In this way, Jiang Tao's team was swept away neatly. Those who knew the truth naturally knew Chen Yuanming's strength and appreciated his restraint. But the vigilance and compliments of most of the big rats are not beneficial to the overall situation, and this level of manipulation simply cannot touch the intertwined interests, nor will they let them give up the benefits at their fingertips.
Rat warehouses and disorderly lending within the system are the key issues plaguing the securities market, but this cannot be changed by one person, so Chen Yuanming didn't want to spend any time on it, but simply turned the gun and started his own real layout.
In mid-December, a paper suddenly became popular in Beijing’s finance and economics department. The publisher was a major foreign trade exporter, and the core of the content was about the U.S. bond crisis at the beginning of the year. From this point of view alone, the content of the paper is quite clear, the information is detailed, and the conclusions are alarming. The market completely collapsed.
The paper is a good paper, and anyone in the industry can see it. But this is the city of Beijing, and no one will read an article as a simple article, especially if it is a key sector such as foreign trade. A few days after the paper was published, the wind direction changed immediately, and some spearheads began to point to the Treasury bond interest rate discount policy of the Ministry of Finance and the current hype in the bond futures market.
You must know that Taizu once said: There is no party outside the party, the idea of the emperor, and there is no faction within the party. As a top political and military expert, this sentence basically expresses the core connotation of the political circle, and it has also become a program of action for many people. Factional struggles and internal conflicts in various departments have never been uncommon.
Now that this paper is published at the juncture, the discerning person can immediately see that this is an internal dispute arising from the financial mouth. If there are disputes, there will naturally be entanglements of interests. In an instant, there is a lot of speculation about whether to continue to increase the discounted interest rate. At this time, the serious domestic inflation had just dropped, further opening the futures market, or rectifying the overheating of the futures market became the key issue.
It's just that treasury bond futures are too special and are related to the issuance of treasury bonds by the Ministry of Finance. This is a huge bag of money, and no one dares to make decisions without authorization. Therefore, the focus will be on whether to discount interest rates and the quota standards.
If the U.S. bond turmoil is used as a reference, everyone understands that subsidizing money on treasury bills is a hidden danger of causing secondary market turmoil. The people who suffer losses will continue to buy the next national debt to maintain the normal operation of the country.
The plate is too big, and it becomes extremely difficult to decide on the policy. It was already confusing enough for the treasury bond futures market, which immediately cast a shadow. After the paper was published, Shanghai also responded very well. Several major Shanghai old-fashioned securities dealers agreed with it and believed that interest rate cuts were inevitable. It is difficult to say whether the Ministry of Finance dares to act rashly under such heavy pressure.
The above is so noisy, and when it is put into the ears of the people below, it becomes another appearance. After being briefly reprinted by several newspapers, the U.S. bond turmoil has become a kind of "risk in the futures market". Now that the concept of a bear market and a bull market has spread through the stock market, some wise speculators have begun to understand that the market will rebound after overheating. At this time, let's look at the futures market. Was the last "314" futures hot? If the money is not obtained, that is the figure on the book. Whether or not to continue to enter the market in such a chaotic situation has become a key issue. Doting wife, marriage is natural
Of course, there are speculators who take advantage of the chaos to make money, but they are vigilant and unwilling to take risks and gamble. There are also many people who are not willing to take risks. In particular, treasury bills implement an apportionment system, and many of the holders are state-owned enterprises and institutions. , With this deadlock, the courage to enter the market directly is less than half.
The two sides are superimposed, and the entire futures market has fallen into a calm before the storm. Whether it is the China Economic Development Group, the representative of the news group, or the Wanguo representative of the market forecasting group, they have begun to work secretly, trying to get some opportunities from the big boss. The big fish is reluctant to move, but the money and the market can’t be so cold, so some small and medium-sized retail investors who have made profits in the early stage or suffered big losses have started to make moves.
And this action really entered Chen Yuanming's plan.
Now, the 325-phase treasury bond is on the eve of the December spot bond delivery period. According to the usual method, general speculators only need to close their positions by reverse trading, and will not enter the real physical delivery. But in the middle of the month, there was a sudden wave of buying cash coupons in the market. It is said that some people think that the 923 coupons due in mid-1995 have a considerable preservation value. It is a few yuan higher than the coupon surface of 128 yuan.
No one can confirm this statement. After all, the interest rate discount policy has not been finalized, but even according to the current interest rate discount standard, the real coupon should be about 132 yuan. After such a reckoning, some financial institutions will inevitably have intentions. Many small securities companies that originally took Treasury bills into the treasury went to the higher-level securities trading center, wanting to deliver the cash on their books.
Who knows this action, but a huge basket is thrown out. Many securities companies that hold warehouse receipts from Wuhan Securities Exchange Center cannot mention cash coupons at all, because their receipt receipts are simply fake!
As soon as the news came out, it immediately caused a thousand waves. They all bought treasury bills through serious channels, how could such a blunder occur! After receiving the report, the Shanghai Stock Exchange immediately took action and began to investigate and punish these batches of forged storage orders. As a result, a big fish floated out of the water.
