"Is it really to the point where we have to save the city in the name of the state?"

It was still the same conference room, the top executives in charge of the capital market, or the leader who presided over the meeting last time, and after an urgent effort to save the stock market on Friday, the market crashed again on Monday, and these people had to sit together again and continue to discuss how to save the current capital market. Pen? Interesting? Pavilion wWw. ｂiquge。 ｉｎfo

For today's market performance, the leader also took the time to pay attention to the stock market, but he was disappointed that despite so many positive releases, the stock market still plummeted. If it weren't for the forced upward rush of good news in the last trading session, I am afraid that it would be difficult to keep even 4,000 points.

After the two major news of "interest rate cut" and "RRR cut" were urgently announced, they could not mention the exciting effect on the stock market, and the leaders began to seriously think about the possibility of "saving the market".

But doing so would be too wide-ranging, so before finalizing it, he had to ask his staff if they really wanted to go this far.

"I'm afraid so!"

After a moment of silence, the central bank's governor Jin was the first to speak, "For the central bank, the big killer weapons such as interest rate cuts and RRR cuts have been sacrificed, and they have not had much effect." Moreover, in the short term, it is unlikely that the central bank will cut interest rates and reserve requirements again, after all, it is impossible for us to adjust monetary policy three times for the sake of the stock market. ”

"And so far, the issue of the exchange rate remains unresolved. Some foreign institutions are still frequently attacking the RMB exchange rate in the offshore financial market. In Hong Kong, we have fought with them several times, and we have barely suppressed their short-selling efforts. If you want to maintain the capital market, then the pressure on the exchange rate market will be much greater. Compared with the capital market, the exchange rate market is fundamental. ”

"I even suspect that this is a reproduction of the attack on Hong Kong by international speculators in '98. On the one hand, it is putting pressure on the exchange rate market, and on the other hand, it is making waves in the capital market. Fortunately, our economic equivalents are far from being comparable to those of Hong Kong, and the capital market and the exchange rate market are not highly correlated, so we are now safe and sound. But through everything that is happening now, let us all see the urgency of the economic situation and the harmfulness of certain foreign institutions. ”

"Exchange Rate Markets and Capital Market ......"

As soon as the foreign exchange market was mentioned, the leader was silent, and gently knocked on the table for a long time, and then said slowly, "Foreign exchange is related to the security of our country's monetary system, and it is also related to the value of the RMB." It cannot be said that the foreign exchange market is much more important than the capital market, but both are of high importance to the national economy, and it is impossible to give up either one. By the way, Mr. Kim, what is the situation in the foreign exchange market recently? ”

"Foreign institutions mainly attack the renminbi through Hong Kong's offshore market, including using futures, forwards, etc., and the value of the renminbi to suppress."

Governor Kim nodded, and then replied in an orderly manner, "At the same time, create panic in the media and try to guide the tide of capital flight." However, we have worked with the public security department to seize these rumors in a favorable manner, and at the same time increase the investigation and punishment of underground money banks to prevent the outflow of funds abroad through underground channels. ”

"As for institutional speculation, we have also teamed up with Chinese institutions in Hong Kong to fight back against them by raising the RMB overnight lending rate. The current exchange rate is still in a reasonable range, and there are signs of further dewinding of short positions. After all, our foreign exchange reserves are there, and at the same time, the economic growth rate is also in the first team in the world, so their actions against the yuan are doomed to failure. ”

"However, in the past few months, in order to buy back the renminbi in the market, we have spent about tens of billions of dollars in foreign exchange reserves, and in the past few months, the total foreign exchange reserves have decreased by more than 100 billion US dollars, accounting for about 10% of all foreign exchange reserves."

Speaking of this, President Jin's face was slightly embarrassed, "We didn't expect that so much was spent, and there may be some outflow of funds." This is aggregated information, but so far the pace of reduction in foreign exchange reserves has slowed considerably, and new growth is expected during the month. ”

"Ichisei?"

After hearing this figure, the leader was a little surprised, but it was not a single person who was surprised, and everyone present was more or less surprised except for President Jin himself.

"If that's the case, then really focus on dealing with international speculators. If the renminbi collapses, it means that the achievements of our reform and opening up for decades will be in vain, which is really unimaginable, and you and I will become sinners of history. ”

After pondering for a moment, the leader said decisively, "Governor Jin, your main focus during this time is on defending the exchange rate of the yuan. This matter is a major matter related to the national economy and the people's livelihood, and we must not be careless. If there is an emergency, report it to me as soon as possible. ”

"Yes, leader!"

Governor Jin nodded solemnly.

"So, President Xiang, what do you mean here?"

After dealing with the problem here, the leader turned his head to Chairman Xiang of the Capital Market Supervision Committee, "In the afternoon, you urgently released a message to refute the rumors, and saved the index in time." I have to say, you guys did a good job of emergency measures this time! ”

"But ......"

Although he was praised by the leader, Chairman Xiang did not have any joy on his face, and after smiling bitterly, he said with difficulty, "Leader, this is the situation. The information we released was actually aimed at the sharp fall on Friday, when not many positions were liquidated. But after today's plunge, I'm afraid the information we post on social media is not so accurate. Because it has fallen so much, it has triggered a large number of liquidation orders. Although there may be a slight sign of a rally in the next few days because of this, strictly speaking, we have only used the news from the past to save the market today, and the stock market will continue to fall in the rest of the trading day. ”

He let out a long sigh and shook his head helplessly.

"That's ...... so"

The leader's face was also a little unsightly, he touched his chin and groaned for a long time, and after looking around, he continued to ask, "If you really want to save the city, what should you do?" You should know what I am worried about now, which is also a matter related to the national economy and people's livelihood. If it weren't for the involvement of private capital, Hong Kong's position as the world's No. 1 economic freedom would have been replaced by other regions. ”

When it came to the fact that Hong Kong was attacked by international speculators, many people present were silent. Some of them have been through the ups and downs of the beginning, and some of them have only learned about the situation through some internal or public information. But no matter what, they were well aware of the dangerous situation at the time.

In the same way, they are aware that a "bailout" is becoming possible. Since the leader said so, it means that he has put this issue on the table and seriously considered the feasibility.

"Can we do the same?"

At this moment, Governor Jin suddenly said, "If you want to use the treasury funds, it is difficult to say whether there will be a return in the end due to the risk of investment, and it will also be questioned by taxpayers." Therefore, it is basically impossible to use the treasury or other funds. But we can raise funds to save the market through crowdfunding. ”

"Crowdfunding?"

When the leader heard this word for the first time, he felt quite fresh, and couldn't help but ask, "President Jin, what kind of practice do you say?" ”

"Interest-related departments!"

Governor Kim pointed out bluntly, "I don't want to be the people who are currently speculating in the capital market, they are short-term players who will leave after making money." But who won't leave, who wants these markets to continue to prosper, is the only one who has the will to make long-term investments. I think you should already know that those institutions that rely on the capital market to survive are the foundation of this market, and brokers, funds and even listed companies are the foundation of our market. Small and medium-sized shareholders are not the foundation, they are just outright speculators. ”

"It is impossible for listed companies to take money out of their pockets, on the one hand, they are not state-owned companies, and on the other hand, their finances need to be supervised by shareholders and the system. But it's different for brokerages and funds, they can come up with money, and the so-called 'bailout' is also a long-term investment, which is completely in their interests. ”

"Of course, the central government also has to come up with some funds, after all, it is impossible to rely on them completely."

Chairman Xiang suddenly interjected, "Make the stakes clear, and I'm sure they'll understand the long-term benefits of doing so." I don't think any of them will see the market crash, because that means their jobs will be ruined as well. If there are brokers who can't realize the necessity of doing this at this time and choose to resist, then you really have to think about why they did it. Because it is not in their interest, unless they have other interests that conflict with the interests of the whole country. ”

His words were very heart-wrenching, and the faces of many people present immediately changed.

At such times, some institutions may be trying to fish in troubled waters. Trying to figure them out by raising money and then finding out why is the reason behind them is a win-win-win-win approach.

But the whole practice is a bit of a "snake out of the hole" flavor, which is unfair.

"It's a good idea, but if it's forced to do so, it's a bit unreasonable and goes against the spirit of the rule of law."

The leader's brows twitched slightly, obviously moved, but after thinking about it, he picked out the inappropriate parts of the whole thing, "We still have to follow the principle of voluntariness, if we really want to resist, we will not force them, this point must be clarified." ”

"Also, Chairman Xiang, during this time, we must intensify the investigation and punishment of illegal transactions, market manipulation, insider trading and other illegal activities."

Unlike the last time, this time the leader made up his mind to investigate and deal with the illegal activities in the capital market, and he said in a loud voice, "No matter who it is, as long as illegal acts are discovered, they must be investigated to the end." I'm going to take care of something, but I'm going to see who is making trouble at this time, openly antagonizing our government. Remember, if you find it together, you will seriously investigate and deal with it together, and you will use it very often! ”

"Yes, leader!"

Chairman Xiang nodded heavily, "At this point, we will fully cooperate with the judicial authorities to find out all these black sheep!" ”

"Now there's one last question left."

After nodding with satisfaction, the leader said, "How much money is needed to save the entire market?" At the same time, who will lead these funds to save the market, that is, our candidates, do you have anything to say? ”

After finalizing the plan to "save the market", the next step is the details. Among them, the most important are the two issues mentioned by the leader, one is the amount of funds, and the other is the person who will operate these funds.

Both of these are very tricky questions.

"These funds must be centrally managed!"

After thinking about it, Chairman Xiang was the first to speak, "I suggest that Huatou carry out centralized management. I think Mr. Gao Dongfang is the most suitable person for these funds, and his performance in overseas investment is very good, and I believe he can do it! ”

"But the overseas market and our market are two different things, and I'm worried that he won't be able to fully handle the role."

At this time, President Jin said, "I have no objection to putting the funds in the China Investment Corporation for management. But I think it's important to pick someone who is familiar with the local market. Mr. Gao Dongfang has been out of our market for several years, and I think he will not be able to convince the public. If I had to recommend it, I would recommend Comrade Li Bin of the Central Bank, who was born from a brokerage firm and is also an excellent macroeconomist with both theoretical and practical experience. ”

"Speaking of which, I have to stand up and take a stand."

At this time, President Qi of the Banking Association also spoke, "I also have a candidate, Comrade Guo Zhongye, who is currently the chief investment officer of ICBC. I believe that many of you have heard of him, after taking charge of the investment fund of the Industrial and Commercial Bank of China, he brought an originally low-end fund to the top 10 in the market in the secondary market, and expanded the scale of the entire fund to nearly 50 billion. If such a comrade can manage the bailout fund, he will definitely make very good achievements. ”

"I would also like to recommend a ......"

Chairman Zhou of the insurance industry also stood up, "Comrade Liu Ping, chief investment officer of Pinghe Group, he ......"

People from all walks of life want to recommend their own people to the top.

"Maybe he's the right fit."

Seeing these people arguing, the leader frowned a little tiredly, and suddenly the image of a person jumped into his mind for no reason, "I believe that he can create miracles again." ”

He clenched the pen in his hand suddenly. (To be continued.) )