes were inevitable across society, the economy, and culture.
‘Of course, that promise of 50 years of status quo isn’t likely to last that long anyway.’
Almost as if they’d seen it coming, wealthy families in Hong Kong had already begun flooding out in droves—emigrating to the UK and other Commonwealth countries, driven by a mix of fear and uncertainty.
‘And the fact that this attack on the baht came a full four months earlier than it should’ve… that’s a problem.’
If this sudden shift in timing had anything to do with Seok-won’s presence—if he’d inadvertently altered the course of events—then the consequences could be serious.
Even if things unfolded according to the original course, if Hong Kong—by far the most influential player with the largest forex reserves—dropped out of international coordination, the outcome could change drastically.
Seok-won, frowning in thought for a moment, turned his gaze back to the massive market board.
Though the Bank of Thailand was mounting a defense, the hedge fund offensive—led by Quantum Fund—was relentless. The baht exchange rate couldn’t break back above 27 to the dollar.
Worse, George Soros, the legendary figure of Wall Street, had joined the fray in full force, triggering a speculative frenzy as others piled on in hopes of cashing in. The pressure was beginning to tell.
Seeing this, Seok-won turned to Andrew and asked:
“We’ve invested 500 million dollars so far, right?”
“Yes,” Andrew replied.
Initially, they’d only planned to enter with 100 million, careful not to sway the market too much. But the intensity of the hedge fund assault had forced them to increase their position.
“Then go ahead and put in the remaining 500 million. Let’s bring it up to a full billion.”
“You mean right now?”
“This seems to be the critical moment. Let’s go all in.”
Hearing that, Landon furrowed his brow slightly and interjected:
“Weren’t we just going to keep things light in round one? Just warm up a bit?”
“That was the plan,” Seok-won said with a shrug, “but if the Thai government gives up now, we walk away with nothing. We’ve got to help them hold the line.”
He lifted his hands slightly as if to say it couldn’t be helped.
“Well, it wasn’t what I originally intended—but if things unfold the way I hope, doubling down will just mean more profit. So it’s not a bad thing.”
Landon worried for a moment—were they accidentally setting up a direct confrontation with George Soros and the other hedge funds? But he kept the thought to himself.
Instead, he quietly reaffirmed his trust in Seok-won.
Andrew met Landon’s eyes, nodded solemnly, and responded:
“Understood.”
He put on his headset and walked briskly over to Dan, the senior chief, who was shouting orders across the floor. Andrew leaned in and relayed Seok-won’s instruction.
Moments later, Dan had the forex traders in motion—buying baht aggressively not just in Bangkok, but also in the Hong Kong and Tokyo markets.
“7.4—240 contracts on the board!”
“Buy baht futures at 7.5—300 contracts! Okay, go!”
As Eldorado Fund unleashed the full $500 million in one go, quickly soaking up sell orders, the baht-dollar exchange rate—which had been threatening to break 28—suddenly wavered.
However, the attackers weren't willing to back down either and continued hammering out sell orders. The rate didn’t climb further, but it also didn't fall.
From the sidelines, Choi Ho-geun and his team watched the fierce tug-of-war with sweaty palms.
As they looked at Team Leader Tyler and the forex traders moving at lightning speed, Jung Hwan-yeop spoke up in an unusually serious and tense voice.
“I think the CEO gave the order to buy more baht.”
“Seems like it,” Choi replied, eyes never leaving the constantly updating exchange rate monitor.
“I overheard that Quantum Fund is fully engaged now. Is this going to be okay?”
Yoo Seok-hyun swallowed dryly and wiped his sweaty palms on his pants.
“The Asian markets have only been open a few hours, and already over 4 billion dollars have traded hands. Yikes. This is so nerve-wracking—if it were me, I wouldn’t even dare to step in.”
“Same here. One slip-up in this kind of environment... I don’t even want to imagine what could happen.”
Next to him, Hong Jae-hee looked ghostly pale.
