(Modified here, delete the content of the meeting and the participants)

Yang Zhuping pondered for a while: "In fact, what everyone said makes sense, but the establishment of sovereign funds is necessary in the long run, especially after China's accession to TO, the financial industry is facing further opening-up." The convertibility of the Chinese currency under the current account will certainly be completely liberalized within three years, and the conditional convertibility under the capital account will also be opened sooner or later. If we do not take precautions and enhance the core competitiveness of the financial sector, our financial security will be severely challenged in the future. ”

Yang Zhuping sorted out his thoughts and said slowly: "In addition, the top priority at the moment is to prepare for the attack of international speculators on Xiangjiang, just now some comrades do not agree to directly intervene from the perspective of foreign exchange security, but from the perspective of ZY, it is the established basic policy to ensure the stability of Xiangjiang's economic and financial order at all costs. We just need to assess how big the risks are and how we can win this battle. From the current stage, it is the most feasible way to expand the scope of Huaan's functions and directly inject capital into Huaan by the State Administration of Foreign Exchange. ”

(Deleted here)

Zhang Chen said with a smile: "No, Director Lu, you misunderstood, I have no intention of controlling Hua'an, and it is impossible to control Hua'an." In essence, I am just a trader for Huaan, no different from the more than 600 traders under Zhongxin, except that this time the trader is not in A-shares, but in the international foreign exchange market. I came up with this plan, and no one knows better than me how it should be implemented. The ownership and management of the fund, SAFE has the absolute right to speak, and there is no possibility of private control, needless to say, no one is possible. ”

(Deleted here)

Everyone rushed out of the conference room, and everyone couldn't help but look at Zhang Chen twice, the impression that this young man had left on them just now was too deep.

Zhao Chunjun took two steps, caught up with Zhang Chen in front, and said in a low voice: "Don't leave yet, the old dean still has something to do with you." ”

Zhang Chen followed Zhao Chunjun to the top floor, and after the two were verified, they were led to the door of an office by a guard in civilian clothes, and after waiting for a while, they saw the tall Yang Zhuping appear at the elevator entrance.

"Lao Zhao, you go out first, and I'll talk to Zhang Chen alone. Yang Zhuping gave Zhao Chunjun an order, Zhao Chunjun was stunned for a moment, exited the office with a smile, and closed the heavy door of the office with his hand.

Yang Zhuping picked up his thermos cup and took a sip of tea: "My time is very tight, so I won't be polite, I just had a meeting, you seem to have reservations on many issues, there is no one else here, I hope you can say your views without reservation, whether it is reasonable or not, without any worries." ”

Zhang Chen smiled: "Mr. Yang, you misunderstood, it's not that I deliberately kept it, but that this part of the content is actually not too strongly related to this plan, and I didn't fully think about it, so I didn't put it forward at the meeting." ”

Yang Zhuping was curious: "It's okay, let's talk about it, your plan has given us a lot of inspiration, but I always feel that something is missing." ”

Zhang Chen thought for a while: "Actually, I mentioned this topic when I chatted with Director Liu before, that is, we can't just be beaten passively, we should also take the initiative when necessary. ”

Yang Zhuping frowned: "Take the initiative, what do you want to do?"

Zhang Chen said calmly: "Surround Wei to save Zhao, and the enemy will be saved." ”

Yang Zhuping's brows furrowed even tighter: "The enemy will be saved?"

Zhang Chen pointed to the world map on the wall: "No, it's Rakshasas." ”

Yang Zhuping was surprised: "Rakshasa? Although the Rakshasa is also affected by the Asian financial crisis and has some economic instability, there is no sign that it will be attacked. Besides, why attack Rakshasa -- What does that have to do with solving this crisis?"

Zhang Chen stood up and pointed to the huge empire in the north of China on the map: "Since the disintegration of Sulian in 90, due to the use of shock therapy in the economy, nearly a hundred years of economic accumulation have been ruined. In recent years, although it seems that the speed of economic recovery of Rakshasa is getting faster and faster, there are actually great hidden dangers. ”

Zhang Chen pointed to the five-pointed star representing Moscow on the map: "I won't say much about the problem of shock therapy, I will only talk about three issues, first, the debt structure of the Rakshasa problem, second, the financial policy problem of the Rakshasa Rakshasa , and third, the financial problems of the Rakshasa . ”

"Let's talk about the debt structure first, the same as Goryeo, the debt structure of the Rakshasa is very unreasonable, of which the short-term debt was as high as 130 billion US dollars at the end of last month, of which more than 40 billion US dollars of short-term external debt, short-term debt accounts for about 70% of its overall debt ratio. As long as the economic growth rate of Rakshasa cannot meet the expected repayment of debts, it is very likely that a rather serious debt crisis will break out, and its severity may be no less than that of Goryeo now. ”

"In terms of financial policy, Rakshasa fully opened the capital market last year, and international investors believed that its asset prices were close to the bottom, so they entered in a big way, but due to Rakshasa credit problems, these investors were cautious to put their investment direction on the most secure short-term treasury bonds, further expanding the short-term debt ratio of Rakshasa . ”

"Third, there is the fiscal problem, to be precise, it should be a serious fiscal deficit problem. Zhang Chen paused and looked at Yang Zhuping's reaction.

Yang Zhuping was really interested in this topic: "Serious fiscal deficit? But according to the financial data released by the Rakshasas, the deficit is not serious, only about 500 million US dollars, which is already a good financial performance for a large country like the Rakshasa . Moreover, the public perception is that the economy of the Rakshasa is recovering, and without this financial crisis, its fiscal figures may be able to achieve balance next year. ”

Zhang Chen shook his head: "Rakshasa concealed its own financial data, its fiscal deficit is far greater than the figure of 500 million US dollars, according to my estimates, its fiscal deficit in some areas of Rakshasa may reach 10% of GDP, and the average fiscal deficit will also exceed 5%. ”

Yang Zhuping's face changed drastically: "Impossible! If this is the case, the economy of the Rakshasa would have collapsed long ago! Where did you get the data?"

In fact, the Rakshasas' financial statistics are a mess, and the Rakshasas themselves do not know what the specific deficit is. The statistics that are now released every year are all false at a glance.

Zhang Chen smiled: "This is the data obtained by IDC spending three million dollars to hire hundreds of analysts in Rakshasa with a sample size of more than 100,000, which is believed to have a considerable degree of credibility." ”

Yang Zhuping frowned, and Zhang Chen continued: "Under the financial deficit crisis in his eyes, Rakshasa's ability to repay debts is very limited, and it is almost certain that even without this Asian financial turmoil, Rakshasa will inevitably have a serious debt crisis within three years. In this case, with a little push, we can detonate the bomb early. ”

Yang Zhuping contemplated: "Even if the true situation of the Rakshasa is really as you said, how can attacking the Rakshasa be regarded as encircling Wei and saving Zhao?

Zhang Chen smiled with eight teeth: "Yes, they will definitely defend it, because these speculators are the biggest investors in Rakshasas." ”

These chapters are very difficult to write, and they are really self-inflicted, and there will be fewer and fewer such plots in the future.

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(End of chapter)