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Chapter 538: A blow to the head 3

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    Regarding the value of the foreign exchange currency, depreciation is beneficial to the export of domestic products because these goods become relatively "cheaper". Ò»?¿´Êé ??¡¤1?kanshu¡¤?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 growth, the RMB's rigid pricing mechanism has been criticized, and international pressure has increased. For this reason, the government had to carry out a round of exchange rate reform in 2000, and the RMB gradually climbed.  Reached a high of 6.  But now with the decline in economic growth, the high value of the RMB is not in line with the current economic conditions. Against this background, the government has restarted a round of exchange rate reform.  It can be said that this round of exchange rate reform is to allow the RMB to depreciate in an orderly and slow manner.  But everything is not always smooth sailing, especially in the unpredictable and unpredictable foreign exchange market.  News of the devaluation of the RMB quickly attracted the attention of some international institutions, especially hedge funds that focused on macroeconomics. China's huge foreign exchange reserves became their coveted target.  The collapse of the exchange rate system has happened many times around the world, including established powers like the United Kingdom. Therefore, the Chinese government has always been very vigilant about this issue.  Because once the exchange rate system collapses, it means that the wealth of the people accumulated through decades of hard work will be wiped out. No government in the world can be indifferent to this.  Although it may be unreasonable to intervene in the foreign exchange market, emergency methods must be used in emergency situations.  That's why Chang Cai was easily persuaded by Zhong Shi to concentrate resources on saving the foreign exchange market first.  Because if shorting the RMB forms a long-term trend, it will be nothing less than a huge disaster for all the Chinese people.  August 6, Central Bank Headquarters Building.  In the past day, the settlement price of RMB against the US dollar officially exceeded 6.5. Action to save the RMB is urgent and cannot be delayed.  Early in the morning, Zhong Shi, Gao Dongfang and others came here early. They will have a meeting with people from the central bank before nine o'clock to finally decide which market to sell.  The building of the central bank headquarters is not very high, but it is very cleverly designed. The half-curved shape looks like a gold ingot, as if to tell the world that this is a place where money is all about.  "Okay, are you all here?" At half past seven, President Jin walked into the conference room last, glanced at the crowded conference room, sat down at the center seat, and said solemnly, "I believe  You all know what happened yesterday. Today we are discussing the final plan. Please pay attention to the timing. We must reach a final conclusion before nine o'clock. Also, please turn off your communication tools first. I don't want any violations.  Meeting discipline matters. " During this period, he was under a lot of pressure, the bags under his eyes had seriously appeared, and there seemed to be a few more wrinkles on his face.  ? ? Want to read a book? ??¡¤1kanshu¡¤ A burst of busy sounds immediately sounded, and soon it returned to calm.  "Alright, Zhong Shi, you go ahead!" Seeing that everyone was ready, President Jin nodded with satisfaction and said directly, "You have been dealing with the capital market before, so maybe you don't know the foreign exchange market. I  To put it simply, since the exchange rate reform, the exchange rate of RMB against the US dollar has exceeded 6.5 to 6.5, a drop of up to 4.8%. In the offshore market, short RMB contracts are also increasing, and there are even some in the market.  There are rumors of hitting the RMB to 6.9. Many hedge funds in Europe and the United States have joined the ranks of shorting the RMB. If this continues, we will face great pressure. "He has received clear instructions from the governor to concentrate resources and financial resources.  Priority will be given to solving the exchange rate issue, and it will be done by Zhong Shi in person.  Although I don¡¯t know the reason, this idea is consistent with Governor Jin¡¯s inner vision, so he accepted the order calmly and gave Zhong Shi a timely hint.  It¡¯s just that although Chang made the decision, the current meeting is suspected of following the process.  But in order to form a unified understanding, necessary procedures must still be followed.  Seeing that President Jin was the first to click on the bell stone, many people knew it.  "Compared to the stock market, the intervention in the exchange rate market has reached the point where it is necessary." Zhong Shi, who knew this well, was naturally happy to cooperate with the other party in this play, and immediately said loudly, "I will say  A little, but in terms of difficulty, it is much easier to save the foreign exchange market than to save the stock market, and the results are faster. In this case, why should we sacrifice the easy for the difficult?  The public security organs are carrying out the investigation in an orderly manner. We will not enter until they have completed the investigation. Wouldn't this be more conducive to the market???Will it be extended in the future?  " "Funny!  " As soon as Zhong Shi finished speaking, Li Bin jumped out impatiently, "Saving the stock market is a market behavior, and the behavior of the public security organs involves the judiciary. The two are unrelated, so what is the benefit?  In my opinion, both are actions that are beneficial to the stock market, and a two-pronged approach is more conducive to the recovery of the market.  " "As for the foreign exchange market, a mere depreciation is nothing, as it will also be beneficial to exports.  But having said that, we cannot remain indifferent to this. According to my point of view, 6.5 is not the end point. If it depreciates to 6.7, it will not be too late for us to take action.  