MTL - The Son of Finance of the Great Age-Chapter 966 must save the market

  Chapter 966 must save the market

   "Is it really time to save the city in the name of the country?"

It was the same meeting room, the same top leaders in charge of the capital market, and the same leader who presided over the meeting last time. After an emergency effort to save the stock market on Friday, the market fell again in an avalanche on Monday. As a last resort, these people sat together again and continued to discuss how to save the current capital market.

  Regarding the performance of the market today, the leader took the time to pay attention to the stock market even though he was busy with everything. However, he was disappointed that the stock market still plummeted even though so many good news were released. If it weren't for the forced upward rush of good news in the last trading session, I'm afraid it would be difficult to keep even 4000 points.

   After urgently announcing the two big news of "cutting interest rate" and "cutting reserve ratio", none of them could stimulate the stock market, and the leaders began to seriously consider the possibility of "rescuing the market".

   But doing so involves too much, so before making a final decision, he has to ask his staff if he really wants to go this far.

   "I'm afraid so!"

After a moment of silence, the central bank's Governor Jin finally spoke first, "For the central bank, the big killers such as interest rate cuts and RRR cuts have already been sacrificed, and none of them have had much effect. Moreover, in the short term, It is also unlikely that the central bank will cut interest rates and reserve requirements again, after all, it is impossible for us to adjust monetary policy again and again for the sake of the stock market.”

"And so far, the exchange rate issue has not been resolved. Certain foreign institutions are still frequently attacking the RMB exchange rate in the offshore financial market. In Hong Kong, we have fought fiercely with them several times, barely suppressing their short-selling efforts Go on. If you want to maintain the capital market, then the pressure on the exchange rate market will be much greater. Compared with the capital market, the exchange rate market is fundamental.”

"I even suspect that this is a replica of the international speculators attacking Hong Kong in 1998. On the one hand, they put pressure on the exchange rate market, and on the other hand, they made waves in the capital market. Fortunately, our economic equivalent is far from what Hong Kong can match. At the same time, the capital market There is no high correlation with the exchange rate market, so now we are safe and sound. But through everything that is happening now, let us all see the urgency of the economic situation and the danger of certain foreign institutions.”

   "Exchange rate market and capital market..."

As soon as the foreign exchange market was mentioned, the leader fell silent, tapped the table lightly for a while, and then said slowly, "Foreign exchange is related to the security of our country's monetary system, and also to the value of the RMB. It cannot be said that the foreign exchange market is more important than The capital market is much more important, but both are of high importance to the national economy, and neither one can be given up. By the way, President Jin, what is the situation in the foreign exchange market recently?"

  "Foreign institutions mainly attack the RMB through the offshore market in Hong Kong, including using futures, forwards, etc., and the value of the RMB to suppress."

President Jin nodded, and then replied in an orderly manner, "At the same time, we are creating panic in the media and trying to guide the trend of capital flight. However, we have cooperated with the public security department to suppress these rumors, and at the same time increased the crackdown on underground banks. Investigate and deal with it to prevent funds from flowing abroad through underground channels.”

"As for the speculative activities of institutions, we have also united with Chinese-funded institutions in Hong Kong, and responded favorably to them by raising the RMB overnight lending rate. The current exchange rate is still in a reasonable range, and the short positions are also likely to be further reduced. Signs. After all, our foreign exchange reserves are there, and the economic growth rate is also the first team in the world, so their actions that want to be unfavorable to the yuan are doomed to fail.”

"However, in the past few months, in order to repurchase RMB in the market, we have spent tens of billions of dollars in foreign exchange reserves. Over the past few months, the total foreign exchange reserves have decreased by more than 100 billion U.S. dollars, accounting for almost all of the foreign exchange reserves. about 10%."

Speaking of this, President Jin's face was slightly embarrassed, "We didn't expect that after spending so much, there may be some outflows of funds. This is the aggregated information, but so far, the speed at which foreign exchange reserves have decreased has slowed considerably, while new growth is expected within the month."

