Investment Life

Such a clean sweep of Jiang Tao's team, those who know the truth naturally have a new understanding of Chen Yuanming's strength, and appreciate his restraint.However, the vigilance and praise of most Shuoshu are not beneficial to the overall situation. This level of wrist cannot touch the intertwined network of interests at all, and it will not make them give up the benefits that are at their fingertips.

The rat warehouses and disorderly lending within the system are the key issues that plague the securities market, but this cannot be changed by one person alone, so Chen Yuanming didn't want to spend time on it, but simply turned his gun. Start your own real layout.

In mid-December, a paper suddenly became popular in the finance and economics departments in Beijing. The author was a master of foreign trade. The core of the paper was about the US bond crisis at the beginning of the year.From this point of view alone, the content of the thesis is quite clear, with detailed information and shocking conclusions, pointing directly at the impact of the Fed’s interest rate hike on long-term US bonds, and because of this impact, it had a terrible chemical effect on the European market , leading to a general collapse of the U.S. bond market.

The paper is a good paper, and anyone in the industry can see it.But this is the city of Beijing, no one will take an article as a simple article, especially the statement of a key department such as foreign trade.A few days after the paper was published, the direction of the wind changed immediately, and some spearheads began to point directly at the Ministry of Finance's government bond discount policy and the current hype in the bond futures market.

You must know that Taizu once said: There is no party outside the party, the emperor thinks, and there is no faction inside the party, all kinds of strange things.As a top political and military expert, this sentence basically expresses the core connotation of the political circle, and it has become the action plan of many people. Factional struggles and internal conflicts in various departments have never been uncommon.

Now that this paper is published at a critical moment, people with a discerning eye can immediately see that this is an internal dispute in the financial department.If there are disputes, there will naturally be conflicts of interests. In an instant, there will be a lot of speculation about whether to continue to increase interest subsidies.At this time, the serious domestic inflation had just come down, and further liberalization of the futures market, or rectification of the overheating of the futures market became the key issue.

It’s just that treasury bond futures are too special. It is related to the issuance of treasury bonds 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 whether to discount interest rates and the quota standard. .

If we take the bond turmoil in the United States as a reference, everyone understands that posting money on treasury bills is a hidden danger that will cause turmoil in the secondary market, but if there is no posting at all, no one can guarantee that ordinary people holding treasury bills will not suffer losses. No one can guarantee that the people who have suffered losses will continue to buy the next national debt to maintain the normal operation of the country.

If the plate is too big, it becomes extremely difficult to decide on policies, and the treasury bond futures market, which is already confusing enough, suddenly casts a shadow again.After the publication of this paper, the Shanghai side responded quickly, and several major Shanghai-based brokerages agreed with it, believing that interest rate cuts are imperative.It is hard to say whether the Ministry of Finance will dare to act rashly under such heavy pressure.

The noise above is so loud, but when it is put into the ears of the people below, it becomes another appearance.After being briefly reprinted in several newspapers, the U.S. bond turmoil became a clear statement that "the futures market is risky", and trillions of assets will be gone if they are gone, which makes some ordinary people gloat and feel fear.Now the concept of a bear market and a bull market has spread through the stock market, and some thoughtful speculators have begun to understand the rebound brought about by the overheating of the market. At this time, let’s look at the futures market. Isn’t the “314” futures boom last time in sight?If the money is not in hand, it is the number on the book. In this chaotic situation, whether to continue to enter the market has become a key issue.

Of course there are speculators who take advantage of the chaos to make money, but there are not a few who are vigilant and unwilling to take risks and gamble, especially the treasury bills implement a apportionment system, and many holders are state-owned enterprises and institutions who are not speculative and are used to speculating With this stalemate among the Shangyi groups, most of them dared to directly enter the market.

The hatchbacks were superimposed, and the entire futures market fell into a calm before the storm. Whether it was the news group represented by China Economic Development Corporation, or the market forecast group represented by Wanguo, they began to make secret efforts, trying to get some opportunities from the big boss. .Big fish are unwilling to move, but money and the market cannot just cool down like this. Therefore, some small and medium-sized retail investors who have made profits or suffered big losses in the early stage have started to act.

And this action really entered Chen Yuanming's plan.

Now that the 325 Treasury Bond is on the eve of the delivery period of the spot bond in December, according to the usual method, the general speculators only need to reverse the transaction to close the position, and will not enter the real physical delivery.But in the middle of the month, there was a sudden wave of buying spot bonds in the market recently. It is said that some people think that the 12 bonds due in mid-1995 have a considerable value of preservation. The income is at least a few yuan higher than the 923 yuan on the coupon.

No one can be sure of this statement. After all, the interest discount policy has not yet been finalized, but even according to the current interest discount standard, it is true that the cash coupon should be around 132 yuan.After such a settlement, some financial institutions will inevitably be moved.Many small securities companies that originally held treasury bills into the treasury ran to the higher-level securities trading center, wanting to deliver the cash bonds on their books.

Unexpectedly, this action made a huge mess.Many securities companies that hold the sub-warehousing receipts of the Wuhan Securities Exchange Center cannot mention the cash bonds at all, because the storage receipts they hold are simply forged!

As soon as the news came out, it immediately stirred up waves.They are all treasury bills purchased through legitimate channels, how could such a mistake occur!After receiving the report, the Shanghai Stock Exchange immediately took action and began to investigate and deal with these forged warehouse receipts. As a result, a large fish floated out of the water.

There are at least 8o counterfeit receipts, all from Liao Guofa!