As long as the economic data continues to grow and the inflow of funds is greater than the outflow of funds, we do not need to worry too much about the exchange rate market.  " His words were completely tit for tat, and immediately filled the conference room with the smell of gunpowder. President Jin's brows couldn't help but frown, and a trace of unhappiness appeared on his face. "Since we 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 period when I was presiding over the market rescue, I once bought a stock. I won't say more about the specific stock.  When we bought the stock, there were large sell orders.  After investigation, we found that two days before our purchase, this money quietly sneaked into this stock. Whether it was the purchase size or the number of positions, it happened to not violate the disclosure requirements.  A rough estimate afterwards was that the other party earned at least 300 million yuan from this transaction alone.  Comrades, these 300 million yuan are all funds to rescue the market, and they have been made off so easily by people with great powers in the market.  "Bang!" He suddenly slapped the table with his hand, making a sudden loud noise, which startled everyone in the conference room. "I am not willing to give in, I really am not willing to give in!"  " Gao Dongfang's eyes widened with a ferocious look on his face, "If these gangsters cannot be removed from the market, no matter how we rescue the market, it will not help.  Only a healthy market can have an ideal and suitable index to match.  As for the importance of the foreign exchange market, I don¡¯t think I need to explain it to you anymore, right?  The reason why we are transferred 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 what are we still discussing here?  I suggest that immediate measures be taken against the foreign exchange market and a severe blow to those international short sellers!  " "Comrade Gao Dongfang, don't get excited!  " Governor Jin watched Gao Dongfang's nearly leaking speech with an expressionless face. Until the end, he waved his hand slightly to stop the other party from continuing, "These directions are being carried out in an orderly manner. Don't add any extra words when Comrade Dongfang expresses his opinions.  On personal emotions.  Okay, do you have any other opinions?  "    "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 we really want to give priority to intervention in the foreign exchange market, don't we need to discuss how high the target price is, how long it will take, and how much capital will be used?  ¡± He has heard that Governor Jin prefers to intervene in the foreign exchange market first, and naturally he will not continue to entangle in the stock market, but this does not mean that he will give up. When others think about it, this is indeed the truth. The exchange rate market is the same as the stock market.  It 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, it is completely unnecessary.  Set up such a line. "This question" President Jin pondered for a long time before looking at Zhong Shi, "You should ask him.  If I decide to intervene in the exchange rate market as a priority, Zhong Shi will be fully responsible for this matter.  "    "he?  " When Li Bin heard this, his expression suddenly became ugly. After a while, he said leisurely, "Of course, I'm not worried about Mr. Zhong's ability.  I just think that if the relevant information is not released, I am afraid that there will be no way to explain it to the people present, right?  " He cleverly tied the people present to him. Although he was suspected of offending Zhong Shi, it also aroused the resonance of others. "Assistant Li, I think you are completely wrong.  " Zhong Shi stood up calmly and retorted calmly, "This intervention in the foreign exchange market is mainly to curb the short-selling behavior of foreign institutions in the RMB, thereby further preventing their greater ambitions.  When it comes to specific goals, I won¡¯t reveal them here. Don¡¯t worry too much. After all, this time it¡¯s a matter of trying to catch a turtle in a jar.  If this turtle escapes at a critical moment, I wonder whose responsibility lies with it?  ¡± He said this, and otherPeople's expressions changed one after another.  Although it is not stated explicitly, the meaning has been expressed very clearly, that is, Zhong Shi is worried that someone may leak this confidential information. Although this is unlikely, if it does happen, the entire responsibility will be  It will all fall on Zhong Shi, which he cannot bear.  So he pushed back Li Bin's request very forcefully, and at the same time secretly warned everyone not to get involved in this muddy water easily.  There was no fool present. After hearing Zhong Shi¡¯s words, they all fell into deep thought, which made the scene become deserted for a while.  "Do you have any more opinions to express?" After waiting for a moment, President Jin stood up slowly and said solemnly, "The discussion was very lively. I am personally quite satisfied. Some comrades had many opinions and they were all discussed one by one.  Answer. Now if there are no other opinions, let's have a show of hands, right?" Hearing President Jin's words, Li Bin's face suddenly darkened, and he knew very well that the other party was knocking him.  Naturally, after the tone was set, there were no other objections, all hands were raised, and intervention in the foreign exchange market officially became a priority policy.  "Zhong Shi, get ready and get into work immediately." After the vote, President Jin said to Zhong Shi without stopping, "From now on, you will have full command of the encirclement and suppression of international short sellers. Just report the specific work to me.  . Okay, everyone else goes back to work. Remember, not a single word of the content of today¡¯s meeting is leaked!¡± This kind of speed is simply unheard of as soon as the resolution is passed.  But the people present understood that this was to eliminate all off-site interference factors.  As for who is targeted, everyone has their own answer.  (To be continued.) 8 (To be continued)
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