Shangguan Xuanyue only asked one sentence, and then embarrassed these people.

China's capital market seems to have always been easy to go up the mountain and difficult to go down. Looking back, the stock market of ChinaAMC seems to have returned to four years ago overnight. If this is the point of no return for heavy investors, then what is the reason why the market has fallen so sparsely into the scene in front of you?

Li Yan sat among the crowd, thinking of what Yun Ling said to himself: lock up the liquidity!

But everything in front of him made Li Yan question in his heart, since it was to lock in liquidity?

Everything in front of him made Li Yan wonder, is it more appropriate for the country to maintain the exchange rate or the housing price for exports?

Lock in liquidity, in order to deleverage the house, decapitalize. But then again, the current external friction is also a headache, isn't this a pit of self-contradiction?

Li Yan is very similar to asking Yun Ling, but Li Yan also understands that how can he ask these words?

At this time, I heard Master Guo say: "Yes, the Dow Jones index fell the biggest drop in nearly eight months, and the Nasdaq fell the biggest one-day drop in nearly two and a half years. The sharp drop in U.S. stocks seems to have brought global capital markets into a period of adjustment. Especially us, as long as there is a wind and grass, we can't bear it. ”

Master Guo sighed, and his originally straight body bent unconsciously. And the uncle holding the gong and drum next to him said, "Yes, it fell like this." We don't even know what happened to us when it fell like this! Why did our stock market not withstand the wind and rain like this? After the Dow Jones and Nasdaq fell, our big A-shares of China AMC exploded. To say that there is no necessary connection between the two, I don't believe it myself!"

"Li Yan, do you say there is a connection between the two?" Master Guo asked Li Yan.

"There is indeed a connection, the Nasdaq and the Dow Jones are down because of the rate hike in US Treasuries. When the return rate of unrisked U.S. bonds exceeds three, large funds will be moved to U.S. bonds that are risk-free investments. Their fall has become a natural phenomenon. After Li Yan finished speaking, he was silent for a moment and continued: "There is also the fact that our country and emerging economies are reducing their holdings of U.S. bonds, and this action has also forced U.S. bonds to raise interest rates. In the end, there is no sharp drop in US stocks and no sharp drop in our country. ”

Master Guo snorted, frowned, and asked, "Isn't that a causal relationship?"

It can be seen that what Master Guo said has a very strong personal emotion in it.

Shaking his head, Li Yan said with a wry smile: "Do you want to talk about the butterfly effect or something? Or do you think who should be blame......d? There is still a time when domestic capital is dumped against each other, not to mention global economic capital. Who is right and who is wrong, sometimes it is really unclear. ”

Shangguan Xuanyue smiled at this time, and gently stroked her hands downward, looking like she was sitting in front of the piano and playing the piano and said: "Whether it is analyzed in the macro, meso, and micro situations, it is actually a normal phenomenon to fall after the superposition of the three situations. ”

"What? macro?"

"Microcosm?"

A few uncles didn't seem to quite understand what Shangguan Xuanyue was talking about.

Shangguan Xuanyue nodded and said: "From a macro level: our foreign trade frictions are still continuing, accounting for one-third of China's GDP and total international trade exports...... In fact, needless to say, everyone should know in their hearts what kind of impact it will have. In particular, China's Pearl River Delta and Yangtze River Delta regions, as well as areas that rely on trade and exports, have a relatively large negative impact. The friction at this time is no less than the impact of the global economic crisis on us a decade ago. ”

Everyone didn't speak, and everyone looked at Shangguan Xuanyue. Shangguan Xuanyue said lightly: "If it was said that it was a man-made disaster ten years ago, then what is the trade friction this time?"

"Hmph, of course, US imperialism wields a big stick indiscriminately, which has had an important impact on our country. They tried in vain to ......" Before the uncle holding the erhu finished speaking, Master Guo tilted his head and glanced at him, coughed and spread his hands and said, "What you said is right." But can't you just listen to what the professionals have to say?"

After Shangguan Xuanyue and Li Yan looked at each other for a moment, Shangguan Xuanyue continued with a smile: "Everyone should know about financial deleveraging, and the RRR has been lowered and interest rates have been raised recently. The policy is also relatively relaxed, but what is the actual situation?"

asked like this, in fact, Shangguan Xuanyue didn't plan to let anyone answer her question, but just wanted everyone to think about what the situation of this question was, so she heard her say: "Now the actual level is for the alleviation of corporate debt." Debt swap stimulates the investment momentum of enterprises. So far...... In fact, we still don't see any optimism in the current capital market. ”

"To put it simply, we haven't reached the bottom yet, right?" asked Master Guo. It seems that he is afraid that he has misunderstood what the little girl in front of him is talking about.

At this moment, Master Guo is sitting in danger, as if he has returned to the school to listen to the teacher's lectures and be a top student.

Shangguan Xuanyue nodded, and said with a sigh: "The prosperity of large-scale enterprises has always been regarded as the vane of our capital market and stock market. However, ...... Under the superposition of a series of negative factors, the stock price of the capital market has fallen rapidly. When it comes to the interests of enterprises, we cannot bypass the issue of corporate tax burden, and in the past two years, private enterprises have frequently called for reducing the tax burden. The state has indeed lowered, but it is the tax rate that has been reduced, not the real tax burden. ”

"Lao Zhao of the national tax, you can say a few words!" The uncle holding the gong and drum called out to the uncle holding the erhu.

Li Yan and Shangguan Xuanyue were stunned at the same time, tilting their heads to look at him. He waved his hand and said, "I'm retired, so that's all I have to do now." ”

Lao Zhao even pulled the erhu twice while speaking.

Shangguan Xuanyue was silent for a moment and continued: "In the past, the tax rate would indeed be larger, but the flexibility of taxation would be greater, and the reasonable tax avoidance of enterprises would also turn a blind eye, right?"

Lao Zhao raised his voice and said in a hum voice: "Now the tax rate has been reduced, but the law enforcement is also strict." Tax avoidance has become a delusion for enterprises! They also want to avoid taxes reasonably...... Hmph!"

Shangguan Xuanyue smiled and did not continue the topic, but changed the conversation and said: "From the micro level, the recent wave of decline has exceeded the capital markets of the world's major economies, and it has also played a leading role in the decline of the global stock market. ”