China's foreign exchange and reserve management is carried out by the central bank, and the specific implementation is carried out by the State Administration of Foreign Exchange, which has a department called the Reserve Management Department.

The foreign exchange bureau is a unit directly under the House of Elders, but it is under the management of the central bank, and the director of the foreign exchange bureau is generally the deputy governor of the central bank, and everything related to foreign exchange is basically under the management of the foreign exchange bureau, and the foreign exchange bureau can also be an integral part of the central bank.

From domestic finance, to overall finance, to foreign exchange management, to the four banks and three commissions, almost all of China's central bank is directly managed.

In recent years, the strategy of the People's Bank of China has been to continuously relax the foreign exchange management of foreign direct investment by domestic enterprises, that is, if enterprises want to exchange foreign exchange to "buy, buy, buy" internationally, they can find the central government to exchange RMB for various currencies, but for financial institutions, it has only begun to take care of them in the past two years.

In the past, it was common to see entities spending a lot of money in the international market, and state-owned financial institutions were responsible for providing services, and after a period of time, the central mother deeply felt that the state-owned financial institutions were "hostile" in the international market, and also took advantage of the trend to promote the financial market when the time was right.

At the beginning of the year, you can get a lot of dollars from Yang Ma when you open your mouth, and Tyrone International invested 500 million US dollars in the investment project managed by Green Corner alone, which is "mother's love".

Wang Nuo also suspects that it is possible for the top large institutions to enjoy more "maternal love", and that when Chinese-funded financial institutions enter the international market, why do institutions like Tyrone International have such accurate data and information, and where does it come from? If there is no "maternal love" in this, Wang Nuo will definitely express his disbelief.

Green's reminder also directly made Wang Nuo determine this, China's financial industry is one, in addition to the care of the central mother, there are also all kinds of support secretly, and everyone is also very tacitly aware of the correct response when the central mother makes politically necessary actions.

The red system is so terrifying.

Wang Nuo was right, when he called Qin Jiyong to ask questions, Qin Jiyong did not refuse at the first time, but ...... There was a moment of silence.

"The reserve management department is generally in charge, and then they operate it through various cooperation, and the specific implementer can even be any institution, the structure is very complex, and some of the top scholars in the financial research circle also have the experience of serving as members of the reserve management committee......" Qin Jiyong did not answer Wang Nuo's words, but first talked about the system.

These things are actually public, but the committee is almost dense, maybe there is a committee for toilet management, ordinary people will not pay attention to it, but the think tank in the financial field is extremely important, and the way for the central mother to release "maternal love" is also roughly through these committees.

Qin Jiyong is undoubtedly telling Wang Nuo that if he asks, it will be through communication between scholars, which on the surface will be between analysts and financial scholars, but in fact, he can submit arguments through these channels.

And Qin Jiyong is a leader in the domestic market strategy analysts, he can understand Wang Nuo's words, and he knows all the knowledge points, but he has not delved into the data to a certain level, so his words can also be understood as: there are channels, but Wang Nuo has to do things himself.

There is a correlation between the domestic and foreign markets, but the specific players are different.

"Teacher Qin, what do you mean......" Wang Nuo doesn't like the practice of the older generation in China who always like to leave blank when they speak, but the atmosphere is like this, so he can only ask half a sentence according to Qin Jiyong's meaning.

"You, you don't know how to be blessed in the midst of blessings," Qin Jiyong sold a pass and said, "University of Finance and Economics." ”

Wang Nuo was stunned for a moment, and then immediately reacted, he made the mistake that people from wild roads would make, that is, to engage in individualism.

Shanghai University of Finance and Economics and Shanghai Institute of Finance are two completely different universities, Wang Nuo got a bachelor's degree in the latter, but his master's degree will eventually be awarded by Shanghai University of Finance and Economics.

For things like this, looking for your alma mater, looking for Tyrone, is Tyrone good to come forward? Financial institutions seek "mother's love" through the academic circle to get information, and it is better to find Liu Dechuan than to find Qin Jiyong.

Thinking of this, Wang Nuo couldn't help but feel a little embarrassed, and he realized that he looked like ...... If you don't recharge according to the professor's instructions, the master's degree is worry-free, but getting a certificate without that academic level is actually not very urgent for him.

Wang Nuo didn't know that he would be able to enter a large institution and cooperate with an internationally renowned investment team so quickly, everything was a coincidence.

But it is precisely because of this that Wang Nuo's investment strategy has begun to bias towards extending the long term and targeting the most variables.

Looking for Qin Jiyong's help, Wang Nuo actually doesn't want to participate in the decision-making of the upper level, and he doesn't have that qualification, the only thing he wants to know is whether this kind of plan has been considered now, that is, when there are appropriate changes in the market, whether Yang Ma should go over and intervene.

With Qin Jiyong's reminder, the next day, Wang Nuo honestly came to Liu Dechuan with a gift to inquire, and Professor Liu, who greeted him, blew his beard and glared at him with anger.

Skipping classes is measured in months, Wang Nuo is simply ready to use money and industry results to get academic certificates, Liu Dechuan, as a teaching teacher, the frequency of seeing Wang Nuo in April and May is really too low.

However, as a professor of academic research, Liu Dechuan and Qin Jiyong are different in that he is very good at studying models.

When it comes to the field of financial digital modeling, Liu Dechuan has to make one or two digital models every year and sell them to financial institutions.

After reading Wang Nuo's research report, Liu Dechuan immediately put his anger behind.

"Negative interest rate arbitrage? This is impossible! No, there may be arbitrage space!" Liu Dechuan does not regard this as an investment strategy like Green Corner, nor does he directly use this factor to try to seize the areas where the market has changed the most, as Wang Nuo did...... A door was pushed open.

If negative interest rates will lead to a new arbitrage model in the market, it is undoubtedly something worth mentioning for the academic community.

"It is impossible, it is impossible to have this kind of space, and even if there is such a space, the market can quickly erase the excessive arbitrage range, and it is not right, the market may have the possibility of providing sufficient energy, and it is not right, but it is also true, this is ...... The arbitrage power of the trust model?"

Liu Dechuan seemed to be in a daze, and while wearing glasses, he fell into thought: "Only when the volume is large enough can the risk be controlled? The liquidity of the yen provides a fixed arbitrage range for very large institutions? Under the expectation of deflation?"

"It eliminates the possibility of Japan turning from deflation to inflation, so that sufficient quantity can appear; because sufficient quantity can appear, it can eliminate the possibility of them seeking an inflation rate? But what about the external market support? What about the dollar? What about other currencies?"

Liu Dechuan feels that this is a very serious problem, money can be lost, and the yen must die.

Soon, Liu Dechuan immediately asked seriously: "This is very important, I now hope that Japan will have negative interest rates, at least ...... The possibility has emerged, and this possibility has appeared, not only us, but also all the big institutions in the international market will not let go of this opportunity. ”

"This is an opportunity to suffocate the yen!" Liu Dechuan's blood boiled: "You wait, I'll give Professor Su a call." ”

Wang Nuo didn't expect that if he gave a fulcrum, this group of scholars in the financial circle would dare to break through the sky.