There are at least 8 forged receipt orders from Liao Guofa!
At this time, you need a seat to enter the treasury bond futures market. If you want to speculate in futures, you must have a financial institution or securities institution license. However, Liao Guomin obviously did not have this condition, so he entered the treasury bond by renting blank seats from other securities companies. futures market. ugly girl
This is of course a good thing for securities companies. Being able to charge high rents while sitting at home should be a sure-fire business, but unexpectedly, Liao Guofa recruited a large number of salesmen to defraud financial institutions and took a batch of Wuhan securities. The so-called warehousing notice of the branch of the trading center fills in the huge amount of treasury bonds and distributes it to local securities companies and securities registration companies for repurchase financing.
At the same time, he also arbitrarily borrowed funds illegally in the market. Since he joined the securities company in May 1994, Liao Guofa has issued more than 100 million yuan of empty orders in violation of regulations, and made a lot of money through the short-squeezing action of 314 issues of national debt. A windfall.
However, this method undoubtedly caused huge losses to those institutions and individuals who got false empty orders. The money has been paid to Liao Guofa for its futures market, but the delivery note I got is fake, and the cash purchase of treasury bonds is simply a white note, and it cannot be cashed in any kind or cash. , then waiting for them will be hundreds of millions of catastrophic losses!
Under the shock, the Shanghai Stock Exchange immediately sealed Liao Guofa’s account, and the public security and industry and commerce departments intervened at the same time, blocking the two brothers’ escape route, and Liao Guofa was thoroughly checked. But 1.6 billion, 700 million, if this behavior continues for a few more months, who knows what will happen!
This can make the treasury bond futures market, which is already turbulent, even more precarious. Securities departments big and small can no longer believe in their own warehouse receipts. Originally, spot delivery, which was rarely seen in the treasury bond futures market, has become a trend, and the swarming of the bill of lading has exposed a big problem. Leather bag companies like Liao Guofa, There is more than one backdoor brokerage, and there are countless kinds of illegal lending and financing. Now this group of big rats has been picked up by a string, how serious the social impact is.
Moreover, since the subject of accountability for financial fraud has not yet been clarified at this time, and the number of deceived institutions is too many and too complicated, there is a situation of a group of cats and mice around the fraud case, and each department can't wait to fill in the remaining assets. In addition to the hole, the situation became worse when the divisions began to argue.
In this case, the lack of supervision in the treasury bond futures market was exposed in broad daylight.
Are discounts still important? Of course it matters. But stabilizing people's hearts and punishing all kinds of fraud has overshadowed the dispute over whether to subsidize interest. Some economists even pointed out that the current domestic futures market lacks effective supervision. If interest rate discounts will affect market changes, then the 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 weak supervision and laws that give them an opportunity. If the legal system is not perfected, it is better to simply close the futures market and give everyone a sunny world.
There was a lot of noise outside, but Chen Yuanming finally breathed a sigh of relief. This secret hand finally achieved the desired effect. Rebirth of the sky-high village girl
That's right, this time he was not targeting China Economic Development or Wanguo at all, but the lurking hungry wolf of Liao Guofa. The big variable in the 327 turmoil is undoubtedly the rebellion of Liao.
At the same time, malicious speculators represented by Liao Guofa are also hidden dangers in this storm. If this shady scene is not exposed, the securities companies are estimated to be able to collect rents with peace of mind, and those institutions and individuals are also full of confidence. single, with the dream of getting some profits from the futures market. When the 327, and even the subsequent 329 Incident really happened, it was not a mere 200 million to 300 million holes, but a huge loss of 1 billion tens of billions.
Instead of intervening in that melee, subjecting yourself to the enemy on your back and belly, and under unimaginable pressure, it is better to dismantle the table ahead of time, draw out the dry wood covered with grease, and expose the decay of the field to the sun as soon as possible. What exactly did Chen Yuanming do in this plan? It's just an unsigned paper.
As for the small moves to encourage spot delivery in the dark, it is obviously in line with his position. Only when the domestic market is not able to make money and cannot make money will the international market become important and will rely heavily on him. This level of play, which is acceptable to a true giant, does no harm.
As for the rest, leave it to the market.
Here, the plank road was repaired vigorously, but over there Chen Cang quietly opened. 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 way to make money. At this time, the treasury was really empty. With the warning of the pound exchange rate case, foreign exchange reserves have also become an important strategic reserve of the country. It is impossible to put all of them into the market for arbitrage. If they lose, who can afford the responsibility
Therefore, the establishment of the fund this time is obviously different from the sovereign funds of later countries. Specifically, there is too little money.
A total of 200 million US dollars is still divided into three departments to tighten the belts, which makes Chen Yuanming somewhat dumbfounded. At the same time, because the three departments have adopted a collaborative model, the personnel composition is quite complicated. It is good that they selected young and middle-aged cadres who really understand the securities market and are very flexible in their minds. 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 affiliates of the military and the Ministry of Finance handed over a total of 200 million US dollars of assets to Chen Yuanming and entrusted him to operate on his behalf. The Yuanyang Foundation finally deserved its name. With a little private equity flavor.
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 of 1995 was coming.