   "10%?"

  After hearing this number, the leader was a little surprised, but not alone. Everyone present was more or less surprised except President Jin himself.

"If this is the case, we really need to focus on dealing with international speculators. If the renminbi collapses, it means that the achievements of our reform and opening up for decades will be in vain. This is really unimaginable. You I'm going to be a sinner in history."

After pondering for a while, the leader said decisively, "President Jin, during this period of time your main energy has been to defend the exchange rate of the RMB. This matter is a major issue related to the national economy and the people's livelihood. You must not be careless. If there is an emergency , report to me as soon as possible."

   "Yes, leader!"

  President Jin nodded solemnly.

   "So, Chairman Xiang, what do you mean here?"

After dealing with the problem here, the leader turned his head to Chairman Xiang of the Capital Market Supervision Committee, "In the afternoon, you urgently released a message to refute the rumors and saved the index in time. I have to say that your emergency measures this time did nothing. Well done!"

"But…"

Despite being praised by the leader, Chairman Xiang didn't show any joy on his face. After a wry smile, he said with difficulty, "Leader, the situation is like this. The information we released is actually aimed at those who have fallen sharply on Friday. In the current situation, there were not many positions that were forcibly liquidated at that time. But after today's sharp drop, I am afraid that the information we released on social media is not so accurate. Because the drop is so severe that a large number of liquidation has been triggered Positions. Although the stock market may show some signs of rising due to this incident in the next few days, strictly speaking, we just used past news to save today’s market, and the stock market will continue to fall in the following trading hours.”

  He let out a long sigh and shook his head helplessly.

   "It turns out that..."

The leader's complexion was also a little ugly. He touched his chin and pondered for a while, looked around, and then asked, "If you really want to save the market, what should I do? Everyone should know what I am worried about now. This is also a matter related to the national economy and the people's livelihood. If it were not for the intervention of private capital, Hong Kong's position as the world's number one economic freedom would have been replaced by other regions."

  As soon as Hong Kong was attacked by international speculators, many people present fell silent. Some of them have experienced the ups and downs at the beginning, and some of them only learned about the relevant situation through some internal or public information. But no matter what, they were well aware of the dangerous situation at that time.

   Similarly, they also realized that "rescue" is becoming possible. Since the leader said so, it means that he has put this issue on the table and seriously considered the feasibility.

   "Can we do the same?"

At this moment, President Jin suddenly said, "If you want to use the treasury funds, it is difficult to say whether there will be any profits in the end because of the risks in the investment. It will also be questioned by the taxpayers. So if you use the treasury or other funds, basically Unlikely. But we can raise funds for the rescue through crowdfunding.”

   "Crowdfunding?"

  When the leader heard this word for the first time, he felt quite fresh, and couldn't help asking, "President Jin, what is your approach?"

   "Stakeholder departments!"

President Jin pointed out bluntly, "Don't think about those who are currently speculating in the capital market. They are all short-term players and will leave after making money. But who will not leave, who wants these markets to continue to prosper, only these Talents are willing to pay for long-term investment. I think you should already know that those institutions that rely on the capital market to survive are the foundation of this market, and securities companies, funds and even listed companies are the foundation of our market. It’s not fundamental, they’re just complete speculators.”

"It is impossible for listed companies to take money out of their pockets. On the one hand, they are not state-owned companies. On the other hand, their finances need the supervision of shareholders and the system. But it is different for securities companies and funds. At the same time, the so-called 'bailout' is also a long-term investment, which is completely in their interest."

   "Of course, the central government has to provide some funds. After all, it is impossible to completely rely on them."

Chairman Xiang suddenly interjected, "Clarify the stakes clearly, and I believe they will understand the long-term benefits of doing so. I don't think any of them will see the market collapse, because it also means that their jobs will also be ruined. If there are some brokerages who cannot realize the necessity of doing this at this time and choose to resist, then really think about why they did this. Because it is not in their interests, unless they have other interests, and the whole National interests collided."

