Investment Life

Chapter 86:

This cleanly wiped out Jiang Tao's team. Those who knew the truth naturally had a new understanding of Chen Yuanming's strength and appreciated his restraint. However, the vigilance and compliments of most mice are not beneficial to the overall situation. A wrist of this level cannot touch the intricate network of interests, nor will they let them give up the benefits at their fingertips.

The key issue that plagues the securities market is the rat warehouse and disorderly lending within the system, but this is by no means a one-man force that can be changed, so Chen Yuanming did not want to spend time on it, but simply turned the muzzle. Start your own real layout.

In mid-December, a paper suddenly became popular in Beijing's Department of Finance and Economics. The author was a foreign trade exporter, and the core of the content was about the US bond crisis at the beginning of the year. From this perspective alone, the content of the thesis is quite clear, the information is detailed, and the conclusion is shocking. The spearheaded point is the impact of the Federal Reserve's interest rate hike on US long-term bonds, and because of this effect, it has produced a terrible chemical effect on the European market. , Leading to the full collapse of the US bond market.

The dissertation is a good dissertation that everyone in the industry can tell. But this is Beijing, and no one would think of an article as a simple one, especially in the key sector of foreign trade. A few days after the publication of the paper, the wind direction changed immediately, and some spearheads began to point directly at the Ministry of Finance's government bond discount policy and the current speculation in the government bond futures market.

You must know that Taizu once said: There is no party outside the party, the emperor has no thought, and there is no faction in the party. As a top master in political and military affairs, this sentence basically reveals the core connotation of the political circle and has become a program of action for many people. Factional struggles and internal contradictions in various departments have never been rare.

Now that this paper is published on the bones of the eye, people with good eyes can immediately see that this is the internal dispute of the fiscal mouth. When there are disputes, there will naturally be conflicts of interest, and the question of whether to continue to increase discounts will be heated up in no time. At this time, severe domestic inflation has just come down, and further opening up the futures market, or rectifying the overheating of the futures market has become a key issue.

It is just that the national debt futures are too special, which is related to the issue of national debt by the Ministry of Finance. This is a huge money bag, and no one dares to make a decision without authorization. Therefore, the focus is on the interest rate discount and quota standards. .

If you take the bond storm in the United States as a reference, anyone knows that putting money on treasury bills is a hidden danger to the turmoil in the secondary market, but if it is not at all, no one can guarantee that the ordinary people holding the treasury bills will not suffer losses. Moreover, no one dare to guarantee that the people who have suffered losses will continue to purchase the next national debt to maintain the normal operation of the country.

The plate is too big, and it becomes extremely difficult to decide on the policy. The confusing government bond futures market has suddenly cast a shadow. After this paper was issued, Shanghai responded quickly, and several major Shanghai veteran brokers agreed that a reduction in interest rates was imperative. It's hard to say that under such heavy pressure, the Ministry of Finance dared to act rashly.

The top was so noisy that it was put in the ear of the person below and it became another look. After a few reprints in several newspapers, the US bond turmoil became a clear indication that "the futures market is at risk". Thousands of assets are said to be gone, leaving some ordinary people gloating and fearing. Now that the concept of a bear market bull market has spread through the stock market, some speculative speculators have begun to understand the rebound caused by overheating the market. Then look at the futures market. Is the last "314" futures hot? If the money is not available, that is the number on the book. In this chaotic situation, whether to continue to enter the market or not has become a key issue.

There are of course speculators who make money, but they are vigilant, and there are not a few who are unwilling to take risks and gamble. In particular, the treasury bills implement the apportionment system. Many of the holders are state-owned enterprises and institutions. They are non-speculative and habitually trying to figure out. The favored groups, with this deadlock, have dared to enter the market directly less than half.

Overlapping hatchbacks, the entire futures market has fallen into a pre-storm tranquility. Both the news group represented by China Economic Development Corporation and the market forecasting group represented by Wanguo have begun to work secretly and want to take advantage of the big bosses. . The big fish is unwilling to move, but the money and the market can't just be so cold, so some small and medium retail investors who have gained profits or suffered a large loss in the early stage have started to move.

And this action really entered into Chen Yuanming's plan.

Today, the 325 T-bonds are just before the December bond delivery period. According to the usual method, generally speculators only need to reverse the position to close the position, and will not enter the real physical delivery. However, at the middle of the month, there has been a sudden wave of acquisition of current bonds on the market recently. It is said that some people think that the 923 bonds due in mid-1995 have a considerable value preservation value. Even if they are not speculated in the futures market, they can reap stability based on discounts The income is at least a few dollars higher than the 128 yuan on the coupon.

No one can be sure of this statement. After all, the discount policy is inconclusive, but even at the current discount standard, the coupon should be around 132 yuan. With such a calculation, some financial institutions will inevitably have an intention. Many small securities companies that originally held Treasury bills receipts went to a higher-level securities trading center and wanted to deliver cash on their books.

Who knows this action, but a huge basket was scooped out. Many securities companies that hold warehouse receipts for Wuhan Securities Exchange Center cannot mention current securities at all, because the warehouse receipts they hold are simply fake!

As soon as the news came out, a thousand waves were stirred up immediately. All Treasury bills purchased through serious channels, how could such a flaw appear! After receiving the report, the Shanghai Stock Exchange immediately acted and began to investigate and deal with these forged warehouse receipts. As a result, a big fish under the water surfaced.

There are at least 80 forged warehouse receipts from the hands of Liao Guofa!

At this time, seats are required to enter the national debt futures market. If you want to speculate on futures, you must have a license from a financial institution or a securities institution. However, Liao Guochuang obviously does not have this condition. The seats entered the Treasury futures market.

