As soon as Jiang Xiangjie's plan was finished, there was a brief silence in the conference room.

This plan is very bold, if it is fully implemented, the profit will be great, but the risk will also be great. Western countries will not sit idly by and let us do it.

No matter what ideology it is, Western countries, mainly the United States, have a supreme principle, that is, national interests are above all else!

Now, Jiang Xiangjie's plan is also the national interest above all else!

Similarly, once this plan is implemented, it will also touch a large number of interest strata in the country and provoke fierce "resistance".

Everyone here knows the key.

After a while, Liu Jun said: "I fully agree with the plan proposed by Comrade Xiang Jie in principle. In terms of details, I would like to make a few suggestions......"

Everyone's eyes fell on Yoo Jun's face again.

"On the first point, the issue of divestment. I think it's the foundation of all the steps, and it's the most critical part. U.S. Treasury bonds, a portion of which can be appropriately reserved. However, I think the derivative bonds issued by the two real estate companies must be sold in full, or at least most of them. ”

Liu Jun said firmly.

"Sell it all?"

Everyone was shocked, and Zheng Shaojie muttered even more.

Just now, Jiang Xiangjie has clearly stated the amount of bonds we own, which is an astronomical amount, accounting for half of our foreign exchange reserves and overseas investment.

If it sells all of them, it is very likely to cause panic. Moreover, it is very difficult for such a large amount of bonds to be sold out in a few months, and it will suffer large losses.

The so-called "two-house" refers to the two major real estate mortgage giants in the United States, Freddiemac and Fanniemac, which are directly accountable to the Federal Housing Finance Agency (FHFA).

In the U.S. Public Housing Act, Fannie Mae's properties are explicitly identified as federally managed enterprises, so-called "state-owned enterprises." In 1949, Fannie Mae expanded its role as an intermediary between the real estate market, consumers, financial institutions, and the government in the revision of the National Housing Act.

By 1970, in order to expand the secondary mortgage market to the general residential loan market, the U.S. federal government authorized Fannie Mae to purchase residential mortgages from private financial institutions, and authorized the establishment of the Federal Home Mortgage Corporation through the Emergency Housing Finance Act, which was the Freddie Mac Company.

Because of the sponsorship of the U.S. government, Fannie Mae and Freddie Mac have issued more than $5 trillion in derivative bonds, even though they have total assets of just over $70 billion. Also because of the sponsorship of the U.S. government, the securities issued by the two companies are considered "equivalent to U.S. Treasury bonds."

Relatively speaking, the purchase of treasury bonds is a relatively prudent investment, although the return is not large, at least higher than the bank interest, and the repayment is guaranteed.

Guo Qiliang said calmly: "It is unlikely that all the two-house bonds will be sold. First, it is too late to make time, and second, we must also take into account some political needs. ”

In fact, Guo Qiliang believes that Liu Jun also understands this truth very well.

As long as people with a little economic vision know very well that buying a country's national bonds is to support the construction of that country. This is how we advertised it when we used to issue government bonds.

But when other countries buy U.S. Treasury bonds, including Japan and Russia, in addition to preserving their value, there is also a political consideration. Taoguang needs to pay a certain price.

Guo Qiliang mainly wanted to know the reason for Liu Jun's proposal.

Liu Jun nodded and said: "I suggest that on the basis of what Comrade Xiang Jie just said, reduce the holdings of the two-house bonds, and if it is because of political considerations, you can consider switching to US Treasury bonds." Government sponsorship is not the same as government guarantee, and this concept must be clearly distinguished. After all, Fannie Mae and Freddie Mac are not the U.S. government, and the U.S. government has never publicly admitted that they will guarantee the derivative bonds issued by the two houses in the name of the government. That's the problem. Essentially, two-house companies are just ordinary mortgage companies, and if their performance plummets, they may be liquidated in bankruptcy. This is the big problem. Even if it is not liquidated, as long as it is delisted from the New York Stock Exchange, the bonds issued by the two houses can only be traded over-the-counter, which will greatly limit the liquidity of the bonds. When we want to sell these bonds and cash in, it becomes very difficult. In case of bankruptcy liquidation, then, these bonds become waste paper. This danger cannot be ignored. ”

The expressions of the participants became more and more serious.

Liu Jun's words are indeed quite amazing, and before this, it is not that no scholars have raised similar questions, but they have not attracted enough attention. After all, a company sponsored by a country's government still has credibility in the eyes of everyone. Although the ratio of the use of capital leverage by the two real estate companies has reached a jaw-dropping ratio of 700 times.

To put it bluntly, everyone is still a little superstitious about the credibility of the U.S. government.

