People who know a little about finance know that there are two exchange rates for RMB, one is the onshore exchange rate and the other is the offshore exchange rate, and in the foreign exchange market, the trading volume of RMB is about 300 billion US dollars per day. Pen & Fun & Pavilion www.biquge.info

Among the 300 billion, the average daily trading volume of the offshore market is about 240 billion, and this 240 billion is also famous.

There are currently offshore RMB trading centers all over the world, how did the 240 billion come from? First of all, you buy a RMB futures on Hong Kong Island, the face value of the contract is 100,000 US dollars, and the leverage can be up to 80 times, which means that you can buy a contract with 1,250 US dollars or a direct minimum of 8,000 yuan, which is the amount of 100,000 yuan.

In other words, the actual amount of about $3 billion can reach a transaction volume of 240 billion.

3 billion US dollars, according to the current offshore exchange rate, is more than 20 billion yuan.

However, sometimes, hedging between institutions and institutions does not occur in the offshore RMB trading center, but through CFD, CMS, etc., hedging on large institutional platforms, and institutions or hedgers directly hold positions on both sides and enter the two-sided market for the purpose of controlling risks or earning spreads for arbitrage.

For example, Lei Hao in HSBC's channel according to the 6.7100 US dollar to RMB exchange rate CFD operation, optimistic about the depreciation of the RMB, the call rate of 3.65%, that is, 1/10,000 per day, if someone hedges with him, the exchange rate to 6.7114 or more is a decline of more than 1/10,000, even if Lei Hao makes money, he can even buy RMB futures, close the position, and then ...... The handling fee for each contract is 8 yuan, and the loss is 8 yuan.

From the point of view of onshore and offshore methods, the onshore RMB is more valuable than the offshore RMB, the onshore exchange rate is controlled by the central bank, which is almost a state of words, and the offshore speculation is fierce, once the onshore exchange rate is stable, there will be two states, one is that the central bank uses foreign exchange reserves to settle the spread between the offshore exchange rate and the onshore exchange rate, and the other is the distance between the two.

Either case, it is a situation that China does not want to see in its financial marketization.

Therefore, international speculators have grasped the opportunity to suppress the RMB exchange rate, and even said that capital that is optimistic about the strength of the US dollar is shorting other currencies besides the US dollar.

Taking shorting RMB as an example, including the foreign exchange margin trading platform that China does not recognize, you can collect chips to suppress the RMB exchange rate through various channels, and under the influence of linkage, you don't need to enter the market directly, the platform will eat contracts on the trading center and its own platform at the same time to earn the price difference.

Many platforms and many channels have extended in this way, and finally formed an operation to suppress the exchange rate, and Hong Kong Island Thunder and LEI are currently doing the same.

"The appreciation of the US dollar, if the internal and external conditions remain unchanged, it is equivalent to the depreciation of other currencies, which is something that everyone understands, but the foreign exchange market is very complicated, where do you think the RMB exchange rate will go? 6.8？ 6.9？ Still is...... Break 7? ”

Yangcheng, Thunder Investment, a conference room, the screen wall is composed of eight small screens, and the small screen shows the situation of the conference room, which is composed of people from LEI, Hong Kong Island Thunder, HSBC, Keda, Standard Chartered, Qingyu, Hanlong and Prudential.

Including the Thunder Investment Headquarters in Yangcheng, there are many people sitting in each conference room, including the managers of currency investment funds, scholars from the research and analysis department, and executives of institutions in charge of this field, all of whom are waiting to listen to Lei Hao's analysis.

Lei Hao was holding the document in his hand, and in the middle of him and the screen wall were several executives of Yangcheng Thunder Investment, and now ...... He needed to convince several financial institutions that had been in partnership with him to enter the market.

The international market has not assessed the renminbi's position very highly, with both traditional constraints and concerns about China's strong financial control.

Even though China is the world's second largest economy, its currency status does not correspond, and the simple example is that the renminbi settlement business is not so recognized.

There are difficulties, but the difficulties have long been reflected in the RMB exchange rate, each variable has already had its impact factor, what Lei Hao needs to do is to make everyone believe: under the premise of everyone's participation, this operation has a profit.

Finance, finance, how to finance without funds? Lei Hao's funds in the RMB exchange rate market are about 3 billion US dollars, which seems to be a lot, and the credit lines given by institutions such as HSBC and Keda are enough for Lei Hao to use the money to operate.

It is quite reliable to hold 300 billion contracts for 3 billion, but this money is not enough, even if Lei Hao does not look at future information, he knows that the opponent only exceeds this number of maneuvers.

Moreover, in this kind of big battle, it is easy to have an accident in the extreme operation, and if you are seen to be about to blow up, the probability of HSBC and Keda jumping back is almost 100%.

So Lei Hao only has about $10 billion in chips now, and if you calculate it, it will be three times the leverage.

What's more powerful is that why the four guys of HSBC, Keda, Standard Chartered, and Prudential come to listen to Lei Hao's analysis of the market like primary school students is because Lei Hao's 10 billion chips are only stable with about four US dollars, and the other more than 2 billion liquidity, plus the chips held by the original more than 10 or 2 billion customer funds that can't move too much, are all in the short term.

Among them, more than 2 billion yuan of rapid flow operations, Lei Hao this time completely used the channels of four institutions, without the slightest concealment, quickly invested in various currency markets, and plundered profits around the clock.

Under the premise of huge pressure on the appreciation of the US dollar, the global foreign exchange market is also volatile, and Hong Kong Island Thunder and LEI have reaped profits again and again, gathered sand into a tower, and the money they made is at least 20 million or 30 million US dollars a day.

This is very scary, because this is pure profit, even large institutions like Keda and HSBC are greedy, their daily income is several times this number, but many of them are customers, and even more are channel profits, investment...... It can only be compared with whom.

Compared with ordinary institutions, of course, it is half a catty, compared with Lei Hao...... Everyone said that if they could, they would not come to the meeting.

"Lei, you should know that this time, you have no chance of winning, looking back at all the cases in financial history, basically every country has begun to implement financial marketization, there will be costs again and again, and it is also this time and again that the costs have been spent again and again, and their currency status has been forged."

"We can't draw money out of it, and when the dollar rises, that's when the currency market starts to fluctuate violently, the pound, the mark, the yen, the franc...... There are a lot of currencies that are changing, and you know, Europe is our home base, and we can make profits there. ”

"Keda's research institute gave an opinion, market investors have insufficient confidence in the RMB exchange rate, Lei, your central bank is strong and stable in the onshore exchange rate, which will frustrate investor confidence, your central bank according to the market development status to release the middle price, but the winning side is too small."

"Ray, it's the North American guys who did it, Morgan, Goldman Sachs, AIG...... Besides, the bearish on the RMB here in the Asia-Pacific region is already the mainstream, the difference is only where it falls, and the SHIBOR upward trend is obvious, our channel profits are actually very objective. ”

There were as many questions as Lei Hao imagined, but everyone's reaction was similar to what he expected.

Therefore, Lei Hao spread out his hand and pouted: "I didn't say to be stable, I just think it...... We should draw a line for the RMB exchange rate, a line that we can make a profit. ”

Everyone immediately lifted their spirits.