Genius remembers in a second [Aishang Novel Network biquge.info] to provide you with wonderful novels to read.

Zhongtian Commodity Futures Exchange is one of the first batch of domestic futures market pilot units approved by the State Council. At this time in 1992, the Zhongtian Commodity Futures Exchange was not running real futures trading, but spot forward trading. Zhongtian Commodity Futures Exchange officially launched futures trading, and it will be a year later.

Spot forward trading and futures trading have many similarities, such as hedging, both adopt a minimum margin system, and can take two-way operations, both can buy long and sell long, or buy short and sell short. When the floating loss exceeds the minimum margin, the position must be covered, otherwise the futures exchange will force the position to close out to avoid losses.

Of course, there are some differences between spot forward and futures trading. The biggest difference is that the subject matter of spot forward trading is the commodity spot warehouse receipt, and after the contract expires, spot delivery must be carried out. The object of futures trading is a standardized commodity contract, which can be hedged to settle profits or losses after expiration.

There are three kinds of spot forward trading varieties of corn, wheat and mung beans on the Zhongtian Commodity Futures Exchange, among which mung beans are the most popular, and 90% of the trading warehouse receipts in the commodity futures exchange are concentrated in mung beans. The reason for this special situation is mainly because Zhongjiang Province is the main producer of mung beans in the country. In the early 90s, Zhongjiang Province produced more than 60 percent of the country's mung bean production as a province. The level of mung bean production in Zhongjiang Province directly determines the trend of mung bean prices in the country.

Naturally, Changsheng Investment Co., Ltd. also bet on mung beans, and bought and sold mung bean spot warehouse receipts, making a lot of money in the early stage, and sharing a lot of dividends to customers, and had a good reputation among the county and department-level cadres of the Zhongtian Municipal Party Committee and Municipal Government.

For a while, Wu Weimin was a little fluttery, and his head began to heat up. In November last year, he learned from the Guò Provincial Department of Agriculture that the Zhongjiang Provincial Academy of Agricultural Sciences had cultivated a new variety of mung bean. This new variety of mung bean has the new characteristics of drought tolerance and high yield. According to the relevant actual number jù, this new high-yield mung bean variety can increase the original yield of mung beans from about 50 kilograms per mu to about 150 kilograms per mu, and the yield has increased by almost 200 percent. According to the plan of the Department of Agriculture, this new high-yield mung bean variety will be popularized on a large scale throughout the province of Truong Giang Province in 1992. According to this news, Wu Weimin judged that by the time the new mung beans were put on the market in September 1992, the price of mung beans would drop sharply. In this case, Wu Weimin invested 6 million funds at the end of 91 to make a short order for the mung bean spot contract in October 92.

However, Wu Weimin's bad luck was not good, and since February 1992, the domestic economy has shown signs of overheating, and investment has swelled sharply. In just two months, the spot price of mung beans in the grain wholesale market has risen from 2,400 yuan per ton to more than 3,300 yuan per ton, an increase of almost 40 percent. At the same time, the price of the October contract on the commodity futures exchange also rose by about 35 percent.

Since spot forward trading uses 10 times the financial leverage, that is, when the contract price shows a positive increase of 10 percent, the investor can make a 10 times profit. But when the contract price shows a negative growth of 10 percent, the investor will be wiped out.

In the face of this sudden downward trend, Wu Weimin has only two choices, either to let the commodity futures exchange close the position, then all the six million he invested in advance will be lost; Either you must make additional capital investment, maintain the required proportion of the minimum margin, and wait for the market to improve before closing the position to reduce or recover losses.

But at the beginning, Wu Weimin did not expect the price of mung beans to rise so rapidly, and when he found out, he had already invested two or six million funds in a row. At this time, the funds invested by Changsheng Investment Co., Ltd. in the mung bean spot contract in September have reached 18 million, which is almost the limit of the funds that Changsheng Investment Co., Ltd. can raise. But the price of mung beans is still rising, soon jumping from 20 percent to 30 percent, and soon to 35 percent.

