The core of finance is the optimal allocation of resources, and pricing almost everything is the core competition of the financial industry. Pen @ fun @ pavilion wWw. ｂｉｑUｇE。 ｉｎｆｏ

From stocks to futures, from securities to physical objects, almost everything in the financial industry will participate in "drawing a line", you think A is worth 100 yuan, I think 110, everyone has formed a hedging situation.

The exchange rate figure that Lei Hao said in his mouth will be a very important thing.

“6.9…… Under. Lei Hao stepped out of his way, and another screen behind him, facing the screen wall, displayed complex data and bold and red-dyed numbers.

"According to the daily average of 10% of Shibor, the current exchange rate figure is above 6.7100, and the RMB is 0.1491 against the US dollar.

"Therefore, the People's Bank of China has allowed SHIBOR to soar, and there are also reasons why it is worried that the RMB will be shorted too much, and it is understandable to take advantage of the trend to explore financial marketization."

"The appreciation of the dollar should be a foregone conclusion, if we do not participate, and the central bank of China does not intervene, the yuan may have the possibility of breaking 7, and out of this concern, a large number of yuan holders hedge."

"But, why aren't we engaged? The total position of speculative short RMB should be close to 50 billion US dollars, more than 330 billion yuan, but the list of holding RMB is more complex and ...... Scattered. ”

"What others see is risk, what we should see is profit! It's a measure of energy! ”

"The position is heavy, and the retreat space required is large, plus ...... They are not only targeting the renminbi, but their power is not too concentrated, coupled with concerns about the central bank's action and speculation about the psychology of other market participants......"

"6.9, with our participation, there is absolutely no breakthrough."

Lei Hao said these words, but his hands pinched a cold sweat for himself, among the many possibilities he got, the exchange rate of the RMB actually broke 6.9, and there was even a trend of impacting the 7 yuan mark at the beginning, which led to the central bank to reduce reserves and stabilize the exchange rate at the same time, foreign exchange reserves were reduced, the status of the currency was damaged, and the steps taken by marketization were taken back.

However, Lei Hao also knows very well that if he can convince all the institutions, it is okay to stabilize the number of 6.9, and the most important thing is ...... There's money to be made.

What national interests and national righteousness, for financial practitioners like Lei Hao, must be based on the premise of making money, fortunately, many times, the capital of all countries can stand on the side of the motherland, the difference is only the winning rate and the amount of energy.

It is the eternal theme of the financial market that the winning rate is high, the amount of energy is small, the return is low, the amount of energy is more, the income is more, and the risk and return are proportional.

Lei Hao proposed to stabilize 6.9, in other words, he felt that 6.9 could play with the bears here, get enough chips, and when it was pressed, there would naturally be a lot of profits.

In the conference room on the screen wall and on eight small screens, everyone was flipping through documents and exchanging ears, but the LEI and Island Thunder were doing the same, and the Keda institutions were very serious.

"Ray, why 6.9? According to mainstream analysis, the People's Bank of China should be staring at the 7 yuan mark. "The person in charge of the Asia-Pacific region is Nick, and Lei Hao's only acquaintance, and he asked.

As soon as Nick's bald head asked, Lei Hao saw that the people of HSBC, Standard Chartered, and Prudential were quiet, while Qingyu and Hanlong were still a little nervous, and he immediately understood in his heart.

Needless to say, LEI and Hong Kong Island Thunder, what does Lei Hao want to do, can his institutions still oppose it?

Hanlong and Qingyu are Chinese-funded forces, and Qingyu does not have enough funds, if it is not a good cooperative relationship, they are not qualified to participate, Hanlong is qualified, but this institution has a political background, maybe there should be a line of three associations or higher people in their conference room at this time.

Keda, HSBC and Standard Chartered are all headquartered in Europe, the former is in Switzerland, the latter two are in London, England, HSBC's Asia-Pacific business is very important, Keda and Standard Chartered also have the intention to deepen and increase the Asia-Pacific layout, and even the three institutions have a certain intention of the recent Asia-Europe union, so they can be regarded as one faction.

"The renminbi should not return to the era of 7 yuan, to 7.0000, the amount of energy is gone, and the opponent is not stupid, but 6.9000 is a number that touches China's nerves and is stuck in the financial market, 6.9, the central bank will not make a move, and when 7, the central bank will definitely stand up." Lei Hao said simply.

"6.9 is a huge variable position." A voice came from the conference room at HSBC: "In this position, we need to block the attack of the bears on our own, and when the exchange rate falls to 6.95, we will have more help." ”

"But the amount of energy is not enough, and the space is too small, and the defense line can be easily penetrated." Lei Hao opened his mouth to explain.

Currency is a complex thing, the impact of the exchange rate is also very huge, for example, China's export enterprises, they earn other currencies other than the RMB, but in recent years the RMB has been appreciating, to say that export companies do not have the concept of hedging, it is of course impossible.

What about export companies? I produce things in RMB, I earn in other currencies such as US dollars, and I need to hedge against exchange rate risk, but my US dollars have to wait at least a while for them to be credited, so I need to hedge.

A month later, I am about to earn 100 million US dollars, so I go to buy 1,000 contracts, bullish on the Chinese yuan and short on the US dollar, spending 8,000 yuan in handling fees and 100 million US dollars in interest for a month.

If the renminbi appreciates and the dollar depreciates, the company's income is in U.S. dollars, which is equivalent to a decrease in business profits, but he has a bullish contract for the renminbi, so the foreign exchange market makes a profit.

As the world's second largest economy, China is an export-oriented economy, there is no doubt that there will be a lot of hedging contracts, but most of the hedging ratio of enterprises is not 100%, so when the RMB depreciation to a certain extent, these companies must increase the hedging ratio, and even enter the market for securities investment.

At 6.9, there may not be any movement, but when it is 6.95, Lei Hao does not need to shout, and a bunch of people will come in to go long on the RMB, that is, a little back can get a lot of help.

"The problem is, if you step back a little, you may not dare to enter." Lei Hao thought silently in his heart, but he kept using strategic space and quantity to fool this group of people.

What 6.9 can grab enough energy, what 6.95 is too close to the 7.0 mark, etc., is the first thing to say.

But at this moment, Lei Hao had only one thought floating in his heart: to fool this group of people.