  His words were very embarrassing, and the faces of many people present changed immediately.

   At this time, some organizations may be planning to fish in troubled waters. Testing them out by raising money and then tracking down why is behind them is killing two birds with one stone.

  But the whole approach is a bit "leading the snake out of the hole", which is unfair.

  "This idea is good, but if the requirement is mandatory, it is a bit unreasonable, and it violates the spirit of the rule of law."

The leader's brows raised slightly, obviously his heart was moved, but after thinking about it, he singled out the inappropriate parts of the whole thing, "It still has to be done on a voluntary basis. If there is any conflict, we will Don’t force them either, you need to be clear about that.”

   "Also, Chairman Xiang, during this period of time, we must step up efforts to investigate illegal activities such as illegal transactions, market manipulation, and insider trading."

The difference from the last time is that this time the leader made up his mind to investigate and deal with illegal activities in the capital market. He said in a stern voice, "No matter who it is, as long as any illegal behavior is found, it must be investigated to the end. I will take care of it if there is anything wrong." Now, I want to see who is doing the tricks at this time and openly confronting our government. Remember, if you find it, you will investigate it seriously, and you will use a heavy penalty at an extraordinary time!"

   "Yes, leader!"

  Chairman Xiang nodded emphatically, "We will fully cooperate with the judiciary to find out all these black apples!"

   "Now there is one last question left."

  After nodding in satisfaction, the leader said, "How much money is needed to save the entire market? At the same time, who will lead these funds to save the market, that is, our candidates. Do you have anything to say?"

  After finalizing the plan to "rescue the market", the next step is the details. The most important of these are the two issues mentioned by the leaders, one is the amount of funds, and the other is the candidates for operating these funds.

   Both of these are very difficult problems.

   "These funds must be managed centrally!"

After thinking for a while, Chairman Xiang was the first to say, "I suggest Huatou conduct centralized management. As for the person to manage these funds, I think Mr. Gao Dongfang from Huatou is the most suitable candidate for these funds. He is overseas The performance of the investment is very good, I believe he can do it!"

  “But the overseas market and our market are two different things. I’m worried that he won’t be fully qualified for this role.”

At this time, President Jin said, "I have no objection to putting funds in Huatou Company for management. But I think we should choose someone who is familiar with the local market. Mr. Gao Dongfang has been away from our market for several years. I think he may not be able to convince the public on this point. If I had to recommend him, I would recommend Comrade Li Bin from the central bank. He came from a securities firm and is also an excellent macroeconomist with both theoretical and practical experience.”

   "Speaking of which, I have to stand up and express my opinion."

At this time, Chairman Qi of the Banking Association also said, "I also have a candidate, Comrade Guo Zhongye, currently the Chief Investment Officer of Industrial and Commercial Bank of China. I believe many of you here should have heard of him, and he is in charge of the investment of Industrial and Commercial Bank of China. After the fund, he brought a low-end fund to the top ten in the market in the secondary market, and expanded the size of the entire fund to nearly 50 billion. If such a comrade can manage the rescue fund, he must It will do very well.”

   "I also want to recommend someone..."

  President Zhou of the insurance industry also stood up, "Comrade Liu Ping, chief investment officer of Pinghe Group, he..."

  People from all walks of life want to recommend their own people to the top.

   "Perhaps he is the most suitable candidate."

   Seeing these people arguing endlessly, the leader frowned wearily, and suddenly the image of a person jumped into his mind for no reason, "I believe he can create miracles again."

  He suddenly clenched the pen in his hand.

   Thanks to book friends Lao Nafahao Takong, Manqiangchunsonggongqiangliu, Dragon Soul-Star, and jadeking for voting monthly tickets! Thanks to the book friend Lao Ganda for the evaluation vote! Today I plan to write more words, and I have been writing for a long time. I have entered a state of mental exhaustion. It is time to organize my thoughts. It is expected that the rhythm of six chapters will be updated every week in the future. I hope everyone understands~

  (end of this chapter)