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Chapter 705: Chapter 609: The Second Legal Currency (Please Subscribe!)_1
Both sides fell into silence over the phone.
Lang Cai was beset with a myriad of emotions. He considered many reasons in his mind, but in the end, realised he had no way to convince Deputy Leader Ling to split the Myanmar Bank Group, and let their natural resources be under the control of the Special Zone’s management institution, returning it to the world’s ’mainstream’.
Because he could not solve a key issue.
And that was the position of Asia Dollar as the settlement currency in foreign trade.
Ling explicitly said earlier, that it took great effort for some merchants to accept the Asia Dollar. If it were to be split, it may significantly impact the merchant’s confidence in holding onto their Asia Dollars. Concerns about the currency’s value could be extremely detrimental to future foreign trade in the Myanmar Economic Zone.
Myanmar Kyat.
Its status is too low.
Nobody is willing to accept it.
Therefore, Ling wanted to strongly promote the Asia Dollar, develop the Special Zone’s economy, and maintain the value of Asia Dollar. Otherwise, if not careful, Asia Dollar would eventually fall to the same fate as the Myanmar Kyat, becoming a regional currency only valid in their own doorstep.
Lang Cai had a headache for a moment.
"Deputy Leader Ling, I understand. From your point of view, it also makes sense for the Myanmar Bank Group to do this. However, the Myanmar Kyat is the legal currency of Myanmar, after all, and the Asia Dollar, as you said, is likely to become a second currency of Myanmar. This is not a good look for our country." Lang Cai smiled faintly.
A country with two currencies. 𝖓𝔬𝔳𝖕𝖚𝖇.𝖈𝔬𝔪
If it was Huaxia, such a situation wasn’t a concern. The Hong Kong Dollar, Taiwan Dollar, all are allowed to coexist due to historical reasons, diversifying its currency. Nobody thinks it’s a bad thing. Instead, it’s seen as progressive, which is a positive.
But does Myanmar have any historical reasons?
This is purely an issue where an internal member is unsatisfied with the Myanmar Kyat being devalued and creates its own currency. If word got out about this, it’s a bit embarrassing. If the Asia Dollar does fine, it’s not a big deal. But if it becomes successful in the future, the Myanmar Kyat would become a laughingstock.
"President Lang Cai, I admit, this matter will make the outside world doubt your ruling ability. But looking at it from another angle, isn’t it also a form of protection?" Ling retorted in a calm voice.
"Protection? What do you mean?"
Lang Cai didn’t understand. Could the Asia Dollar protect the Myanmar Kyat?
What kind of logic is this!
Ling replied, "You should understand the importance of the currency exchange rate. It directly affects a country’s economy. The Asian Financial Crisis of the past, I believe you’re well aware. The damage Soros dealt to the economies of Southeast Asia was immense. The direct result was that each country’s foreign exchange reserves were depleted, their national currencies drastically devalued, their internal and external injuries were equally severe."
"What if, a country has two currencies, one fully pegged to a basket of currencies, and one adopting a relatively fixed exchange rate system. I think it would be greatly beneficial in resisting any financial crisis and subsequent domestic economic crisis."
Ling’s words, this time, were a real wake-up call.
However, Lang Cai just couldn’t understand Tang Qing’s plan and determination to replace the Myanmar Kyat with the Asia Dollar.
After listening, Lang Cai fell into deep thought.
This reasoning.
Seems to make sense, yet there seems to be a flaw somewhere.
If a country implements a system with two legal tender currencies, if one gets devastated, it can lick its wounds. The other might not offer a stable exchange rate, but to a certain extent, it still helps to maintain the internal economy to a small degree.
However, this isn’t absolute, as its function depends on the currency’s proportion and influence domestically.
This just makes the domestic currency situation more chaotic.
Luckily, it was previously agreed upon that the Asia Dollar is recognised as legal, but it can’t circulate everywhere in Myanmar. It can only serve as a settlement currency for trade.
In other words.
At most, Asia Dollar is now just a beast confined to the ’cage’ of the Myanmar Economic Zone. The body of this beast can’t get out now, it can only put out its claws to scare people, without having the ability to harm anyone.
Having thought it over.
Lang Cai feels this is quite an acceptable outcome. No matter if it is acceptable or not, they don’t have any other options anyway. Ling has clearly stated he does not want to split the Myanmar Bank Group. Without resorting to force, he couldn’t come up with a strong enough reason to convince Ling.
Lang Cai is now feeling severely troubled.
"Deputy Leader Ling, I understand your thoughts and your suggestions are also good. However, I believe regulations for the Myanmar Bank Group still need to be implemented. After all, your personal influence is significant in this, which is also not beneficial for the Asia Dollar to get out there.
I want to let the Myanmar Central Bank send a supervision group over. They won’t interfere with the specific operations, just for learning and exchanges. Deputy Leader Ling, you have to understand my predicament too." Towards the end, Lang Cai began to plead.
It’s not exactly pleading.
He is genuinely troubled.
