"What's the stock market like right now?"

At 9 o'clock in the evening after the end of the stock market, the leaders held an emergency meeting in Yanjing to discuss the current stock market response measures. The reason why www.biquge.info is so late is because the governor of the central bank, Jin, is still in Suhai during the day, and it takes a certain amount of time to fly back to Yanjing.

Although it was already past the time to go to work, and tomorrow and the day after tomorrow were still weekends, the leaders were called, and the heads and brains quickly appeared in this conference room. At this time, the leader was gently tapping his fingers on the table, and asked such a sentence slowly.

It is clear that today's stock market plunge has shaken the leadership at the highest level.

The high-ranking officials sitting on the stage were silent, and they didn't dare to take a breath, and none of them took the initiative to speak, and the atmosphere of the scene fell into a deathly silence.

They know the situation in the stock market today, and at the same time, they also feel the dissatisfaction in the hearts of the leaders, and they do not volunteer to stand up and take the initiative to speak out out of the intention of protecting themselves.

"Why, none of them spoke?"

For such an attitude, the leader was even more dissatisfied, looked around coldly, and said in a louder tone, "You are all superior departments of the capital market, can it be said that you are not aware of today's trend at all?" This was the largest decline in the history of the capital market, with more than 40% of stocks falling to the limit. Nearly half of the stock has evaporated 10% of its market value today, what is this concept, comrades? ”

His palm slapped heavily on the table, and it was clear that he was very unhappy with the situation.

"I'll report on the specifics."

Seeing that he couldn't hide, and that he was the head of the direct supervision department of the securities market, Chairman Xiang had to stand up and clear his throat, "Today's big fall has surprised many people, including our Securities Regulatory Commission. In this regard, we take responsibility that cannot be shirked. ”

His attitude was very good, and he first admitted that he was at fault and acted very responsibly, which made the leader's face soften a lot, "You then tell me what the hell is going on!" ”

"First of all, before the opening of the market, the market has rumored that the financing market has basically collapsed."

Chairman Xiang took a long breath and thought for a moment before he said, "These include various news such as the suicide of shareholders, the investigation of a certain capital allocation company, the cooperation of economists in the short market, and the simultaneous release of news by foreign banks. Although the suicide of shareholders was confirmed to be a fake news in the end, the market effect has been formed, and the news of the basic collapse of the financing market has also become the consensus of the market. ”

"Hasn't financing been rectified a long time ago?"

Hearing this, the leader was a little confused, "I remember the last meeting, you used to talk about the harm of financing, and you also gave specific rectification measures. Why does this problem still exist now, and it has become the culprit of today's stock market crash? ”

"The last time there was a joint rectification was the allocation of funds in the stock market through bank sales."

Chairman Xiang paused abruptly, and after thinking about it, he decided to tell the truth, "Except for the sales of banks and brokerage channels. Because of the surge in the stock market, a new type of capital allocation company has also emerged, and they provide investors with a part of the leverage. The leverage that had been rectified has also quietly gone underground, and wealth management products have become their latest form of cover, and wealth management products are not on the balance sheet supervision list, and we can do nothing about it. ”

"In addition to the other financing channels given by the bank, there is also a large amount of financing in private companies, and even some loans have been misappropriated into the stock market, and this part of the funds can be counted as part of the financing plate. According to our preliminary estimates, this part of the capital is around 500 billion. And once this part of the funds collapses, it is not surprising that it will cause an avalanche in the market. ”

"But the beginning of the whole thing did not start with the collapse of the financing disk, and the operation of leverage should have been targeted and operated by some well-intentioned people. However, this does not mean that there is no problem with the financing order, in fact, around 4500 points may be where their closing line is. So the whole thing can be said to be that some well-intentioned institutions spread rumors that caused panic in the market, and eventually triggered a major collapse that evolved from the liquidation of financing positions. ”

"Some institutions with a heart?"

The leader's brows furrowed, "Do you have solid evidence?" I can tell you, don't talk about it here. We must come up with credible evidence before we can take the next step, otherwise we will be easily criticized. ”

"This is natural."

Chairman Xiang's face showed an unusually confident look, and he almost patted his chest to reassure, "The transaction records of our exchange alone record certain behaviors that obviously interfere with the normal operation of the market, and more than once or twice. In addition, we also attach great importance to certain acts of spreading rumors, and if we find unreasonable behavior or false statements, we will report to the public security organs for investigation and arrest at any time. ”

"Let's put this matter aside for now."

