I was chased by my sickly junior brother who had two lives

Stabilizing exchange rates and expanding flows: Chen Jia and Chen Jue’s path to financial innovation

After realizing that unstable overseas exchange rates were hindering business activities, Chen Jia and Chen Jue decided to take a two-pronged approach. On the one hand, they looked for reference points for stable exchange rates and used them as a cornerstone to stabilize the exchange rates. On the other hand, they hired many accountants who were good at abacus to improve the efficiency of exchange rates and make the exchange business of overseas money banks smoother.

On this day, sunlight shone through the carved windows into the spacious study room of the Chen Mansion, which was filled with all kinds of financial books and account books. Chen Jia and Chen Jue sat opposite each other, looking focused and solemn. Chen Jia was the first to break the silence. She frowned slightly, pointed her finger at a report on the table that recorded recent exchange rate fluctuations, and said, "Husband, now the exchange rate of overseas currencies is like a small boat in the waves, ups and downs. Although we have taken some measures, if we want to solve the problem fundamentally, we still have to find a stable exchange rate reference, just like anchoring a solid coordinate in this ever-changing exchange rate sea."

Chen Jue nodded slightly, his eyes deep, and after thinking for a moment, he said: "Madam, you are absolutely right. This exchange rate reference is very important. It not only stabilizes our trade settlement, but also allows us to find the right direction in the complex international financial market. However, finding such a suitable reference is not easy, and many factors need to be considered comprehensively."

Chen Jia held up her chin and thought, then said, "Sir, I think we can start with the currencies of countries with strong economic strength and stable political situation. The currencies of these countries are relatively more stable. With this as a reference, perhaps our exchange rate management can be more reliable. For example, we can study the 'Sea Shell Coin' of the East Sea Country. Their country has a prosperous business, and the Sea Shell Coin has a certain circulation in the surrounding areas."

Chen Jue picked up a pen and wrote the three words "Seashell Coin" on the paper, and then said: "My wife, Seashell Coin does have certain potential. But we can't just consider one currency, we have to compare it with other countries' currencies, like the 'Golden Baht' in the Western Regions. The country behind it is rich in mineral resources, and the Gold Baht is widely used in commodity trading. We need to analyze the relationship between these currencies and the currency of Qing, as well as their fluctuation patterns under different economic environments."

Chen Jia nodded in agreement: "My husband is right. We need a comprehensive and in-depth study. How about this? We arrange for someone to collect relevant information on currencies of various countries, including economic data, trade policies, political situations, etc., conduct detailed analysis and evaluation of these currencies, and find the currency or currency combination that is most suitable as a reference for the exchange rate."

Chen Jue put down his pen and said, "Okay, let's do it. This is a complex and huge project, and we must select smart and capable people to be in charge."

After the two men finished their discussion, they immediately started to make arrangements. Chen Jue selected several staff members who had in-depth research on the economies and currencies of various countries, and solemnly said to them: "Everyone, now that the money houses are facing currency exchange rate problems, it is urgent to find a stable exchange rate reference. You need to collect detailed information on currencies of various countries as soon as possible, analyze their stability, their correlation with the currency of Qing, etc., and be sure to give us a comprehensive and accurate report in the shortest possible time."

The staff members all accepted the order: "Don't worry, Duke. We will do our best."

At the same time, Chen Jia set her sights on improving the efficiency of exchange rate conversion. She said to Chen Jue, "My husband, even if we find an exchange rate reference, if the exchange rate conversion efficiency is low, our overseas business will still be difficult to carry out smoothly. I plan to hire a group of accountants who are proficient in abacus to speed up the calculation of exchange rate conversion and improve overall efficiency."

Chen Jue thought for a moment and said, "My lady, this is indeed the key. But hiring an accountant is not easy. Not only does he need to be good at abacus, but he also needs to have a certain understanding of exchange rate conversion and be loyal and reliable."

Chen Jia smiled confidently and said, "Husband, I have already thought about this. We can post notices in various places, recruiting accountants who are proficient in abacus and have financial knowledge with high salaries. At the same time, we will set up a strict selection process, through written tests, interviews and practical operation assessments, to ensure that only the elites are hired."

