Episode Summary
Yang Chang officially joins the team to handle field operations. The Japanese force Qiao Renyu to issue unbacked currency in Hong Kong, planning to use it to destroy Macau's economy. During the Dafeng Bank opening, Japanese bankers try to intimidate He Xian, but Liang Yanming intervenes. The Chinese banks band together to artificially prop up the falling exchange rate to save a crucial supply deal. Meanwhile, Qiao Renyu helps a British official escape Hong Kong, and He Xian tries to hide Qiao Renyu's apparent betrayal from his sister.
Spoiler Alert
Silent Tides Episode 12 Recap: Counterfeit Cash and Banking Wars
A Spy Partnership is Born
We start with Yang Chang. He is absolutely furious. Mary went rogue and nearly got herself killed. Yang Chang isn't having it. But something shifted in him after the grain purchase ordeal. He respects He Xian's crew. He wants to do something real.
He gives Mary a reality check. She has zero intelligence experience. He suggests a partnership instead. He gets hired to help. They set ground rules immediately. Mary runs the station logistics. Yang Chang handles the field work. Most importantly, he gets full autonomy on how he operates. He doesn't need a babysitter.
Memories and Nightmares
Qiao Yinwan moves into the dorms at Jinghu Primary School. He Xian and Guo Qiwen help her settle in. It’s a quiet moment. He Xian spots an old photo album. Yinwan opens up about her brother, Qiao Renyu. They used to argue about politics constantly. Now she hasn't heard from him and she is worried sick.
Her gut instinct is right. The situation in Hong Kong is a horror show. The Japanese commander, Yazaki Kanji, has Qiao Renyu and the HSBC manager, Qi Libin, in a room. He wants them to sign off on a massive amount of Hong Kong dollars. These notes have zero gold reserves backing them. It is literally funny money.
Yazaki doesn't ask nicely. He threatens to execute bank staff and their families. The sound of crying children fills the room. Qiao Renyu breaks. He can't watch people die. He signs the papers.
Crashing the Party
It is the grand opening of Dafeng Bank. The place is buzzing. Lu Xiuyuan runs into his old buddy Ah Quan. It’s a nice reunion. Luobo takes the stage. He announces that the Macau Financial Exchange opens in five days. This is big news.
Then the mood killers arrive. Suzuki Ichiro walks in with Ogata Yozo, the new boss of Specie Bank. He Xian steps up to handle them. Ogata is aggressive. He demands to exchange ten million Hong Kong dollars for gold or hard currency right now. He mocks Dafeng’s ability to handle big money. He tells the other guests to take their business elsewhere.
Liang Yanming saves the day. He walks in and drops a bomb. He wants to exchange 2.5 million in Republic of China notes. He declares full trust in Dafeng. It shuts the Japanese up. It’s a power move.
The Economic Trap
Later, we see the real Japanese strategy. Ogata tells Sawa Eisaku the plan. Tokyo wants them to use this free, unbacked money to buy up everything in Macau. They want to control the financial market. They have over a hundred million in worthless notes. They plan to dump it all on the Chinese merchants.
The Exchange opens. The rate starts at 3.75. The Japanese start selling. They don't dump it all at once. Ogata calls it "boiling the frog." He sells slowly to drive the price down without causing a panic. Dafeng buys up five million. He Xian looks at the cash. The bills are brand new. He knows something is wrong.
The Great Escape
The currency devaluation causes problems immediately. Rodrigues refuses to honor his rubber contract with Liang Yanming.
Back in Hong Kong, the Japanese force a press conference. They make Qiao Renyu and the British rep, Robert, lie to the public. They claim the currency is capped and safe. But it’s a setup. Qiao Renyu and Qi Libin stage a distraction. They help Robert escape right under the Japanese noses. Yazaki goes ballistic. He orders a manhunt.
Holding the Line
Ogata changes tactics. He stops selling and buys a little. He wants to pump the price up before the final crash. Rodrigues gives the Chinese merchants an ultimatum. The Hong Kong dollar must close at 3.40 today. If not, the rubber deal is dead.
The price hits 3.10. It looks bad. The four big Chinese banks hold an emergency meeting. They decide to team up. They will buy everything to push the rate back up. He Xian is worried about the trap. But he knows the war effort needs those supplies. He votes yes.
Sawa gets intel that Robert is wounded and running for Macau. He orders Huang Gongjie to lock down the docks. But Huang Zixia finds Robert first. The man is hurt bad. Zixia calls in Yang Chang because he speaks English.
He Xian rushes to the school. He isn't there to see Yinwan. He is there to hide the newspapers. He doesn't want her to see the reports about her brother working for the Japanese. He knows it would break her.
