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The current situation of Shanghai's banking industry is that everyone is in danger.

Even banks with plenty of cash are urging for loans everywhere, desperately trying to hold cash in their hands, not hoarding funds, but being forced to save their lives in the panic of a run.

The normal business of the banking industry is to try to find quality customers, provide them with funds, and share a part of their profits, which is an industry that provides development funds for other industries.

However, at present, the greatest performance of each bank employee is not how much money can be released, but how much money can be returned, and the basic functions of the bank are completely lost. Instead, it has become a major accomplice to the monetary contraction, just as during the economic boom, banks can expand capital and inject vitality into the market, but during the economic crisis, banks can expand the crisis and tighten the market's scarce cash flow.

It's a double-edged sword.

Yang Chao must save them, because Yang Chao wants to use this sword, without the network of Shanghai's banking industry all over the country, Yang Chao will not be able to collect the salary paid by the government, the economic crisis is already terrible, plus inflation, the ghost knows how many years the economic crisis will last.

But Zhang Jiaao also has difficulties.

He is the governor of the central bank, and the central bank's responsibility is to maintain market stability, and maintaining monetary stability is the top priority in the popular financial view, so in the past few years, Zhang Jiaao has tried his best to maintain the stability of China's two countries, and he can't tighten funds desperately, where can he take care of those commercial banks that have been run on and bankrupt.

Compared to a currency collapse, the failure of a few banks is nothing.

Yang Chao knew Zhang Jiaao's distress, because the Ministry of Finance had already reported the reserves of foreign banks.

Yang Chao said: "Governor Zhang, I know it is difficult for you to do, the reserves in the central bank's treasury are about to be exhausted, especially silver, which is less than 100 million taels of reserves." ”

Speaking of this, the other bankers couldn't help but show solemnity on their faces, they didn't expect that the central bank only had this little reserve left, so the paper money was really unsafe. In this era, the world's central bank reserves are a state secret, and even Parliament has no right to know the gold reserves of the Bank of England.

Zhang Jiaao nodded, his brows furrowed, he didn't expect Yang Chao to expose the central bank's reserve problem.

China's monetary policy is to fix the price of gold and silver, and the central bank will include gold and silver in the reserve system at the same time, in fact, this is a kind of gold and silver standard, and the United States is the same as the gold and silver as the reserve currency of the same standard, the difference is that the US dollar is denominated in gold, and China is denominated in silver.

Because of this, the United States needs more gold, while China has a higher demand for silver.

Now the central bank only has less than 100 million taels of silver, which has long exceeded the bottom line of ensuring monetary security, but Zhang Jiaao has no other way.

Because the whole world is like this: "In September last year, Britain broke off the gold standard and stopped paying gold, and the governor of the Dutch central bank, who used the pound as a reserve currency, committed suicide. Now only the United States and France are still adhering to the gold standard in the world, and China is the silver standard linked to the gold dollar. ”

Previously, the international currency of Europe and even the world was still the pound sterling, followed by the US dollar and the third franc, and China's gold dollar bills could only rank fourth.

However, the British pound still holds the largest amount of foreign exchange held by the Dutch. The reason why they are willing to hold a large amount of pounds sterling is precisely because they think that the pound is the most valuable and reliable, but they did not expect Britain to suddenly announce that it would abandon the gold standard, and their Dalian pound notes could not be exchanged for gold from London, so they became a piece of waste paper, and the governor of the Dutch central bank could only commit suicide to apologize.

But this can't be blamed on him, because he didn't expect Britain to suddenly give up maintaining the gold standard of the pound, and he can't blame the UK, the reason why they gave up the gold standard is not that they don't want to shoulder international responsibilities, responsibility and power are equal, the greater the responsibility, the greater the power, the pound bears the responsibility of maintaining world trade, Britain is the world hegemon, and London is the financial center.

Therefore, in their hearts, Britain did not want to abandon the gold standard, and the price they paid for it was extremely heavy.

After the first war, Britain once again restored the pound to the pre-war gold content, resulting in a greatly overvalued currency, which seriously affected the economic development of Britain, and during the entire boom period, Britain's economic growth was only about 2%, and the shipbuilding industry, steel industry and cotton textile industry, as the pillar industries, were depressed for a long time and never recovered to the pre-war period.

However, the gold standard did allow the pound to once again assume the role of the world's currency, while maintaining high interest rates, the international gold continued to flow to the United Kingdom, and at the beginning of 26 years, the problem faced by the United Kingdom was capital inflows. But by May '26, the Labour Party had organized a BA worker, with 6 million workers from the coal, steel, railway, construction and other industries participating. So in 27 years, the British began to have capital outflows, because this big BA labor brought a huge blow to the British manufacturing industry, affecting investors' confidence in the City of London.

But Britain still tried to maintain the status of the pound sterling, so that the pound continued to be the settlement currency of international trade, but his good brother Banque de France stabbed them, and in 27 the Banque de France suddenly decided to sell the currencies of other countries it held to increase its gold reserves.

Because, in 23-26 the franc continued to fluctuate, continued to depreciate, and the French gold reserves flowed out in an uproar, so France needed gold, and the president of the Bank of France, Moreau, asked the Bank of England to exchange 3 million pounds worth of gold every week.

