Beiyang reactionaries
Page 1093
The Bank of China announced that all banks established in China, including government-controlled banks, private commercial banks, Sino-foreign joint venture banks, and foreign banks, cannot set deposit and loan interest rates at will.From now on, the Bank of China will announce the benchmark interest rate for deposits and loans.
This includes demand deposits, fixed deposits, loans, etc.
All banks operating in China must make some adjustments based on the benchmark interest rate announced by the Bank of China.And the adjustment range is limited, only [-]% of the adjustment space.
In other words, the interest rates of all banks in China can only follow the benchmark interest rates announced by the Bank of China.It is no longer possible to set interest rates at will.
These banks in China have different interest rates.
Needless to say, the deposit interest rate is not the same as the loan interest rate.The situation in Shanghai has always been that HSBC lends money to other banks, banks, and money houses in Shanghai, and those banks, banks, and money houses lend money to other industrial and commercial households and usury.
Loan interest rates vary.
Moreover, some small banks, in order to raise funds, arbitrarily raised their deposit interest rates to attract savings.The result is that these small banks have little strength, and they may go bankrupt at the slightest sign of trouble.
So this time everything changed.
The bank's interest rate is directly regulated by the Bank of China.All banks must follow the Bank of China's benchmark interest rate. Once it exceeds the Bank of China's regulations, it will be invalid and subject to administrative punishment by the Bank of China.Those involving criminal law will be handed over to the procuratorate.
The rules are strict.
The third one is even more earth-shattering.
reserve system.
At present, some banks with sound operations will keep some reserves for themselves in case of emergencies.This is the experience of many people in doing business for many years, and they all know what it means to be prepared.But not all banks are like this.
Because some money is left unused, that is how much less money is earned.
In particular, many banks are mainly engaged in the usury business.They don't have much money in their own hands, so they get loans from banks at low interest rates, and then put the money on usurious loans.What they earn is the difference in the middle.But if they keep part of the money in their hands, how much money will they lose.So the operating conditions of these institutions are very dangerous.
But this time it is mandatory.
The Bank of China announced that all banks, banks, and banks must have reserves in accordance with the amount of deposits.In order to give all financial institutions a buffer, they were given half a year.All banks must hand over 3% of their deposits to the Bank of China as reserves within half a year.
This reserve fund is the money deposited by various banks in the Bank of China.Once some banks have problems and need funds urgently, they can apply to the Bank of China to transfer this reserve fund.
And this is just the beginning.
The Bank of China stipulates that after three years, the amount of reserve funds should reach [-]% of the deposit amount.
That's the big deal.
Because it was all my own money.
But this regulation means that all banks in China must hand in reserves to the Bank of China according to the amount of deposits.This is not a small amount.
If it was before, how many financial institutions would resist and disagree with such an order.They will definitely use all their strength to oppose such an approach.
But not now.
Those banks, banks, and money houses in Shanghai that were originally powerful, the dead, the injured, and those who were not dead or injured were basically reorganized by the national team.Even HSBC, a giant bank in the Far East, has been reorganized by the national team, not to mention other banks.Now they want to resist, but they have no strength to resist.Many financial institutions are still counting on the government's rescue, the government's relief.How dare you oppose this order.
Including some foreign banks that have not been injured, and have no strength to resist the order of the Bank of China.
The announcement of the "Three Articles" immediately caused a sensation in the entire Chinese financial market.So far, the first step of China's financial reform has been firmly sold.
Zhang Jiaao also completed the financial reform task entrusted to him by the cabinet.
On March 1924, 3, Zhang Jiaao, who had just announced the "Zhang Santiao" caused a sensation in the financial world, and announced that he was responsible for the crisis of the Bank of Shanghai.He said that he failed to discover the financial loopholes in Shanghai early, and he also failed to discover the rumors circulating in the Shanghai stock market early, and failed to take adequate precautions.
When the rumors spread, they were not able to refute the rumors in the first place.
This is all my own responsibility.
Therefore, Zhang Jiaao submitted a letter of resignation to the cabinet, willing to take responsibility for this incident.
On March 1924, 3, the Cabinet held a press conference.
Cabinet spokesperson Zheng Yuxiu announced that the cabinet had accepted Zhang Jiaao's letter of resignation.The cabinet believed that Zhang Jia'ao had mishandled the Shanghai banking crisis and had an unshirkable responsibility.
However, the cabinet believes that Zhang Jia'ao's biggest mistake was not discovering the rumors in the securities market in time, and failing to refute the rumors in time.At the same time, it is believed that the reason why Zhang Jiaao failed in the matter at this time was that he failed to discover the rumors in the securities market in time.This problem arose because Zhang Jiaao had been in Beijing for too long and was not familiar with China's financial situation.
The cabinet believes that Zhang Jiaao is young, only 35 years old this year.In view of the principle of treating the sick and saving the patient, the cabinet appointed Zhang Jiaao as a cabinet advisor and acting director of the newly established Bureau of Investigation and Statistics.
Let him start now to have a good understanding of all aspects of Chinese society.Let him not make this mistake in the future.
With the resignation of Zhang Jiaao, the vigorous Shanghai Bank turmoil finally came to an end.
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"The Ministry of Education has to come up with a practical solution."
At the meeting, Fan Xudong took out a document and said: "Leaders, you can take a look at this. This is the number of the most basic chemical technical talents we have introduced for the coal chemical industry according to the statistics of our Ministry of Chemical Industry. We are already Compress and recompress the number of required personnel as much as possible, and remove the number of technical talents we will train on site. But we still have so many vacancies. According to the current situation of Chinese universities, each year's chemistry graduates , 20 years will not be able to meet our needs. But now Germany has begun to transfer technology to us, and the first batch of machinery and equipment has been loaded on the ship, and it will come to our country in August this year. Time is tight, time is tight .”
Financial reform is the first step forward.
And very successful.
Financial stability has been stabilized. Although China's current financial scale is still very small, it is nothing compared to the economic scale.But stabilizing the finance will give China a solid foundation for the next currency reform.
Currency reform is the top priority of the government's work, and the financial supervision completed this time is a must for currency reform.It can be said that the financial stability this time has huge support for China's next economic reform.
Therefore, after the "Zhang Santiao" was announced, Duan Xun really breathed a sigh of relief.The cabinet's control over the Chinese economy has further increased, and many things will be much easier to handle.
Now it is a matter of industrial development.
Although the Ministry of Industry has come up with an industrial development plan, the cabinet has also approved it.But in the implementation of the industrial plan, disputes among various departments were fierce from the beginning.
Each department has its own interests and has its own development plan.But if you want to take care of all aspects, there is no such good thing.
the first time.
Although Duan Xun has formulated some economic development plans before, this five-year industrial development plan is the first time that China's industrial development has been planned on such a large scale.
So planning is easy.
Even the Ministry of Industry made a plan in cooperation with a bunch of experts after a lot of investigations.The cabinet is also positive about this plan, but it is not so easy to actually implement it.It has only just begun to implement, and a lot of problems have emerged.Many problems that had not been thought of before appeared one after another.
On the contrary, it is very difficult.
Fan Xudong is currently like this.
At the meeting, he was constantly criticized by the Minister of Education, Tang Erhe.
"Minister Fan, speak slowly."
Duan Xun asked Fan Xudong to calm down.
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