The Myanmar Bank Group, with all its substantial resources and power, is indeed a lot more dangerous than Ling, who’s merely a nominal deputy leader on the surface. He must give those underneath him an explanation, not only to those interest groups but also to the public.
At the same time, he also wanted to ensure his own safety.
To this request, Ling agreed at once, "No problem, I agree." If Ling were to reject Lang Cai outright, it would undoubtedly show that he wanted to be a despot.
They just started this collaboration. It wouldn’t benefit Tang Qing’s interests if the relationship between both parties drops back to freezing point within a few days.
As for what the supervision group will oversee?
That’s something they’ll decide on their own.
With Ling’s affirmative reply.
Lang Cai heaved a sigh of relief.
Ling’s statement put him a bit at ease, although he couldn’t interfere with group affairs, having someone to keep an eye on there was enough, also probing the Myanmar Bank Group, even if their defense was tight, there would still be loopholes.
He had no doubt about this.
"Alright, I’ll immediately order a team to head over. Oh, one more thing I want to ask, has anyone from the north contacted you?" Lang Cai remembered something else.
This was something that was supposed to be discussed at the routine meeting in Yangon with Ling.
But the regular meeting originally scheduled for the beginning and middle of the month didn’t happen due to the important tender, and Ling didn’t come, leaving him no choice but to ask over the phone.
According to the information he obtained, his two ’brothers’ were closely watching this newly established economic zone. Ling has ’stepped out of the dark’, but not completely under the control of Yangon, these two definitely had some plans.
"Yes, they wanted me to join them in opposing you, but I refused." Ling answered immediately. How could Tang Qing, being merely a regional force, attract his attention.
Lang Cai asked urgently, "What about these people? Have they been captured?"
"No, after all, they are just small fries, messengers. There’s no use in capturing them. If you need, I can capture them and send them to you next time." Ling said.
This statement served as a warning to the informants not to come again.
Lang Cai breathed a sigh of relief.
"That’s good. If they dare to send people again, capture them and bring them to me." Lang Cai said menacingly. He was more annoyed with these two than with Su Yu, as Su Yu had no ambition.
"Alright. I also have something to inform you." Ling suddenly said.
Lang Cai’s heart tightened.
"Go ahead."
"It’s about minefield clearing. We will start a two-week cleanup from tomorrow; we will clean up the entire economic zone. Also, according to the agreement, we have been given the minefields within five kilometers on both sides of the previous confrontation line."
"Our people have already withdrawn, but your people have been too inefficient, and some have not yet withdrawn. Please inform them that we will start the cleanup at nine o’clock tomorrow morning. I hope there won’t be any misunderstandings." Ling said.
Lang Cai thought it was something serious then realized it was just a minor issue.
Clearing mines is an issue for any country. If Ling hadn’t taken on the task at a very favorable price, they wouldn’t have agreed so readily.
However, Ling indirectly disdained the efficiency of his subordinates’ withdrawal, which left Lang Cai a little embarrassed.
"No problem, I’ll have them all withdrawn by tonight," Lang Cai agreed readily.
"That’s good."
.....
The call ended.
Lang Cai lit a cigarette and started smoking.
Although Ling’s logic left him speechless, he must have had other plans. While he understood, his actions were influenced by his perspective and he was unable to fully accept Ling’s ideas.
He had thought that the Asia Dollar could disappear at the right time.
Now, seeing Ling’s attitude and the Myanmar Bank Group’s intention, Ling’s expectations for the Asia Dollar were high, far above the Myanmar Kyat. If the Asia Dollar reached the stage that he mentioned, it would be impossible to erase it.
By then, he would have to accept the Asia Dollar as Myanmar’s second official currency unless he wanted confrontation. But if he wanted to confront at that time, the impact on Myanmar’s economy would be tremendous.
A wrong move and everyone might lose.
"Cough, cough..." Lang Cai choked on the smoke, agitated.
After coughing twice, he felt a throbbing pain in his lungs and shortness of breath. He quickly put out the cigarette, took a sip of water to suppress the discomfort. As one grows older, all kinds of problems start to emerge, and he was no exception.
At this moment.
Under the dual pressure of reality and health, Lang Cai felt like an ordinary mortal.
Reflecting on the current state of Myanmar.
Lang Cai suddenly wondered what he had been doing over these many years? Myanmar didn’t seem to get any better under his reign. If he had taken decisive actions, cracking down hard on anyone who challenged him, not considering the overall situation perhaps today’s issues wouldn’t have happened, and Myanmar’s condition might be different.
He was getting old.
This was something he had to admit.
The future would certainly belong to the young. Thinking of the young, Ling’s image suddenly popped into Lang Cai’s mind.
To be honest, considering Ling’s abilities and decisiveness shown in the last negotiation, if he were one of his own, he would probably fully support Ling, even if Ling couldn’t replace him, he could hold a position like Kan Qin’s.
What a pity.
Ling wasn’t completely on his side.
Thinking of this.
Lang Cai sighed.
"Cough, cough, cough..."
Secondhand smoke once again irritated his lungs, making him cough constantly. He was getting old. It was time to start thinking about his successor, hoping that the person he had in mind wouldn’t let him down.
