Chapter 1021 A blow to the head (3)

  Chapter 1021 A blow to the head (3)

  Regarding the value of foreign exchange, depreciation is beneficial to the export of domestic products, because relatively speaking, these commodities become “cheap”. However, this kind of thing has advantages and disadvantages. The decline in currency value means that in the international trade of imports, the country needs to spend more.

After decades of high-speed growth, the RMB’s rigid pricing mechanism has been criticized, and the pressure from the international community is also increasing. For this reason, the government had to carry out a round of exchange rate reforms in 2002, and the RMB gradually rose. to a high of 6.2. But now, with the decline in economic growth and the high value of the renminbi is not in line with the current economic situation, the government has restarted a round of exchange rate reform in this context.

   It can be said that this round of exchange rate reform is to depreciate the RMB in an orderly and slow manner. But everything is not always smooth sailing, especially in the unpredictable foreign exchange market. The news of the depreciation of the renminbi quickly attracted the attention of some international institutions, especially those hedge funds that focus on the macro economy, and Huaxia’s huge foreign exchange reserves became their coveted target.

   The collapse of the exchange rate system has happened many times around the world, including the old powers such as the United Kingdom. Therefore, the Chinese government has always been very vigilant about this issue. Because once the exchange rate system falls, it means that the wealth of the whole people accumulated over decades of hard work will be wiped out, and it is impossible for any government in the world to remain indifferent to this.

  Although intervening in the foreign exchange market may fall into the limelight, extraordinary methods must be used at extraordinary times. That’s why the chief was easily persuaded by Zhong Shi to concentrate resources on saving the foreign exchange market first. Because if shorting the renminbi forms a long-term trend, it will be nothing less than a catastrophe for all Chinese people.

  On August 26, the central bank headquarters building.

  In the past day, the settlement price of the RMB against the US dollar officially broke through 6.5, and the action to save the RMB is imminent and urgent.

  Early in the morning, Zhong Shi, Gao Dongfang and others came here early, and they will hold a meeting with the people from the central bank before nine o’clock, and finally decide which market to sell in.

  The building of the headquarters of the central bank is not too tall, but it is very cleverly designed. The half-arc shape looks like a gold ingot, as if telling the world that this is a place where money is only discussed.

   “Okay, are you all here?”

At 7:30, President Jin was the last to enter the conference room, glanced at the crowded conference room, sat down on the central seat, and said solemnly, “I believe everyone knows what happened yesterday. Today we are discussing the final plan, please pay attention to the time of the speech, we have to form a final conclusion before nine o’clock. Also, everyone, please turn off the communication tools first, I do not want to violate the discipline of the meeting.”

  During this period of time, he was under a lot of pressure. The bags under his eyes had already appeared seriously, and there seemed to be a few more wrinkles on his face.

   There was a rush of busy noises immediately, and it didn’t take long for it to return to calm.

   “Okay, Zhong Shi, you speak first!”

Seeing that everyone was ready, President Jin nodded with satisfaction, and directly called out, “You have been dealing with the capital market before, maybe you don’t know much about the foreign exchange market. Let me briefly say that since the exchange rate reform, The exchange rate of RMB against the US dollar has broken through from 6.2 to 6.5, a drop of up to 4.83%. In the offshore market, the number of RMB short contracts is also increasing, and there are even rumors that the RMB will be hit to 6.9 in the market. Hedge funds in Europe and the United States do not Few have joined the ranks of shorting the renminbi, and if things go on like this, we will face very heavy pressure.”

  He has received clear instructions from the chief to concentrate resources and financial resources to prioritize the exchange rate issue, and Zhong Shi in front of him will personally handle it.

  Although he didn’t know the reason, this proposition was consistent with President Jin’s inner vision, so he accepted the order calmly, and hinted it to Zhong Shi in a timely manner.

   It’s just that although the head made the decision, the current meeting is suspected of going through the process. But in order to be able to form a unified cognition, the necessary procedures still have to be followed.

   Seeing President Jin was the first to click on the bell stone, many people already knew it.

   “Compared to the stock market, the intervention in the exchange rate market has reached the point where it has to be launched.”

Zhong Shi, who is well aware of this, is naturally very happy to cooperate with the other party in this play, and immediately said loudly, “I will say a little bit, but in terms of difficulty, saving the foreign exchange market is far easier than saving the stock market. There are many more, and the effect is quick. Under such circumstances, why should we sacrifice the easy for the difficult? Besides, the public security organs are carrying out the purge and investigation of the stock market in an orderly manner, and we will enter after they have cleared the investigation. Isn’t it more conducive to the subsequent development of the market?”

   “Funny!”

As soon as Zhong Shi finished speaking, Li Bin jumped out impatiently, “Saving the stock market is a market behavior, and the actions of the public security organs involve the judiciary. Look, both are good behaviors for the stock market, and it is more conducive to the recovery of the market if you do both.”

“As for the foreign exchange market, a mere depreciation is nothing, which is also beneficial to exports. But having said that, we can’t be indifferent to it. According to my point of view, 6.5 is not the end point. If it depreciates to 6.7, we will not sell any more. As long as the economic data continues to grow and the inflow of funds is greater than the outflow of funds, we don’t have to worry too much about the exchange rate market.”

  His words were completely tit-for-tat, and immediately filled the conference room with a smell of gunpowder.

  President Jin frowned involuntarily, and a trace of displeasure appeared on his face.

   “Since I want to talk about the stock market, let me talk about the stock market!”

At this time, Gao Dongfang stood up and said loudly, “During the rescue period I presided over, I once bought a stock. I won’t say much about the specific stock. When we bought this stock, there was a A large sell order. After investigation, we found that two days before we bought, this fund sneaked into this stock quietly. No matter the size of the purchase or the number of positions, it happened that the disclosure requirements were not triggered. Afterwards, it is roughly estimated that the other party has earned at least 300 million yuan from this transaction alone. Comrades, the 300 million yuan is a bailout fund, and it was so easily earned by people with great powers in the market. gone.”

boom!

  He suddenly slapped the table with his palm, making a sudden loud noise, which startled everyone in the conference room.

   “I am not reconciled, I am really not reconciled!”

Gao Dongfang’s eyes were wide open, with a ferocious expression on his face, “If these small things can’t be cleared from the market, no matter how we rescue the market, it won’t help. Only a healthy market can have an ideal and suitable index to match. As for the foreign exchange market I don’t think there is any need to explain the importance of it to you, right? The reason why we are called here is to deal with the difficulties in the foreign exchange market. This also shows that the country attaches more importance to the foreign exchange market than the stock market, so we are still discussing here What? I suggest that measures should be taken immediately on the foreign exchange market to deal a severe blow to those international short sellers!”

   “Comrade Gao Dongfang, don’t get excited!”

President Jin watched Gao Dongfang’s almost venting speech expressionlessly, and only waved his hand slightly at the end to stop the other party from continuing, “These directions are being carried out in an orderly manner. When Comrade Dongfang expresses his opinions, don’t add Personal emotions. Okay, do you have any other comments?”

“I have!”

Li Bin jumped out again, “As for what Comrade Gao Dongfang said, I suggest that the relevant departments conduct a thorough investigation. However, I have a question about the actions in the exchange rate market. If you really want to give priority to intervening in the foreign exchange market, I hope that the target How much is the price, how long will it take, how much money, don’t these need to be discussed?”

  He has already heard that President Jin tends to give priority to intervening in the foreign exchange market, and naturally he will not continue to entangle in the stock market, but this does not mean that he will stop there.

  Others thought about it, and it was true.

   The exchange rate market, like the stock market, basically fluctuates every day. So if you want to intervene, you must set the target price near a certain line. Of course, this line is not static. If there is no malicious short-selling trend, there is no need to set such a line.

“this problem…”

  President Jin pondered for a long time before looking at Zhong Shi, “You should ask him. If I decide to give priority to intervening in the exchange rate market, Zhong Shi will take full responsibility for it.”

“he?”

   Li Bin’s expression suddenly became ugly when he heard the words, and he said leisurely after a while, “Of course, I’m not worried about Mr. Zhong’s ability. I just think that if the relevant information is not announced, I’m afraid I can’t explain it to the people present, right?”

  He cleverly tied the people present with himself. Although this was suspected of offending Zhong Shi, it also resonated with others.

   “Assistant Li, I think you are completely wrong.”

Zhong Shi stood up unhurriedly, and retorted calmly, “This time the intervention in the foreign exchange market is mainly to curb the short-selling of RMB by foreign institutions, so as to further prevent their greater ambitions. When it comes to specific goals, I will It’s inconvenient to disclose here, and everyone, don’t be too concerned, after all, this time is a catch. If the turtle escapes at a critical moment, who is responsible for it?”

  When he said this, the expressions of the others changed.

Although it is not stated clearly, the meaning has been expressed very clearly, that is, Zhong Shi is worried that someone may leak the confidential information. It will all fall on Zhong Shi, which he cannot bear.

  So he strongly pushed back Li Bin’s request, and at the same time secretly warned everyone not to easily get involved in this muddy water.

   None of the people present were fools. After hearing Zhong Shi’s words, they all fell into deep thought, which also made the scene deserted for a while.

   “Any comments to make?”

After waiting for a while, President Jin stood up slowly and said solemnly, “The discussion was very heated, and I am personally quite satisfied. Some comrades had many opinions, and they were answered one by one. If there are no other opinions, Shall we proceed to a show of hands?”

  Hearing President Jin’s words, Li Bin’s face darkened suddenly, and he knew very well that the other party was beating him.

  Naturally, after the tone was set and there were no other objections, all hands in the audience were raised, and intervention in the foreign exchange market officially became a priority policy.

   “Zhong Shi, get ready and start working right away.”

After the vote, President Jin said to Zhong Shi non-stop, “From now on, you will be fully in charge of the siege against international short sellers, and you can report the specific work to me. Well, everyone else will go back to work. Remember, today’s meeting Not a single word of the content is allowed to be revealed!”

  The speed at which a resolution is passed and immediately put to work is unheard of. But the people present understood that this was to eliminate all interference factors outside the venue.

  As for who it is targeting, everyone has their own answer.

   Thanks to alex0007, four-eyed prodigal son, Lao Nafahao Takong, ay b, memories of 1991, crab reading, whoever offends me will be punished, and if you are fat, don’t fight, vote for the monthly ticket! Thanks to Gu Hanyun, shoppingmode Brother Bin 89, Sweetness and Tenderness, Xie Peihan, book friends 151029132347505, atuzai-zwb, alex0007 for their recommendation tickets! It’s been a long time since I’ve written for so many days in a row. During this period of time, I’m under a lot of mental pressure, and I still have some content to be conceived. However, everyone’s support is the author’s biggest motivation. Do your best to cheer~

  (end of this chapter)