This is of course a good thing for securities companies. Sitting at home to collect high rents should have been a profitable business, but unexpectedly, Liao Guofa recruited a large number of salespeople to cheat the trust of financial institutions and took it. A batch of so-called storage notices from the Wuhan Securities Exchange Center's warehouses filled out huge amounts of government bonds and distributed them to securities companies and securities registration companies in various places for repo financing.

At the same time, he was also arbitrarily borrowing funds on the floor. After joining the main securities company in May 1994, Liao Guofa has issued more than 1 billion short orders in violation of regulations and passed the short-term action of 314 Treasury bonds. Made a fortune.

However, this method will undoubtedly cause huge losses to those institutions and individuals who have obtained false short orders. The money has been paid to Liao Guofa for use in the futures market, but the delivery order he received was fake, and the government bond bought in cash was simply a white bar and could not be cashed in any kind or cash. Thinking of picking up the goods, then waiting for them will be catastrophic losses of hundreds of millions!

In shock, the Shanghai Stock Exchange immediately sealed the account of Liao Guofa, and the public security and industry and commerce departments intervened at the same time, blocking the two brothers on the way to escape. The total assets are only 1.6 billion or 700 million. If this behavior is allowed to continue for several months, who knows what will happen!

This will make the already troubled government bond futures market more turbulent. Securities departments, large and small, can no longer believe the receipts in their hands. The spot delivery, which was rarely seen in the Treasury futures market, has become a trend, and the bill of lading has exposed even greater problems. There are more than one backdoor brokerage company like Guofa, such as a variety of illegal borrowing and illegal financing. Now that these hordes of rats have been knocked out in a string, the social impact is so serious.

And since the accountability body for financial fraud is not clear at this time, and the deceived institutions are too many and too complicated, a cat-and-mouse situation has emerged around the fraud case, and each department ca n’t wait to fill in those remaining assets first. Besides, the hole in his own book said that the situation began to worsen as the departments began to talk.

Under such circumstances, the lack of supervision of the treasury bond futures market was barely spread under broad daylight.

Is discounting important? Of course it matters. But stabilizing people's hearts and punishing various kinds of fraud have covered disputes over whether to discount interest rates. Some economists have even pointed out harshly that the current domestic futures market lacks effective supervision at all. If discounts will affect market changes, then wholly-owned subsidiaries of the Ministry of Finance should not enter the market. Not to mention vicious speculators like Jiang Zhiyu, it is the weak supervision and laws that give them the opportunity. If the legal system is not perfect, it is better to simply close the futures market, and everyone will have a sunny world.

Noisy outside, Chen Yuanming was finally relieved. This secret hand finally got its due effect.

That's right, what he aimed at this time was not Zhongjingkai or Wanguo, but Liao Guofa, the lurking hungry wolf. The biggest variable of the 327 storm is undoubtedly the backwater from Liao Guofa. If he didn't suddenly go from idling too much and threw a huge single port of 2 million in violation of the rules, the price would not rise by more than 3 yuan a day, pushing the nations to an end. Scene.

At the same time, the malicious speculators represented by Liao Guofa are also a hidden danger under this storm. If this shady scene has not been exposed, the securities company is estimated to be collecting rents in peace, and those institutions and individuals are also full of confidence. Holding his own short order, holding the dream of getting some profits from the futures market. When the 327 and even the subsequent 329 incidents really happen, it will not be a small hole of 200 million or 300 million, but a huge loss of up to one billion billion.

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Rather than get involved in the scuffle, let yourself suffer from the enemy and bear unimaginable pressure, it is better to remove the table in advance and extract the dry wood covered with oil, so that the decay of this place is exposed to the broad daylight as soon as possible. What did Chen Yuanming do in this plan? It was just a paper that had not been signed.

As for the small moves that secretly encourage spot delivery, it clearly coincides with his position. Only when it is difficult to make money in the country and cannot make money, will the international market become important and rely on him more. This kind of trick is acceptable to the real giants, it is not harmful.

As for the rest, leave it to the market.

The plank road repairs were vigorous here, but Chen Cang opened quietly. After experiencing chaos in the treasury bond futures market this month, the Ministry of Finance finally loosened its golden gate and made the international market a new financial path. At this time, the national treasury was indeed empty. With the warning of the pound exchange rate case, the foreign exchange reserve has also become an important strategic reserve of the country. It is impossible to fully invest in the market for arbitrage. In case of loss, who can afford responsibility?

Therefore, the fund established this time is obviously different from the national sovereign funds of later generations. Specifically, there is too little money.

A total of 2 billion U.S. dollars, or tightening the pants belt in three departments, made Chen Yuanming somewhat cried. At the same time, because the three departments have adopted a collaborative model, the composition of the personnel is quite complicated. Fortunately, they have selected young and middle-aged cadres who really understand the securities market and have a very flexible mind. However, we can see the country's determination in this regard.

At the same time, the Xiao family, the People's Congress Foundation, and several related households of the military and the Ministry of Finance handed over a total of 200 million US dollars of assets to Chen Yuanming and entrusted him to operate on its behalf. At home, there is a taste of private equity funds.

Under the advice of Chen Yuanming, the two red capitals quietly integrated into the international market and began their own way of making money.

At this time, the calendar for 1994 had already been turned over, and the new year of 1995 was coming.

(End of this chapter)

The author has something to say: cough, although it is not stubborn today, but it is early ... → _ →

In fact, it will be slower to write drops when it comes to the layout. It is also said that this is the best solution to think of drops. If there are any bugs, everyone will be more honest.> _

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