With regard to the value of foreign currency, depreciation is good for the export of domestic products, because these goods have become relatively "cheap". However www.biquge.info there are pros and cons to this kind of thing, and the decline in the value of the currency means that in the international trade of imports, the part of the country needs to spend more.

After decades of rapid growth, the renminbi's rigid pricing mechanism was criticized and international pressure intensified, forcing the government to carry out a round of exchange rate reforms in 2002, and the renminbi gradually climbed to a high of 6.2. But now, with the decline in economic growth and the high value of the renminbi not in line with the current economic situation, the government has restarted a round of exchange rate reform.

It can be said that this round of exchange rate reform is to allow the renminbi to depreciate in an orderly and slow manner. But it's never always easy, especially in the unpredictable, cloudy and doggy forex market. The news of the renminbi's depreciation soon caught the attention of some international institutions, especially hedge funds focused on macroeconomics, whose huge foreign exchange reserves were coveted.

The collapse of the exchange rate system has happened many times around the world, including the United Kingdom, an old power, so the Chinese government has always been very vigilant about this issue. Because the collapse of the exchange rate system means that the wealth of the whole people that has been accumulated for decades will be wiped out, and no government in the world can remain indifferent.

Although intervening in the foreign exchange market may be a problem, extraordinary times require extraordinary methods. That's why the chief was easily persuaded by Zhongshi to concentrate resources on saving the foreign exchange market first. Because if shorting the renminbi forms a long-term trend, it will be a great disaster for all Chinese people.

Central Bank Headquarters Building, August 26.

In the past day, the settlement price of the renminbi against the US dollar officially exceeded 6.5, and the action to save the renminbi is imminent and urgent.

Early in the morning, Zhong Shi, Gao Dongfang and others came here early, and they will have a meeting with the people of the central bank before nine o'clock to finally decide which market to sell.

The central bank's headquarters building is not very tall, but it is very cleverly designed, and the half-arc shape is like a gold ingot, as if to tell the world that this is a place to talk about money.

"Alright, it's all here, right?"

At half past seven, President Jin was the last to walk into the conference room, glanced at the crowded conference room, sat down in the main seat in the middle, and said solemnly, "I believe you all know what happened yesterday." Today we are discussing the final proposal, please pay attention to the time of the speech, and we will reach a final conclusion before nine o'clock. Also, please turn off your communication tools first, I don't want anything to violate the discipline of the meeting. ”

During this time, he was under a lot of pressure, the bags under his eyes had already appeared severely, and there seemed to be a few more wrinkles on his face.

The sound of Suosuo's busyness immediately sounded, and it didn't take long for it to calm down again.

"Okay, Zhongshi, you say it first!"

Seeing that everyone was ready, President Jin nodded with satisfaction and said directly, "You have been dealing with the capital market before, and you may not know much about the foreign exchange market. Let me briefly say that since the exchange rate reform, the exchange rate of the renminbi against the US dollar has broken through from 6.2 to 6.5, a drop of 4.83%. In the offshore market, there are also more and more contracts short in the yuan, and there are even rumors in the market that the yuan will be hit to 6.9. Many hedge funds in Europe and the United States have joined the ranks of shorting the renminbi, and if this continues, we will face very strong pressure. ”

He has received clear instructions from the chief to concentrate resources and financial resources to solve the exchange rate problem as a matter of priority, and Zhong Shi will personally take charge of the problem in front of him.

Although I don't know what the reason is, this proposition is consistent with Governor Kim's inner vision, so he accepted this order very calmly, and hinted to Zhongshi at the right time.

It's just that although the chief made a decision, the current meeting is suspected of going through the process. But in order to be able to form a unified understanding, the necessary procedures still have to be followed.

Seeing that Governor Jin was the first to light Zhongshi, many people knew it in their hearts.

"Compared with the stock market, the intervention in the exchange rate market has reached the point where the arrow has to be triggered."

Zhong Shi, who knew this, was naturally happy to cooperate with the other party in this play, and immediately said aloud, "I'll just say a little, but in terms of difficulty, saving the foreign exchange market is far easier than saving the stock market, and the effect is also fast." In such a situation, why should we give up the difficulty? Besides, the public security organs are carrying out the rectification and investigation of the stock market in an orderly manner, and we will enter it after they have made a clear investigation, so isn't this more conducive to the subsequent development of the market? ”

"It's funny!"

As soon as Zhong Shi's voice fell, Li Bin jumped out impatiently, "Saving the stock market is a market behavior, and the behavior of the public security organs involves the judiciary. In my opinion, both are good for the stock market, and a two-pronged approach is more conducive to the recovery of the market. ”

"As for the foreign exchange market, a little depreciation is nothing, and it is good for exports. But then again, we can't remain indifferent, and in my opinion, 6.5 is not the end, and if it depreciates to 6.7, it will not be too late for us to act. As long as the economic data continues to grow, and the inflows are greater than the outflows, we don't have to worry too much about the exchange rate market. ”

His words were completely-for-tat, and immediately filled the conference room with the smell of gunpowder.

Governor Jin's brows couldn't help but furrow, and a trace of unhappiness appeared on his face.

"Since we want to talk about the stock market, then I'll talk about the stock market!"

At this time, Gao Dongfang stood up and said loudly, "During the period when I presided over the bailout, I once bought a stock, so I won't say much about what the stock is. When we bought the stock, there was a large sell order. After investigation, we found that in the first two days of our purchase, the funds quietly sneaked into the stock, and neither the size of the purchase nor the number of positions held happened to trigger the disclosure requirements. Afterwards, it was roughly estimated that the other party earned at least 300 million yuan from this transaction alone. Comrades, these 300 million yuan are all funds to save the market, and they were so easily earned by people with great powers in the market. ”

Bang!

He slammed his slap on the table, making a loud and abrupt noise that startled the entire conference room.

"I'm unwilling, I'm really unwilling!"

Gao Dongfang's eyes widened, and his face was hideous, "If these small ones can't be removed from the market, no matter how much we save the market, it will be useless." Only a healthy market can have an ideal and suitable index to match. As for the importance of the foreign exchange market, I don't think I need to explain it to you, right? The reason why we are here is to deal with the difficulties of the foreign exchange market, which also shows that the state attaches more importance to the foreign exchange market than the stock market, so what are we still discussing here? I suggest that immediate measures be taken against the Forex market and a hard blow to those international bears! ”

"Comrade Gao Dongfang, don't get excited!"

Governor Jin finished reading Gao Dongfang's almost venting speech with a blank face, and only at the end did he wave his hand slightly to stop the other party from continuing, "These directions are being carried out in an orderly manner, and comrades in the East should not add personal emotions when expressing their opinions." Okay, do you have any other opinions? ”

"I have!"

Li Bin jumped out again, "Regarding what Comrade Gao Dongfang said, I suggest that the relevant departments conduct a thorough investigation. However, I have a question about the actions of the exchange rate market. If you really want to give priority to intervening in the foreign exchange market, don't you need to discuss how far you want the target price to be, how long it will take, and how much money you want to use? ”

He has already heard that Governor Jin is inclined to give priority to intervening in the foreign exchange market, and naturally will not continue to entangle in the stock market, but this does not mean that he will stop there.

When others think about it, this is indeed the truth.

The exchange rate market, like the stock market, fluctuates almost every day. So if you want to intervene, you have to target the price near a certain line. Of course, this line is not static, and if there is no trend of malicious shorting, then there is no need to set such a line.

"The question ......"

Governor Jin pondered for a long time before he looked at Zhong Shi, "You should ask him." If I decide to intervene in the exchange rate market as a priority, Zhongshi will be solely responsible for this. ”

"Him?"

When Li Bin heard this, his expression suddenly became ugly, and he said leisurely after a while, "Of course, I'm not worried about Mr. Zhong's ability. I just think that if the relevant information is not released, I am afraid that I will not be able to explain to the people present, right? ”

He skillfully tied up the people present with himself, and although he was suspected of offending Zhong Shi, it also resonated with others.

"Assistant Li, I think you're completely wrong."

Zhong Shi stood up unhurriedly and calmly retorted, "The main purpose of this intervention in the foreign exchange market is to curb the behavior of foreign institutions to short the yuan, so as to further prevent their greater ambitions." Speaking of specific goals, I am inconvenient to disclose here, and you should not be too careful, after all, this time it is a turtle in an urn. In case this turtle runs away at a critical time, I don't know who is responsible? ”

As soon as he said this, the faces of the others changed.

Although it is not explicitly stated, the meaning has been expressed very clearly, that is, Zhong Shi is worried that someone may leak this confidential information, although this kind of thing is unlikely, but if it really happens, then the whole responsibility will fall on Zhong Shi, which he cannot bear.

So he pushed back Li Bin's request very strongly, and at the same time secretly warned everyone not to easily get involved in this troubled water.

None of the people present were stupid, and when they heard Zhong Shi's words, they all fell into deep thought, which also made the scene cold for a while.

"Do you have any comments to make?"

After waiting for a while, Governor Jin slowly stood up and said solemnly, "The discussion was very enthusiastic, and I am personally quite satisfied, and some comrades have a lot of opinions, and they have been answered one by one. Now, if there are no other opinions, then let's vote by show of hands, shall we? ”

Hearing President Jin's words, Li Bin's face suddenly became gloomy, and he knew very well that the other party was beating himself.

Naturally, after the tone was set, there was no other opposition, and the hands of the whole audience were raised, and intervention in the foreign exchange market officially became a priority policy.

"Zhongshi, you get ready and get to work right away."

After the vote, Governor Jin said to Zhong Shi non-stop, "From now on, you will have full command of the encirclement and suppression against international shorts, and the specific work will be reported to me." Okay, everyone else goes back to work. Remember, not a word of today's meeting will be revealed! ”

As soon as the resolution was passed, he immediately went to work, which is unheard of. But those present understand that this is to eliminate all distractions outside the field.

As for who it is aimed at, everyone has their own answer in their hearts. (To be continued.) )