But still staring at the monitor, Choi Ho-geun’s eyes sparkled with a kind of thrilled excitement.
“This is a once-in-a-lifetime experience—even money couldn’t buy it. So don’t miss a single moment. Burn it all into your memory.”
They’d thought their own trading was intense, but this—this was a warzone on Wall Street, fought without bullets. It made their daily hustle seem like child's play.
“To be stuck just watching and not participating in a deal this big... it’s frustrating.”
As Jung muttered his regrets, Choi Ho-geun shared the same sentiment. Even being on the ground in this high-octane scene, it was painful to remain a spectator.
For traders, the instinct to get involved in a high-stakes money war like this was practically hardwired. The urge was natural.
And just as powerful was the curiosity to see what would come of Seok-won’s bold decision to raise the pot to a full billion dollars.
In this intense clash where neither side was giving an inch, a dramatic shift occurred just as Seok-won’s final $500 million had been fully deployed.
“Whoa! A massive baht-buying order just hit from Hong Kong!”
“Same with Bangkok and Tokyo! The amounts are enormous!”
At the traders’ shouts, Seok-won leaned forward to check the monitor on his desk.
Sure enough—billions of dollars’ worth of baht-buy orders had flooded in at once, swallowing up all the sell orders in a single sweep.
The exchange rate, which had been locked in a tug-of-war around 27, suddenly reversed course—shooting up to 26 in a flash.
Seok-won, almost as if he’d been waiting for this exact moment, grinned.
“Looks like the reinforcements finally arrived.”
Landon, witnessing the dramatic turnaround, beamed as well.
“Seeing this much capital pour in at once, just as you predicted—this has to be Hong Kong and the other Southeast Asian countries stepping in.”
Sure enough, Andrew checked the Bloomberg terminal and confirmed the news with a smile.
“Official announcement just dropped—central banks of Hong Kong, Singapore, and Malaysia have accepted Thailand’s call for support and are now buying baht.”
“Well then, I guess that wraps up Round One. Quantum Fund will have to pull back for now.”
With multiple central banks stepping in to support the baht, the exchange rate climbed smoothly, as if all the previous chaos had never happened.
Watching the incredible reversal unfold before their eyes, Choi Ho-geun and his team were not just amazed—they felt a rush of catharsis, like they’d personally just won big at the gambling table.
“Holy crap! It can actually turn around like that?!”
As Jung Hwan-yeop raised his voice in amazement, Yoo Seok-hyun, equally worked up, shouted excitedly.
“Exactly! Look at the baht shooting straight up!”
“Oh my gosh. How is this even possible?”
Hong Jae-hee exclaimed, her eyes wide with astonishment.
“Wow… he pulled it off again.”
Choi Ho-geun let out a gasp, watching the once-dominant hedge funds now retreating with their tails between their legs.
“You don’t think the boss knew the Southeast Asian central banks were going to step in, and that’s why he bet on Thailand… do you?”
Still unable to hide his disbelief, Jung asked the question. Choi turned his head and looked at Seok-won, who stood calmly with his arms crossed.
Despite having just turned the tables on a fierce hedge fund assault and raked in massive profits, Seok-won's expression remained stoic—completely unfazed, as if all of this had been planned from the start.
Even with cheers erupting around him, he stood steady, as if this outcome had never been in doubt.
“He might have,” Choi murmured. “No—he definitely factored it in.”
“Well, yeah. Otherwise, betting on Thailand in this situation would've looked like pure madness. Anyone could see the odds were stacked the other way.”
It was clear—no one would’ve made a move like that unless they had nerves of steel. It was a gamble not just of money, but of insight, timing, and absolute conviction.
Jung Hwan-yeop looked at Seok-won with renewed admiration, awe clear on his face.
Yoo Seok-hyun and Hong Jae-hee felt the same, and all four of them, realizing that this was the man they worked under, straightened their backs with quiet pride.
