Episode Summary
He Xian confirms Qiao Renyu is a double agent during a tense meeting. Qiao passes intelligence about counterfeit bills via a bar of soap in a bathroom. While the Chinese merchants successfully bait the Japanese bank in the market, Atlantic Bank betrays them by dumping currency, crashing the rate. To survive the crash, the merchants decide to seek funding from the Dahao Gang.
Spoiler Alert
The Art of the Spill
The three-party meeting hosted by Rodrigues is tense from the start. You have Ma Wanqi and He Xian representing the Chinese merchants on one side. On the other, you have Ogata Yozo and the Specie Bank team. The Japanese bring Qiao Renyu into the room to verify a signature on a contract from Lee Kong Chian.
He Xian is sweating this. He thinks the signature might be forged and Qiao will call it out. Instead, Qiao confirms it’s real. This is a huge signal. He Xian realizes right then that Qiao hasn't actually turned traitor. He is playing the long game.
After the bidding wraps up, He Xian tries to get close to Qiao. He asks about his well-being. Qiao just says he misses his family. He can’t say much with eyes on him. So, he pulls a classic move. He "accidentally" spills wine all over He Xian’s suit. He uses the confusion to excuse himself to the restroom for a stomach ache.
Bathroom Espionage
Huang Gongjie is glued to Qiao. He is not taking any chances. He Xian tries to follow to clean his suit, but Huang blocks the door. He waits for Qiao to finish. Huang is so paranoid he goes inside, checks the stall, and even confiscates the toilet paper roll to check for messages. He finds nothing and finally leaves.
He Xian gets inside and starts hunting. The soap dish is empty. He checks the toilet tank. There it is. A bar of soap submerged in the water. One side has numbers carved into it. He Xian checks the cash in his pocket. The numbers match the serials on the counterfeit bills.
He barely has time to process this. Huang Gongjie gets suspicious and comes back. He bursts in. He Xian is just standing there cleaning his jacket. The soap is back in the dish. Huang buys the act and leaves.
The Cost of Silence
Back home, Qiao Yinwan is in a dark place. She hates that her brother is a "traitor." Xiao Yu tries to comfort her, saying people don't always have a choice in chaotic times. It helps a little.
He Xian takes the code from the soap to Liang Yanming. They cracked the counterfeit serial numbers. Liang feels terrible for doubting Qiao. He wants to run and tell Yinwan the truth immediately. He Xian shuts that down hard. If that secret gets out, the Japanese will know Qiao leaked it. Qiao is already risking death. Telling Yinwan puts a target on her brother’s back. It is cruel, but she has to keep hating him for now so he can stay alive.
The Atlantic Bank Betrayal
The market opens and it is chaos. Ogata listens to Qiao’s advice and walks right into the trap. The Chinese merchants dangle bait. Ogata buys heavily, driving the rate up. He Xian and his team pretend they are out of ammo. Ogata gets cocky.
Then the floor drops out. Atlantic Bank dumps eight million Hong Kong dollars out of nowhere. The rate crashes back down to 2.9.
Rodrigues is furious. He demands answers from the board. They admit they are cutting their losses. They plan to dump everything by the afternoon to save their own bank. They are throwing the Chinese merchants under the bus to survive.
Doubling Down
Sawa Eisaku immediately suspects Qiao set them up. Qiao talks fast to defend himself. Ogata actually defends him too. He wants to go all in.
Ke Lin sees the disaster and decides to pivot. They can’t retreat. They have to trick the Japanese into thinking this crash is a coordinated attack by the merchants and the Portuguese banks. But they need massive capital to pull off that bluff. They need the gangsters. Ma Wanqi gets the job. He has to go convince Huang Sanhe of the Dahao Gang to fund their war.