At this time, a seat is required to enter the treasury bond futures market. If you want to speculate in futures, you must have a license from a financial institution or a securities institution. Seats into the Treasury futures market.

This is of course a good thing for securities companies. It should be a stable business to charge high rent while sitting at home, but unexpectedly, Liao Guofa recruited a large number of salesmen to defraud the trust of financial institutions, and took A batch of so-called warehousing notices from the sub-warehouse of the Wuhan Securities Exchange Center filled in a huge amount of treasury bonds and distributed them to securities companies and securities registration companies in various places for repurchase financing.

At the same time, he also wantonly illegally borrowed funds in the field. Since he took over the securities company in May 1994, Liao Guofa has issued more than 5 billion short orders in violation of regulations, and through the 1 national debt squeeze action Made a fortune.

However, this method undoubtedly caused huge losses to those institutions and individuals who received false empty orders.The money has already been paid to Liao Guofa for him to call the wind and rain in the futures market, but the delivery note he got is a fake, and the national debt bought with cash is simply an IOU, which cannot be cashed in any kind or cash. If it is not in advance Thinking of picking up the goods, what awaits them will be hundreds of millions of catastrophic losses!

In this surprise, the Shanghai Stock Exchange immediately sealed up Liao Guofa's account, and the public security and industry and commerce departments intervened at the same time, blocking the brothers' escape. Liao Guofa was thoroughly investigated, and his negative assets had already reached 2 billion yuan. , the total assets are only 16 or 7 billion. If this behavior continues for a few more months, who knows what will happen!

This will make the already turbulent treasury bond futures market even more precarious.Securities departments, large and small, could no longer trust the receipts in their hands. Spot delivery, which was rarely seen in the treasury bond futures market, became a trend instead. For a leather bag company like Guofa, there is more than one backdoor brokerage, and there are countless illegal lending and financing of all kinds.Now this group of big rats have been picked out one by one, and the social impact is so serious.

Moreover, since the subject of accountability for financial fraud has not been clarified at this time, and there are too many and too complicated institutions that have been deceived, there is a situation of cats and mice around the fraud case, and every department can't wait to fill in the remaining assets first. Besides the holes in his own books, the situation worsened as the departments began to argue.

Under such circumstances, the fact that the government bond futures market lacks supervision has been laid bare in broad daylight.

Are discounts still important?Of course it is important.But stabilizing people's hearts and punishing all kinds of fraud have overshadowed the dispute over whether to subsidize interest.Some economists even severely pointed out that the current domestic futures market lacks effective supervision at all. If interest rate discounts will affect market changes, then a wholly-owned subsidiary of the Ministry of Finance should not enter the market.Not to mention vicious speculators like crucian carp crossing the river. It is the weakness of supervision and law that gives them an opportunity. If the legal system is not improved, it is better to simply close the futures market and give everyone a clear world.

There was a lot of noise outside, but Chen Yuanming finally breathed a sigh of relief.This dark hand finally got the desired effect.

That's right, what he's targeting this time is not Zhongjingkai or Wanguo at all, but Liao Guofa, a lurking hungry wolf. The biggest variable in the 327 incident is undoubtedly Liao Guofa’s rebellion. If he hadn’t suddenly idling more and thrown out a huge single mouth of 2 million in illegal operations, the price would not have soared by more than 3 yuan in a single day, driving Wanguo to a desperate situation scene.

At the same time, the malicious speculators represented by Liao Guofa are also hidden hidden dangers under this turmoil. If this shady scene has not been exposed, securities companies are probably still collecting rent with peace of mind, and those institutions and individuals are also full of confidence Some people hold their empty orders and dream of getting some profits from the futures market.When 327 and even the subsequent 329 incident actually happened, it was not a mere 2-3 million hole, but a huge loss of up to billions and tens of billions.

Rather than intervene in that scuffle, subject yourself to the enemy and bear unimaginable pressure, it is better to dismantle the table in advance, take out the dry firewood drenched in grease, and expose the decay of this place to the broad daylight as soon as possible.What exactly did Chen Yuanming do in this plan?It's just an unsigned paper.

As for the little tricks behind the scenes to encourage spot delivery, it is obviously in line with his position that the international market will become important and rely more on him only if it is difficult or impossible to make money in the country.This level of shenanigans is acceptable to a true giant, and it does no harm.

As for the rest, leave it to the market.

The plank road repair here is vigorous, but Chen Cang opened quietly there.After a month of chaos in the treasury bond futures market, the Ministry of Finance finally loosened its grip and took the international market as a new source of income.At this time, the national treasury was indeed terribly empty. With the warning of the British pound exchange rate case, the foreign exchange reserve has become an important strategic reserve of the country. It is impossible to put all of it into the market for arbitrage. In case of a loss, who can afford the responsibility?

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

A total of 2 billion U.S. dollars was collected by three departments by tightening their belts, which made Chen Yuanming a little bit dumbfounded.At the same time, because the three departments have adopted a cooperative model, the composition of personnel is quite complicated. Fortunately, young and middle-aged cadres who really understand the securities market and are very flexible in their minds are selected. It can be seen that the country is determined in this regard.

At the same time, the Xiao family, the National People's Congress Foundation, and several related households from the military and the Ministry of Finance handed over a total of 2 million U.S. dollars in assets to Chen Yuanming and entrusted him to operate it on his behalf. The Yuanyang Foundation is finally worthy of its name. After all, it smells like a private equity fund.

Under Chen Yuanming's suggestion, these two red capitals quietly integrated into the international market and started their own way of making money.

At this time, the calendar of 1994 had already been turned over, and the Spring Festival of 1995 was coming.