"When the price of mung beans rose by 30 percent, that is, on April 27, Wu Weimin came to me privately, saying that he really couldn't come up with more funds and begged me to find a way to be accommodating." Chang Xuehong said, "But where do I have any accommodations?" What's more, the Zhongtian Commodity Futures Exchange is a pilot unit determined by the State Council, not only in the province, but also in the State Council, there are countless eyes staring at the trial operation of the Zhongtian Commodity Futures Exchange. Even if I had the courage, I didn't dare to make any small moves. I sue Wu Weimin that there is nothing to be accommodating in this matter. According to the system set by the commodity futures exchange, Wu Weimin has three days to raise funds to cover the position in order to maintain the minimum margin ratio. If it exceeds three days, then the commodity futures exchange can only choose to close the mung bean spot contract of Changsheng Investment Co., Ltd. in October in accordance with relevant regulations. ”

"On April 29, the last day of the agreed replenishment of the position of Changsheng Investment Company, Wu Weimin had not yet appeared when the futures trading hall was closed for business. At that time, I estimated in my heart that Wu Weimin would not be able to raise funds, so when the market opened on April 30, the October spot short contract of Changsheng Investment Company would be forcibly liquidated. According to calculations, the loss of Prosperity Investment Company on this contract is as high as 18 million. Wu Weimin not only completely lost the money he made for the customer in the early stage, but also lost all the customer's capital. As soon as the news spreads, not only will Wu Weimin jump off the building, but the county and department-level cadres of the city party committee and government who have invested in the Changsheng Investment Company will probably become a mess. ”

"Fortunately, this terrible situation did not arise. Ten minutes before the business hall closed, Wu Weimin hurried over and handed over a check for six million on the counter, temporarily avoiding the tragedy of being forcibly liquidated. Chang Xuehong said, "However, from that time to now, the contract price of mung beans in October has risen by another five percent, and there is a trend of continuing to rise." Maybe in a few days, the threshold of 10 percent will be reached. At that time, if Wu Weimin can't raise another six million margin, he still can't escape the fate of being forcibly liquidated! ”

"Feiyang, if your parents give the money to Wu Weimin, my purpose is probably to make up the minimum margin for the contract. But according to the current trend, even if the price of mung beans rises by a few percent, Wu Weimin will be swallowed up even if he scrapes together another six million. At that time, your parents have worked hard to save up all their lives and want to work hard, won't Wu Weimin take it and make it a waste? ”

Bao Feiyang was dumbfounded as he listened. In his last life, in 2007 and 2008, he also experienced the era of "garlic" and "bean", which I thought was Chinese characteristics in the 21st century. But I didn't expect that in 1992, in the Zhongtian futures trading market, "Bean" you had already begun to make waves.

"Uncle Chang, thank you so much!" Bao Feiyang got the qiē he wanted from Chang Xuehong, got up and said goodbye to Chang Xuehong, "If you don't know this, my dad and Uncle Li will definitely be cheated by Wu Weimin." ”

"What's polite to me? It's all my own family! Chang Xuehong stood up with a smile and sent Bao Feiyang to the door of the office, and lowered his voice and instructed, "You must remember that you can't sue anyone except your parents and Uncle Li in these situations." Otherwise, once it is known to the customers of Changsheng Investment Company, it is likely to affect the stability and unity of Zhongtian City. ”

"I know. Rest assured! Bao Feiyang nodded, and said secretly in his heart, Chang Xuehong was really painstaking, obviously afraid that the news would affect the convening of the two sessions in Zhongtian City, but he insisted on changing his statement, saying that he was afraid of affecting the stability and unity of Zhongtian City. I guess I'm afraid that mentioning the two sessions will stimulate my parents, right?

Out of Hongyuan Building, look at the time is already more than eleven o'clock, from yesterday to now Bao Feiyang has not eaten, at this time I can't help but be a little hungry. He found a small restaurant and sat down, asked for a large bowl of mutton stewed noodles, and while eating, he digested the information that Chang Xuehong said in his heart.

Bao Feiyang feels that other aspects can be released, and the most important message is that Wu Weimin desperately needs funds. An idea passed through Bao Feiyang's mind, if someone could pretend to be the big boss of Guangdong City and want to open an account to speculate on futures in Changsheng Investment Co., Ltd., then would it be possible to deceive Wu Weimin to Guangdong City?

－－－－－－－－－－－－－－－－－－

The second more is delivered.

New books rush to the list, ask for recommendation votes, ask for member clicks, ask for collections, all kinds of requests!