Therefore, Chen Jia arranged for the housekeeper to post notices in major cities of Qing State. As soon as the notice was posted, people came to apply for the job in an endless stream.

At the selection site, a young applicant seemed particularly nervous. Chen Jia smiled and asked, "Young man, why do you think you are qualified for this job?"

The young man took a deep breath and said, "Madam, I have been learning to use the abacus since I was young. I practice diligently every day and have mastered the abacus skills. In addition, I also like to study the exchange rates of various currencies and have a certain understanding of exchange rate conversion. I believe I can contribute to the exchange rate conversion work of the bank."

Chen Jia nodded and said, "Okay, next is the practical operation assessment. Here are some currency conversion questions. The time limit is 15 minutes. See if you can complete them quickly and accurately."

The young man immediately picked up the abacus and moved the beads with his fingers. A quarter of an hour later, he presented the answer. Chen Jia carefully checked it and said with satisfaction: "Not bad, the calculation is accurate and the speed is also very fast. You go back and wait for the news. If you pass the selection, we will send someone to notify you."

After several days of selection, Chen Jia selected a group of excellent accountants. She gathered these new accountants and said, "Everyone, from today on, you will become a member of the bank. Our overseas business is facing the challenge of exchange rate efficiency, and you have an important mission. Next, we will arrange professionals to train you so that you can be familiar with the bank's business procedures and exchange rate rules. I hope everyone can master them as soon as possible and go all out to improve exchange rate efficiency."

The accountants responded in unison: "Madam, rest assured, we will not fail in our mission."

While selecting the accountant, the staff members who were looking for exchange rate references were also working hard. A few days later, they came to the study with thick reports.

The chief of staff said respectfully, "Duke, Madam, after detailed research and analysis, we believe that 'Sea Shell Coin' and 'Golden Baht' can be used as the main exchange rate references. The economy of the East Sea Country behind the Sea Shell Coin is mainly based on trade, and it has frequent trade exchanges with the Qing Country; the country where the Golden Baht is located is rich in mineral resources, and its currency plays an important role in commodity trading. We suggest building a reference exchange rate system based on the trade-weighted average exchange rate of these two currencies with the Qing Country currency."

Chen Jia and Chen Jue read the report carefully. Chen Jue said, "This report is very detailed and well analyzed. However, the construction of this reference exchange rate system still needs to be communicated with overseas banks and chambers of commerce to ensure that they can recognize and adopt it."

Chen Jia nodded and said, "My husband is right. We can invite representatives from overseas banks and chambers of commerce to discuss how to implement this reference exchange rate system."

Soon, Chen Jia and Chen Jue sent invitations to all parties overseas. A few days later, representatives from overseas banks and chambers of commerce gathered in Qing Kingdom.

At the meeting, Chen Jia introduced the idea of ​​a reference exchange rate system to everyone: "Ladies and gentlemen, currency exchange rate fluctuations now bring a lot of inconvenience to our trade. After research, we propose to use 'Haibei Coin' and 'Gold Baht' as the main references to build a reference exchange rate system. In this way, we can have a relatively stable exchange rate standard when settling trade and reduce exchange rate risks."

A representative from Nanyang Money Bank frowned and said, "Mrs. Chen, this idea sounds good, but how can we ensure the stability of the two currencies? Moreover, the acceptance of these two currencies varies in different regions."

Chen Jue smiled and explained, "Sir, our staff team will continue to monitor the stability of the two currencies. Once there is an abnormal fluctuation, we will adjust the reference exchange rate in a timely manner. As for the degree of acceptance, we can promote it together so that more merchants can understand and use this system. Moreover, we will make appropriate adjustments based on the actual conditions in various places."

After some discussion, representatives from all parties expressed their approval of the reference exchange rate system and their willingness to jointly promote it.

With the gradual establishment of the reference exchange rate system and the new accountant officially taking up his post after training, the exchange rate conversion of overseas banks has become smoother. The overseas business of the bank has ushered in new development opportunities, and the scale of trade has continued to expand. Chen Jia and Chen Jue once again opened up a new path for the overseas business development of Qing State with their wisdom and courage.