After frowning and thinking for a long time, the leader still didn't nod, "Let's see how the situation develops first." At present, the first priority is how to save the market and retain the confidence of shareholders, so as to achieve the purpose of blood transfusion to the real economy. As for these details, it is not too late to settle the total account when the confidence in the stock market is boosted. ”

"This ......"

Chairman Xiang did not agree with the leader's opinion, and after thinking about it for a while, he couldn't help but say, "If these people who pick quarrels and provoke troubles are not severely punished, then they will intensify their various activities that affect the market." You must know that these people have a lot of influence, and many times what they say even exceeds our official refutation of rumors. If we want to save the market and the confidence of investors, the blow to these people must not only not be relaxed, but also doubly heavy. ”

"Chief, this matter has reached the point of urgency."

He stressed again, "Whether it is foreign capital or small shareholders, whether it is spreading rumors or actually manipulating the market, it is already necessary to use heavy codes at this time." Now the index is around 4,200 points, and if we don't do something about it, it could fall below 4,000 points in the next trading day, and it could fall below 3,000 points in a week, or even 2,000 points. This is an out-and-out conspiracy, a huge conspiracy to sabotage the great economic construction of our country. ”

"If that's what you say, then it's very serious!"

Hearing Chairman Xiang say this, the leader's face suddenly became solemn, if it was just a problem with the index policy, it was nothing. But if it turns into a conspiracy, then the interests of the whole country are involved, and as one of the top leaders, he cannot sit idly by, "It is better to investigate first and find out the nature of the whole thing before drawing conclusions." When you have a conclusion, give me a full report. ”

He still did not make his position clear, but by saying these words, he had acquiesced to President Xiang's request for the intervention of the judiciary.

"Okay, let's talk about what other good measures can save the current stock market and shareholders' confidence?"

After listening to Chairman Xiang's words, the leader's eyes turned to the heads of banks and insurance companies, "Don't you have anything to say?" ”

"We in the insurance industry will launch an industry-wide inspection in the near future."

Chairman Zhou of the insurance industry hurriedly said, "We have been supervising the rational use of insurance funds all along. The purpose of this inspection is to see which funds are not moving in a reasonable way and are moving into speculative activity. However, according to our current regulations, the insurance industry cannot directly participate in the capital market. According to our internal estimates, there are only tens of billions of funds, including illegal and legal access to the stock market, which should not have much impact on the stock market. ”

"The banking sector will also carry out strict inspections of the industry, as well as the highest level of supervision on the whereabouts of certain new loans."

President Qi of the Banking Association also said, "Although there is a temporary lack of effective supervision of wealth management products, after I go back, I urge the relevant departments to introduce relevant management plans as soon as possible, and we must completely stifle the unstable factors." However, it should be clear to the leadership that our activities are specifically regulated by the central bank and follow the monetary policy set by the state. Therefore, in addition to the specific business scope, we can only crack down on violations of laws and regulations outside the business. ”

"But if that's the case, I'm afraid the market will suffer a further decline."

He also emphasized, "These are all negative for the capital market, and they do not play a role in boosting market confidence at all." If we really want to boost the market, I am afraid that specific measures from the Ministry of Finance and the central bank will be needed. The first is that monetary policy and fiscal policy cannot be bypassed, and the second is that the benefits that can be released have been fully released, but it does not seem to have played much role in the entire market. ”

"What do you mean by that?"

The leader was a little angry, "Do you mean that your bank or insurance institution alone can no longer do anything about the entire market?" If that's the case, I'm wasting my time looking for you? You are pushing the bullet one by one, are you not taking me seriously? ”

These two people are more slippery than the other, which makes the leader a little unhappy in his heart, and now he still says this, which arouses the anger in the leader's heart.

"The news of the pension fund entering the market has been released, and it still has not saved the market."

At this time, the governor of the central bank, Jin Governor, finally spoke, "Hundreds of billions of funds have moved, and the market is unmoved, indicating that the panic in this market has reached the extreme." At such a time, if you want to save the market, I am afraid that there is only one way to choose. ”

"You mean?"

It's not a loss to be a leader with a doctorate in economics, but after a little thought, he realized what Governor Jin meant, "The government directly pays to save the market?" Like Hong Kong in '98? (To be continued.) )