In 28, the U.S. stock market began to go crazy, a sharp rise, the Federal Reserve had to raise interest rates to curb overheating, and as a result, high interest rates and a booming stock market made Wall Street like a black hole, sucking away all the money that could be sucked away, and the funds of Germany and France were flowing back to the United States, and the United Kingdom was no exception, if it weren't for the sudden collapse of the U.S. stock market in 29, the Bank of England left some breathing room, and they probably collapsed three years ago.

But the economic crisis spread to Europe, and the European banking sector began to collapse two years later, and in May 31, Austria's largest commercial bank, Credit Austria, declared bankruptcy, and Britain had at least 5 million pounds in deposits in this bank. On July 13, Darmstadt Bank, one of Germany's largest banks, collapsed, and around £70 million of British loans were frozen. In just two and a half weeks, from July 13 to August 1, the Bank of England has lost £33 million worth of gold and £21 million worth of foreign exchange.

The gold standard was so untenable that it had to take actions that undermined international credibility by halting the pound's gold countervailing and devaluing the pound by 30%. After Britain broke away from the gold standard, more than a dozen European countries such as Norway, Sweden, and Denmark soon announced their departure from the gold standard, and the international monetary system collapsed.

After the depreciation of the pound, British exports suddenly became competitive, and for China, British ships, Indian cotton denominated in pounds, Australian iron ore and wool began to hit the Chinese market, and Britain swept away a large amount of gold from China, all of which brought great pressure to Zhang's monetary policy.

"The banking industry must be saved."

Even if he knew Zhang Jiaao's difficulties, Yang Chao had to insist on his opinion.

This again gives hope to the bankers here.

Zhang Jiaao's attitude was resolute: "Then I will resign." ”

Mr. Cheung's threat of resignation made the bankers nervous.

Yang Chao said: "You should know that the country is currently reviving its economy and needs the cooperation of the banking industry. Otherwise, where would there be so much money for the Reconstruction Office to support so many people? ”

Zhang Jiaao frowned, he disagreed with the approach of the National Development and Reconstruction Office, he is a staunch supporter of independent central banks and a believer in the free economy, he is difficult to understand that the state uses this method to intervene in the economy, thinking that it will only backfire, and in the end it will only bring about economic collapse, in this era, even the craziest economists dare not imagine that a government will recruit tens of millions of people without limits.

"If you don't want to see the government go bankrupt, you should step up and stop the PRC's barbarism, instead of coming here and asking the central bank to follow the example of the PRA and bail out the banking sector when you can't afford it."

Zhang Jiaao insisted.

Yang Chao laughed and said, "President Zhang, it would be too mean to say that the Fuxing Office is a barbaric act. Rescuing the banking sector is an urgent matter. Yangzi Bank will actively cooperate, you should know that Yangzi Bank has 20 billion cash. ”

Zhang Jiaao's brows furrowed deeper, of course he knew that Yang Zi Bank had 20 billion cash and bonds, but in his opinion, Yang Chao was threatening him, the 20 billion banknotes and bonds, if they entered the market through other banks at this time, would only increase the pressure on the central bank, because the 20 billion banknotes would definitely be exchanged for cash, and the final pressure would be passed on to the central bank, the central bank only had 100 million reserves, and 20 billion funds rushed in, and the central bank would go bankrupt.

He didn't know why Yang Chao was like this, he thought that Yang Chao was a person in charge, when the economy was overheated, Yang Chao kept pumping funds from the market, Zhang Jiaao thought he was helping him, but now he wanted to throw those funds out when he was most in danger, what is the intention, he will not think that Yang Chao is a layman like before, but if he is not a layman, how can he do such a thing.

Unless it is specifically aimed at him Zhang Jiaao, or intends to defeat the central bank, but this is simply unreasonable, there is no personal grudge between them, Zhang Jiaao became the president of the central bank, or Yang Chao personally invited, the central bank is Yang Chao single-handedly promoted, for which they gave up the right to issue banknotes of Yang Zi Bank that year, and paid thousands of tons of gold for this.

Yang Chao had no motive, which made Zhang Jiaao even more confused.

"President Zhang, haven't you always wanted to restore the gold standard?"

As early as ten years ago, when Yang Chao donated 10,000 tons of gold to the government, Zhang Jiaao wanted to establish a gold standard to replace China's silver standard.

However, at that time, Yang Chao objected, believing that using more abundant reserves of silver to denominate the price would create more money. Later, after the ****** conference, China established a double standard, and Zhang Jiaao did not insist so much on the gold standard, but he was still very eager to follow the international trend and establish the gold standard.

Zhang Jiaao said with a wry smile: "Where is the capital to carry out the gold standard restructuring now, the central bank's silver reserves are only 100 million taels, and the gold reserves are only 3,000 tons." ”

Yang Chao smiled: "If I am giving you 20,000 tons of gold, do you think it can be restructured?" ”

Mi Qing and the cabinet knew about the 20,000 tons of gold, but they had not yet disclosed it to the outside world, because Yang Chao felt that it was not yet the most appropriate time.

Zhang Jiaao heard it for the first time, his application was no different from the cabinet at that time, and it was even more shocking than the cabinet, 20,000 tons of gold, doesn't this mean that China now has half of the world's gold stock, if Britain has this gold, they will not give up the gold standard if they die.

[It's about to be 515, I hope to continue to hit the 515 red envelope list, and the red envelope rain will be able to give back to readers and promotional works on May 15. A piece is also love, and it must be better! (To be continued.) )