The 90th recommended vote is added. Pen? Interesting? Pavilion wWw. ｂiquge。 ｉｎfo

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"But, Mr. Yang, the Rothschilds have no shares in HSBC!"

HSBC has the backing of the Rothschilds, which is something that everyone in the financial circle knows, so they are not willing to give up control of the bank easily.

Yang Chao said with a smile: "This is the condition, consider it yourself, isn't your family in-law with the Sassoon family, Sassoon has a large share." ”

Yang Chao didn't give Luo a chance to rip his head, stood up directly, stretched out his hand and shook him, and the attitude of sending off the guest was obvious.

Walter felt that Yang Chao was not an easy character to deal with.

But he has no choice, if he wants to resist the penetration of Wall Street giants such as Morgan and Rockefeller into Europe, he needs Yang Chao's gold very much, compared with European interests, HSBC's interests can be sacrificed, after all, this is only an institution in India and China, and for the Rothschilds, it is only the very edge of their interest chain.

As for the Sassoon family, the Rothschild family believes that they will not give Roche face on this issue, and even if it were not for Roche's insistence, perhaps the Sassoon family would have surrendered to the Yangzi banking group a long time ago, and if Yang Chao Holdings joined the Yangzi banking group, they could share the interests of the Yangzi banking group, which would be more beneficial to the development of HSBC.

HSBC, as a marginal financial force squeezed out by Shanghai's Yangzi financial forces, has been making money in recent years, but its status is declining day by day, and it has stronger strength, more clever management, and a wider network than those Chinese banks and banks, but it is unable to get a piece of the pie from these strengths, and can only pick up some leftovers in the corners and corners of the country, and the underwriting of various bonds in China and the listing operation of enterprises have nothing to do with HSBC.

The Sassoons are not as ambitious as the Rothschilds, so they prefer to cooperate with the Yang Zi Financial Consortium.

Walter understood this very well, and after finding out that Yang Chao did not give him a chance to choose, he could only agree.

"I'm sure Mr. Sassoon would be happy to work with you."

Walter sighed.

Yang Chao smiled: "I hope so." ”

While Yang Chao and the Rothschild family were discussing secretly in Beijing, a fierce international conference was being held in Genaya, Italy, which was the third world international conference after the Paris Peace Conference and the Washington Conference.

The meeting was attended by 29 countries, including Britain, China, France, Italy, Belgium, and Japan, and even Soviet Russia was invited to participate, but the Americans did not participate, but only sent an observer to attend, which is incredible.

Because the purpose of this conference was to discuss the international economic system, it was initiated by the British, with the aim of maintaining a stable international monetary system and restoring the pre-war gold standard. