Enjoy the world

In 2047, the fifteenth year since the founding of the Republic of China, President Wang Fengshou will be nearly halfway through his second term. On this day, Tang Senzhi, director of the State Planning Commission and Minister of Finance, received an urgent call.

The call was from Hai Lanzhu, the president of Huanxiang Industrial Bank, but it was not an office number but a private number. Hai Lanzhu's tone was a little urgent: "Tang Caishen, someone finally came to our bank to run money!"

A run on the bank was a huge event, but when Tang Sen finally opened his mouth, he said, "President Hai, how many times have I reminded you that you have to call me Director Tang in the workplace!"

Hai Lanzhu: "Isn't this your private phone number? Don't worry about it. Someone really came to run on it. They have a lot of digital coins issued by us in their accounts and they came to exchange them for pure gold physical coins."

Tang Senzhi: "You need to be rigorous when talking about professional issues. How many are there?"

Hai Lanzhu: "Ten million pieces, the net weight of gold is two hundred tons! If they want to transport it away, they will have to rent at least three large transport planes."

Any bank encountering a run on this scale would be an existential crisis. However, although Hai Lanzhu's tone was a little hurried, there was no anxiety or panic. Instead, there was excitement and surprise.

What Tang Senzhi said was even more abnormal: "After waiting for so long, I finally held back something big! I will inform Director Hua now that they are coming."

Hai Lanzhu: "There is no need to inform Mr. Hua, he is already in the lobby of the business department of the head office."

Tang Senzhi: "Oh, what is Director Hua doing?"

Hai Lanzhu: "Wearing security uniforms to maintain order...Mayor Luo is also here, wearing radiation protection suits and working as an inspector."

Tang Senzhi: "Then just follow the rules and stop by to watch the excitement when I take a walk after get off work."

Hai Lanzhu: "Director Hua said that we must pay attention to order and do not allow people to watch at close range."

Tang Senzhi: "I passed by the business department of your head office. Can I take a look inside the head office?"

Hai Lanzhu: "We haven't decided yet whether we will work overtime at night. We have to reach an agreement."

Tang Senzhi: "I will definitely make you work overtime. A consortium that can collect 10 million Huanxiang coins will not be so stingy."

Why would someone come to Huanxiang Industrial Bank to run a bank? And Tang Senzhi and Hai Lanzhu are actually so excited? Things started five years ago.

Five years ago, Yun Zhongxian came to set up a stall at Yanyue Stall. She saw that many people were using Huan Xiang coins for transactions, so she decided to accept Huan Xiang coins. Zhu Meng didn't bring Huanxiang coins, so he took out his mobile phone and wanted to pay online, converting the gold coins into Dongguo coins based on the market price of gold coins at that time.

Hua Zhenxing saw this scene and pondered a question after returning.

Most currencies around the world have been unstable in recent years. After the collapse of the dollar, international transactions were mainly bridged payments through multilateral swap currency pools.

Dongguo currency has achieved international currency status to a large extent and is also circulating in Huanxiang Kingdom.

However, the main commodities exported by Huanxiang Country, such as Chunrong Dan and oil fruit tree industry services, are faced by various countries around the world. Sometimes in international transactions, we often face complex currency conversion and exchange rate fluctuations.

Therefore, it is not without reason that monks from all over the world use Huanxiang coins in addition to bartering at the Moon-covering Stall.

However, there are also disadvantages to using Huanxiang coins. First, the circulation is insufficient, and secondly, it is inconvenient to carry.

So whether it was due to a brain twitch or other reasons, Huazhenxing asked Huanxiang Industrial Bank to issue digital Huanxiang coins in the name of Feng Zibin.

Later, digital coins gradually replaced physical gold coins, and they were known as Huanxiang coins internationally.

It needs to be emphasized that Huanxiang Coin is not a legal currency issued by Huanxiang Country, but a digital certificate issued by Huanxiang Industrial Bank. The unit is coins.

It can be regarded as a kind of digital and standardized paper gold. If you have a digital Huanxiang coin in your account, you can exchange it for a physical gold coin at Huanxiang Industrial Bank.

In this way, everyone's transactions will be very convenient. There is no need to carry jingling and heavy gold coins in your pocket every time you visit the moon stall. You only need to bring your mobile phone.

Yunzhongxian may not be able to adapt to it, but it is much more convenient for most other people.

And another advantage of digital Huanxiang coins is that they can be divided into small denominations, such as 0.001 pieces, which is much more convenient than physical gold coins.

Otherwise, the face value of one Huanxiang coin to buy ordinary things, such as wontons, pot stickers, kidney cakes, etc. is too high.

As for the exchange of physical gold coins, only whole coins can be exchanged. No matter who you are, as long as the balance in your digital account exceeds one Huanxiang Coin, you can exchange it at any time at an outlet of Huanxiang Industrial Bank.

As long as it is during bank working hours, exchanges for less than 100 pieces can be made at any time; for more than 100 pieces, an appointment is required one day in advance; for exchanges of more than 10,000 pieces, you need to go to the designated location, which is the head office business department.

At first, the digital Huan Xiang Coin was only used in transactions at the Yiyue Tan. Later, Huan Xiang Industrial issued a policy: the factory supply of Chun Rong Dan is priced in Huan Xiang Coin, and countries around the world can use Huan Xiang Coin when purchasing Chun Rong Dan.

What does it mean? Not only can you use Huanxiang coins to buy Chunrong Dan, but it also gives Chunrong Dan a standard pricing reference when the value of various currencies in the world is unstable.

In this way, the digital Huanxiang Coin not only anchors gold, but also anchors Chunrong Dan. With such an anchor, even if Huanxiang Coin cannot be exchanged for gold, people are willing to accept it.

This policy will be implemented from January 1, 2044. The factory price of Chunrong Dan that year was 200 Huanxiang coins per box, which will be adjusted annually according to regulations.

If Chunrongdan adjusts its pricing, it is actually equivalent to adjusting the pricing of gold. After that, in 2045, 2046, and 2047, the pricing was also "two hundred pieces per box", which remained stable.

Huanxiang Industrial does not force countries around the world to use Huanxiang coins to purchase Chunrong Dan. It also accepts international currencies such as Dongguo coins and Xinluo dollars. However, since the release of this policy, the pricing method has been changed to Huanxiang coins.

For example, this year's Chun Rong Dan is still priced at 200 Huanxiang coins per box. So when countries purchase it in other international currencies, they have to calculate the amount based on the conversion ratio between that currency and Huanxiang coins.

This invisibly makes Chunrong Dan possess the characteristics of a certain "general equivalent" in the international market.

In the five years since the launch of the digital Huanxiang Coin, a total of 25 million coins have been issued, which is equivalent to 500 tons of gold. Huanxiang Industrial uses it to purchase various materials and services, and then recycles them through the sale of Chunrong Dan.

This may seem like a lot, but in fact it is far from the total annual transaction volume of Chunrong Dan. For example, the supply of Chun Yong Dan in 2047 is 400,000 boxes. Calculated in fantasy coins, the total sales volume is 80 million coins.

Fantasy coins mainly serve as pricing standards and transaction supplements.

But on the other hand, its circulation volume is also large. It is not a currency but is better than a currency. It is equivalent to the M0 that a small country like Huanxiang Country injected into the market in this way, and M0 has a circulation velocity and a currency multiplier.

Looking at it this way, the digital Huanxiang coin is actually very similar to the rice dollar before 1971, because it can be exchanged for gold.

It is said that it is not currency, and its characteristics are also obvious, because its essence is a delivery voucher.

It is not a bond. Huanxiang Industrial Bank does not pay interest. It only keeps these gold coins for the holders and does not charge storage fees.

But this does not prevent the digital Huanxiang currency from circulating around the world, and people use it as a kind of hard currency. Major financial institutions have played various tricks and developed many financial derivatives.

Because of these external "financial innovations", many large holders of Huanxiang Coin will not go to Huanxiang Industrial Bank to exchange them, but will use them as a financial tool and monetary asset for other purposes.

Of course, there are sporadic small-amount exchanges. Many people go to Huanxiang Country to travel, shop, and study, and they will also go to the branches of Huanxiang Industrial Bank to exchange a few physical gold coins and take them back as a souvenir.

Huanxiang Country has also made timely policy adjustments, stipulating that no customs duties will be charged for bringing Huanxiang coins out of the country, and at the same time, heavy penalties will be imposed on those who forge physical Huanxiang coins.

The above is the background of the five years since the advent of digital Huanxiangcoin.

As a financial tool, Huanxiangcoin is ultimately supported by credit. If someone holds a large amount of Huanxiang coins and asks to exchange them for physical gold coins, but Huanxiang Industrial Bank cannot provide them, there is a risk that the credit system will collapse.

But in the eyes of many people, this kind of thing is almost impossible to happen, because it is not only gold that supports the credibility of Huanxiang Coin, but also Chunrong Dan!

But as long as there is a prerequisite for rigid redemption, there will always be people who can see this kind of structural risk. If there is structural risk, there is room for arbitrage.

If someone hoards enough Huanxiang coins and goes to Huanxiang Industrial Bank for a run, what will be the chain reaction?

If Huanxiang Industrial Bank fails to pay, it will constitute a breach of contract and theoretically even lead to bankruptcy.

To avoid this outcome, banks need to negotiate with holders. There are several solutions, such as exchanging equity for debt. In extreme cases, the possibility of the bank being acquired is not ruled out!

Huanxiang Industrial Bank may have financial strength, but its promise is to rigidly exchange pure gold physical coins. The result is that it must take out so many pure gold physical coins, otherwise it will be a breach of contract.

The bank has another trick, which is to urgently purchase gold and mint it into gold coins for delivery, but this will cause price fluctuations in the international gold market. Runners can also make huge profits by placing positions in advance.

Huanxiang Industrial Bank can also ask Huanxiang Industrial Group for help, and Huanxiang Industrial Group will negotiate and express its willingness to pay with Chunrong Dan instead of physical gold coins.

Then the bankers can take the opportunity to negotiate conditions, not only to buy beyond the quota limit, but also to buy Chunrong Dan in large quantities at a lower price.

This will inevitably cause the supply of Chunrongdan from other international channels to decrease and the price to rise, while those who get a large amount of spot goods will make huge profits.

It should be noted that the end market price of Chun Rong Dan in many countries far exceeds its factory price.

But if you want to run against Huanxiang Industrial Bank, you can't do it in a small way. You need to collect enough Huanxiang coins at one time to give a fatal blow unexpectedly!

The related planning of International Financial Capital started a few years ago, and the earliest behind-the-scenes mastermind actually included Rothchild!

In early 2044, Rozchild had a secret meeting with Hua Zhenxing.

The background at that time was that Huanxiang Industrial had just announced that Huanxiang coins could be used to pay for Chunrong Dan. At the same time, the issuance of digital Huanxiang coins suddenly increased from one million to 10 million.

Rocher came to remind Huazhenxing that this contained great rigid payment risks.

Huazhenxing explained that Huanxiang coins can now be used to pay for Chunrong Dan, which in fact greatly reduces the risk of the holder and even reduces the exchange risk to zero.

Huazhenxing's understanding of exchange risk is different from that of Rothchild. Huazhen Bank is not worried about Huanxiang Industrial Bank, but worried about the holders of Huanxiang Coin.

As a digital currency, Huanxiang Coin has a circulation scope all over the world, but the outlets that can be exchanged for pure gold physical coins are only in Huanxiang Country.

Not everyone in the world has the conditions to travel thousands of miles to Huanxiang Country to redeem it.

Some people may not be able to cross the border easily, while others may only hold a few Huanxiang coins, and the cost of exchanging them is too high.

If Huan Xiang Coin can be used to pay for Chun Rong Dan, and the scale of issuance is expanded, a circulation market will naturally be formed, and holders can easily trade with other currencies, such as their own national currency.

This matter does not even need to be promoted by Huanxiangguo, because someone will do it, such as Rozchild.

Rothchild laughed immediately, but he reminded Hua Zhenxing that doing so seemed to ensure the credibility of Huanxiangcoin and greatly reduced the risk of the holder, but it would lead to greater risks.

Chun Rong Dan is a controlled substance. Although the annual output at that time had increased to about 330,000 boxes, the supply was still in short supply. Huanxiang Industrial supplies products to distributors in various countries on a quota basis.

If someone hoards a large amount of Huanxiang coins and comes to run on it, it will not only force Huanxiang Industrial Bank to default, but even if Huanxiang Industrial is forced to pay with Chunrong Dan, it will also destroy the supply quota system of Chunrong Dan.

This will lead to some countries not being able to obtain the originally agreed quotas, causing Huanxiang Industrial to default on the country's distributors. The consequences are also very serious.

Hua Zhenxing asked Rozchild if he had any suggestions.

Rothchild suggested that we simply take this opportunity to announce the decoupling of digital Huanxiang coins from physical gold coins, and simply use Chun Rong Dan to guarantee its credit, which is equivalent to Chun Rong Dan payment tokens.

There is no risk of redemption of payment tokens, because the annual shipment volume of Chunrong Dan is limited, and not everyone can buy as much as they want. Under the existing distribution system, countries can only purchase according to quotas.

In this way, Huanxiang Industrial Bank can also issue larger-scale Huanxiang coins.

Huanxiang Coin can become an international hard currency. The cost is just a series of virtual digital accounts, but it can purchase various materials and services in the international market.

There are many Huanxiang coins that will not need to be recycled through the sale of Chunrong Dan. They are circulating and settling in the international investment field and international market transactions.

Rothchild also helped Huazhenxing formulate a plan to achieve a short-term circulation of 50 million coins and a medium-term circulation of 100 million coins. If Hua Zhenxing is interested, Rothchild is willing to cooperate with him.

How to cooperate? Huanxiang Industrial Bank is responsible for the issuance, and Rothchild can act as an investment banking agent and contact a group of international investment banks to establish a specialized currency exchange...

Hua Zhenxing rejected this cooperation proposal and said: "Dr. Luo, you should know me well. I hate all means of harvesting wealth out of thin air.

I don’t reject wealth or capital, but I care about how wealth is obtained, who owns the capital, and how.

From the Country of Miles to the Country of Huanxiang, I have been working hard to free people from their prisons. How could I possibly lure people into the prison I built with my own hands again?

My original intention of issuing digital Huanxiang coins was very simple. At first it was to facilitate transactions in the moon stall market, and later it was to provide a relatively stable pricing reference for Chunrong Dan, nothing more. "

Rozchild stared at him for several seconds, then smiled bitterly and said: "Whether you are willing or not, as long as the digital Huanxiang currency has the risk of gold redemption, and there is Chunrong Dan as a credit guarantee, there will be huge arbitrage operations are possible.

As long as it's profitable, there will always be people eyeing it. It's like a sea. There are many sharks, large and small, in the sea. If there is a smell of blood, they will swarm in. "

Hua Zhenxing nodded and said, "Thank you for the reminder!"

Rozchild smiled bitterly and said: "Given the relationship between you and me, all I can do is remind you." Then he sighed, "You rejected my proposal. Even if I don't take action, there are still many people who will seize this opportunity." of."

Hua Zhenxing: "Doctor Luo, you came here specifically to remind me because of your friendship with me. But if you were another person, what would you do if the opponent was not me but someone else?"

Dr. Luo: "I'm afraid I won't be able to help but take action."

Hua Zhenxing lowered his eyes and said: "An elder once told me that it is very dangerous for a child to walk in a busy city with gold. For him, he should try to avoid doing this.

But on the other hand, this is not a reason for people to grab this piece of gold. It is not right to snatch a child's lollipop, but it is an even greater sin to snatch gold.

A child holding gold can walk in the busy city without any worries. In the eyes of many people, this may be just an ideal world, but people must have ideals, what do you think? "

After speaking, without waiting for Rozchild to answer, he then asked: "Actually, before you came to me, did someone already come to you to discuss this matter? They want to get you to join the gang, right?"

Rozchild smiled bitterly again, his face almost turning into a bitter melon: "It is indeed the case. They know about my relationship with you and want to get inside information.

Someone has estimated the gold mining, import and export situation of the Huanxiang Kingdom since its establishment, and counting the gold reserves of the Kingdom of Li, it can be deduced that the total reserves will not exceed fifty tons.

These golds are the total reserves of the two countries, and it is impossible to provide all of them to Huanxiang Industrial Bank to be minted into physical gold coins. Even if you do this, it will only be 2.5 million pieces.

They came to me mainly to find out the exact figures, including your existing gold reserves, and the total amount of gold that you can mobilize in an emergency without trading on the international market. "

Hua Zhenxing: "Do you really want to know these numbers?"

Rozchild quickly shook his head and said: "No, no, no, the only way to be worthy of a friend is to ask you not to tell me. As long as I don't know, there is no way to leak it to others."

Hua Zhenxing muttered: "The reason why you are unwilling to do that is just because the target is me. But as you said, even if you don't do it, those people will still do it.

If you refuse their invitation, it means you have betrayed that circle. If you really want to join the gang, just join it.

With you participating in it, at least I can grasp some situations in time. Our meeting today is secret and no one knows about it. I will not let it out, and I believe Dr. Luo will not. "

Rothchild was silent for a long time, and finally sighed, patted Hua Zhenxing's knee and said: "If I participate, I'm afraid it's to provide you with as much information as possible - the information that I can provide."

Hua Zhenxing: "You are already providing it."