However, now, for Yoo Joon to raise this issue personally, and at a meeting at this level, it is impossible not to seriously consider it.

Yue Shuhong, chairman of the China Securities Regulatory Commission, said in a deep voice: "Secretary Liu, Liangfang is not an ordinary listed company. They are in fact exercising some of the functions of government functions. Let the two-house company delist, shouldn't it? According to the rules of the New York Stock Exchange, only the share price of a listed company is below $1 for 30 consecutive trading days will be delisted...... Now the stock price of both companies is above $70......"

Speaking of this, Yue Shuhong couldn't help but shake his head slightly.

That is, Liu Jun raised such a question, if someone else said so, Yue Shuhong would not say anything to him at all. With the special background and important mission of the two-house company, coupled with the current high stock price, it is inconceivable to suspect that the two-house company will be delisted and delisted.

"State-owned enterprises" such as the two-house company are guaranteed by the government. It's easy to keep the stock price above $1 for two houses. The total share capital of the two-house company did not exceed one billion shares.

As the chairman of the China Securities Regulatory Commission, it is very reasonable for Yue Shuhong to "question" Liu Jun.

Except for Yue Shuhong, I'm afraid everyone here, including Liu Jincai, has this idea. Under Liu Jun's repeated reminders, compared with another parallel world, the total amount of US Treasury bonds and two-house bonds we bought is much less. But Liu Jun still felt that this amount was too large. Even if political factors are taken into account, it is still not cost-effective.

Whether the two houses will be delisted, Liu Jun is not clear. Before the rebirth, the stock of the two houses was still listed on the New York Stock Exchange, and it was not delisted, but the stock price had fallen to around one dollar.

From a drop in the seventies to a dollar!

If the two houses did not have the color of the government, and they were replaced by other listed companies, they would have collapsed a long time ago.

Rao is like this, and there is still a great risk.

Liu Jun took a sip of the teacup, smiled, and said, "Comrade Shuhong's question is very reasonable, but there is no absolute thing in the world. We estimate ...... Now there is basically no need to predict, and it can already be seen...... The current financial crisis in the United States will be triggered by their mixed subprime bond market. The root cause lies in the inflated bubble in the real estate market. After the outbreak of this financial crisis, mortgage companies must bear the brunt of the problem. It is entirely possible that the stock price of the two-house company will fall to the bottom. Once such a huge bubble bursts, no matter how much money the US government invests to save the market, it will not be able to save it. The funds that the U.S. government has and the funds needed to bail out the market are not at all above the same level. In the end, they couldn't resist it, so they could only push the two-room company to the market and delist it. If the U.S. economy does not recover quickly, it is not impossible for these two companies to go bankrupt and liquidate. I believe that we have to prevent this risk. For other reasons, it is possible to transfer a part of the US Treasury bonds, but the total amount should not be too much, and should be controlled within a certain range. ”

Yue Shuhong nodded thoughtfully.

Jiang Xiangjie said: "Comrade Liu Jun's opinion, I think it is worth considering. ”

Liu Jun's words can be said to partially negate his plan, Jiang Xiangjie can have such an attitude, which shows that he is very broad-minded, completely standing on the position of work, and talking about things.

Liu Jun nodded to Jiang Xiangjie and continued: "I very much agree with the second point that Comrade Xiang Jie talked about, sending inspection teams to all provincial branches and backbone state-owned enterprises. I believe this is a crucial step in dealing with this financial crisis and maximizing the benefits. To put it mildly, if we want to beat other people's ideas, we have to hold our money bags tightly. Otherwise, if the benefits are not reaped, it will not be cost-effective. I think the key is to put the supervision in place. Over the years, there have indeed been many violations of the law in our individual financial institutions. In particular, the amount of money entering the foreign capital market is huge, and the possibility of collusion between inside and outside cannot be ruled out......"

As soon as Liu Jun said this, the face of Zheng Shaojie, the governor of the central bank, changed slightly, and then returned to normal.

In recent years, Zheng Shaojie has done a very effective job in the supervision of state-owned banks, and he is also recognized as a confidant of the Liu family. Liu Jun's words should be right things and not people.

"I would add that in this operation, it is necessary not only to supervise state-owned financial institutions, but also to convince private financial institutions, especially those registered abroad, to be the focus of monitoring. Block all outflows as much as possible. Together, we can achieve the most fruitful results. Moreover, some actions can also be operated through the private sector, which should be more convenient. ”

Everyone agrees with this point added by Liu Jun.

Liu Jincai said: "Other comrades, all talk about their views......

It was late at night, and the meeting continued......