Silent Tides Episode 14 Recap
> Silent Tides Recap
Rodrigues hosted a critical three-party negotiation where Ma Wanqi and He Xian represented the Chinese merchants, facing off against Ogata Yozo and the Yokohama Specie Bank team. Tensions were high as Rodrigues demanded payment in U. S. dollars due to the volatility of the Hong Kong dollar, or alternatively, a ten percent price increase with immediate full payment. Ma Wanqi argued that business in Macau had always been settled in Hong Kong dollars and requested more time to raise funds.
Seizing the opportunity, Ogata Yozo expressed his willingness to pay but insisted on verifying the purchase contract for the rubber shipment. He introduced Qiao Renyu, the Chief Accountant of HSBC Hong Kong, who had handled Lee Kong Chian’s financial transactions and could verify his signature. He Xian watched with bated breath, knowing that the signature on the contract had been meticulously forged based on a damaged sample with a missing corner provided by Qiao Yinwan.
However, to He Xian’s surprise, Qiao Renyu examined the document and publicly confirmed that the signature was genuine. This moment was a revelation for He Xian; he realized that Qiao Renyu had not truly betrayed his country but was acting as a mole within the enemy's ranks. Following the verification, Rodrigues set a deadline for the next day at six o'clock, promising the contract to whichever party could pay the full amount in one go.
During the social gathering that followed, He Xian managed to approach Qiao Renyu. Despite the Japanese monitors, he quietly asked how Qiao was faring. Qiao Renyu replied that he missed his family dearly, and He Xian offered comfort, suggesting that with the help of friends, things would eventually improve. To create a diversion, Qiao Renyu "accidentally" spilled wine on He Xian’s suit and then excused himself to the restroom, claiming stomach discomfort.
Huang Gongjie, ever suspicious, kept a close eye on the interaction. When He Xian followed to clean his suit, Huang blocked him at the restroom entrance, citing Ze Rongzuo's orders that no one approach their "honored guest." Once Qiao Renyu finished, Huang entered the restroom himself, meticulously searching the stall and even confiscating a roll of toilet paper to check for hidden messages. Finding nothing, he finally allowed He Xian inside.
He Xian searched the room and noticed the soap box was empty. He checked the toilet water tank and discovered a bar of soap submerged inside. Carved into it was a series of numbers—the serial number ranges for the counterfeit Hong Kong dollars the Japanese were forcing into the market.
Huang Gongjie briefly doubled back to catch He Xian off guard, but he found He Xian calmly cleaning his clothes with the soap back in its tray, which momentarily dispelled Huang's doubts. Meanwhile, Qiao Yinwan remained despondent over her brother’s perceived role as a traitor. Her student, Xiao Yu, stayed by her side to offer comfort, suggesting that in chaotic times, people are often forced into difficult choices to protect their loved ones.
Listening to Xiao Yu's words, Yinwan felt a slight sense of relief. At the same time, He Xian shared the decoded intelligence with Liang Yanming. Realizing the immense risk Qiao Renyu had taken to reveal the truth about the 120 million in unbacked currency, Liang was struck with remorse for misjudging him. He wanted to tell Yinwan the truth immediately, but He Xian stopped him.
He explained that if the information became public, the Japanese would instantly identify Qiao Renyu as the source. Telling Yinwan now would essentially be making her witness her brother’s death sentence; a temporary misunderstanding was far less cruel than the alternative. On the day the market reopened, the exchange was packed with anxious investors. Ogata Yozo, acting on a strategy he believed Qiao Renyu had helped him uncover, prepared for a showdown.
The four major Chinese banks began by dumping currency as bait, driving the price down to two dollars and forty-five cents. Ogata, thinking he was beating them at their own game of "buying low," began a massive buy-back, eventually pushing the rate to three dollars and twenty cents. He Xian and his colleagues feigned exhaustion and helplessness, leading Ogata to believe he had crushed the Chinese merchants.
However, the tide turned abruptly when the Banco Nacional Ultramarino (BNU) suddenly dumped eight million Hong Kong dollars. The exchange rate plummeted back toward three dollars, throwing the market into chaos. Rodrigues was outraged and confronted the BNU board of directors, only to find they had acted in secret to protect the bank's survival.
They admitted they preferred a loss of two or three million now rather than risking destruction alongside the Chinese merchants, and they intended to clear out all remaining holdings by that afternoon. This sudden shift led Ze Rongzuo to suspect that Qiao Renyu was colluding with the merchants. Qiao Renyu defended himself, suggesting that the merchants were simply desperate and trying to shake Ogata’s confidence.
Ogata, driven by ego and his reputation as a financial genius, decided to double down on his market support rather than retreat. Seeing that the situation had reached a breaking point, Ke Lin advised that they must make the gamble even larger to force the Japanese to believe the BNU dump was a joint Chinese-Portuguese tactic to lower prices for a massive buy-in.
To secure the enormous amount of cash needed to maintain this illusion, Ma Wanqi was dispatched to seek the help of the Da Hao Bang and convince their leader, Huang Sanhe, to stake his fortune on the resistance.
