WATANABE's long position in US$ reminded me of my ex-co's dealer, Bambang a street-smart big "tau kay" in Indonesia. He only had primary school education in Bahasa Indonesia and he could only speak and write broken English when doing business in S'pore. In 1996, prior to the 1997 AFC, he flew to S'pore to ask my Ang Moh boss to be his guarantor to open a US$ current a/c with Standard Chartered Bank. His main purpose was to sell Indonesian rupiah for US$ and then parked the money in a S'pore bank as soon as possible. After he had successfully opened the US$ current a/c, he progressively deposited substantial amount of money into it. The exchange rate was US$1 = 2,380 Indonesian rupiah in July 1997 but it was devalued to US$1 = 14,150 Indonesian rupiah in July 1998. I didn't know when and at what exchange rate Bambang had bought back Indonesian rupiah with the US$ parked in S'pore and then re-converted Indonesian rupiah back to US$ and re-parked it in his US$ current a/c again then. All I heard from my Ang Moh boss many years later was that, Bambang made big money from the currency swap(s) and he magnified his profits by purchasing 4 units of GCBs in S'pore at distressed prices with full payment during the 1997 AFC.