Chapter 769: Inflation Wants to Expand
The plane will soon arrive in Hong Kong.
In this era, the Hong Kong International Airport was under construction, and Wu Xiaozheng and others arrived at the very famous Kai Tak Airport.
Kai Tak Airport is famous because it is known as one of the most dangerous and exciting airports in the world.
Kai Tak Airport was once one of the world's busiest international airports, with the world's third largest international passenger traffic and the world's largest cargo volume.
However, the extremely busy Kai Tak Airport is an airport located in the heart of the city, with only one runway, surrounded by high-density buildings, and very small space.
When planes take off and land, they have to shuttle between tall buildings, and accidents can happen if you are not careful.
It is said that there have been 12 flight accidents at Kai Tak, resulting in 270 deaths.
There were even planes that rushed directly into the sea when they landed.
Therefore, Ma Li, who was sitting by the window, turned pale with fright when the plane landed, and hugged Wu Xiaozheng's arm tightly with both hands.
Now it's okay, Wu Xiaozheng finally tasted the taste of squeezing.
Ma Li seems to be addicted.
Even when the plane landed and began to move towards the arrival building, she still hugged Wu Xiaozheng's arm tightly.
"Hey, pay attention to the image, you know that you are a teacher, it's not good to be seen by them!"
Wu Xiaozheng used his mouth to nub Li Huilan's mother and daughter on the other side.
"I really don't want to be a bad teacher!"
Ma Li reluctantly let go of her hands.
Wu Xiaozheng has realized that this time he needs to face some temptations and temptations when traveling with Ma Li.
"Where are we staying tonight?" asked Mary in a low voice.
"Let's stay at the Regal Airport Hotel!"
In this regard, there are not many options.
Wu Xiaozheng and others transferred to Hong Kong, and did not have the idea of staying here for a long time, the purpose was just to change planes.
Therefore, staying at the Regal Airport Hotel became the only option as it was the only hotel near the airport.
Of course, the standard is five-star.
"There are seven of us, four men and three women, how do we live?"
"You don't want me to share a room with you, do you?"
Wu Xiaozheng directly exposed Ma Li's desire to tease her mind again.
This woman is stunned!
"Hee-hee, it's best, I'm a little scared to sleep alone. ”
Ma Li smiled slyly, not ashamed at all.
It's really hard to mess with rotten girls who have experienced personnel!
Wu Xiaozheng was ruthless: "This is simple, open a three-person room for the three of you women, and you won't be afraid." ”
Ma Li: "......"
You ruthless man!
As soon as he got off the plane, Shen Mo was immediately busy booking a plane ticket.
As one of the busiest international airports in the world, flights can seem a bit tight right now, especially to the United States.
The reason is simple, the Christmas holidays in the United States are coming to an end, and many people are rushing back to the United States at the same time.
In this era before the Internet, booking tickets is also a hassle.
After waiting silently for a while, it was finally possible to queue up for a ticket to New York at noon the next day, which was still on the premise of booking business class, and economy class was simply hard to find.
"Those students who returned to China for the winter break are basically squeezed back to the United States at this time, and it is difficult to buy economy class tickets. ”
Shen Mo complained as he counted the dollars in his hand for change.
He still seems to be in the heartache of spending more money.
You know, the price of business class is almost three times the price of economy class.
In this era, it is not easy to have some foreign exchange, even if it is Grandview Plaza, it is still Wu Xiaozheng who is looking for Yu Jun's mother's relationship, so it is not easy to exchange it.
This immediately aroused Wu Xiaozheng's vigilance.
It's not that he cares about money.
Anyway, Chef Wu is already very profitable, and if he travels by himself, he doesn't need to feel distressed to spend this little money.
He had another big thing in mind.
RMB depreciation!
There is also inflation and inflation.
He remembered that in late '93 and early '94, the renminbi would lead to the largest wave of depreciation in history.
According to the official exchange rate, on December 31, 1993, the exchange rate of the renminbi against the US dollar was still 5.7, but on January 1, 1994, the official exchange rate of the renminbi and the foreign exchange adjustment price were officially merged, and the renminbi was quoted at 8.72 against the US dollar, a depreciation of 33% compared with the previous year.
For the next 11 years, the renminbi remained stable at around 8.3 until another exchange rate reform in 2005.
At the same time, there was a large amount of inflation and inflation in the country.
The reason for this phenomenon is related to the history of China's reform and opening up.
In 1988, due to the intention of the decision-makers to liberalize prices, the early increase in the prices of famous cigarettes and liquor constituted a strong signal, which led to a rush to buy goods, and prices rose sharply, up 21.5% that year.
In order to curb the rise in prices, in October 1988, the policymakers began to take measures to rectify the economy, which lasted until 1991.
Under these measures, GDP growth fell from 11.3 percent in 1988 to 4.1 percent in 198.9, and only 3.8 percent in 2-90 years.
During this period, there were well-known sensitive events and sparked debates about reform and opening up, and the process of marketization was in danger of being interrupted.
Against this background, in early 1992, Xiao Pingnan made a speech on his tour, proposing that there would be only a dead end if there was no reform and opening up, and that economic development should be faster.
This speech has played a decisive and positive role in promoting reform and opening up.
As a result, taking advantage of this momentum, various localities have struggled to lend large projects.
In the context of persisting in reform and opening up, China's GDP began to grow rapidly, and by 1992, the growth rate reached 14.2%, and in the following years, the GDP growth rate has remained above 8%.
At the same time, however, the Consumer Price Index (CPI) grew rapidly, from 6.4% in 1992 to 13.7% in 1993 and then to 24.1% in 1994......
This directly means that prices are rising rapidly.
The consequence of the rapid rise in prices is the depreciation of the renminbi.
Since March 1988, China has implemented the method of adjusting the coexistence of the market exchange rate and the official exchange rate, in which the market exchange rate is negotiated by the buyer and the seller according to the supply and demand of foreign exchange.
However, at this time, China had not yet entered the customs (later the World Trade Organization), and was still restricted by Western countries in international trade.
As a result, the country still has limited foreign exchange reserves.
By 1993, China's foreign exchange reserves were only 21.1 billion yuan.
After that, foreign exchange reserves began to maintain an annual growth rate of 10 billion to 20 or 30 billion yuan.
After joining the WTO in 2001, it began to climb at an annual growth rate of 70 billion, hundreds of billions, 200 billion, and even more than 400 billion yuan, so there was a foreign reserve of 3.2 trillion yuan, which ranked first in the world at 3.2 trillion yuan.
But now in 1993, because of the small foreign exchange reserves, the exchange rate is very affected by the international influence, so the direct manifestation of the rise in prices is the sharp rise in the market exchange rate, from about 7.4 at the beginning of the year to about 10.9 yuan in June, and in some places even exceeded 11 yuan.
After that, if the central government had not started macroeconomic control, the market exchange rate would have continued to rise.
Wu Xiaozheng was thinking at this time, since the market exchange rate and the official exchange rate are about to rise sharply, should he go and get some dollars to save?
Also, since inflation will begin soon, does Chef Wu have to spend the money in his hands as soon as possible?
This is an important question!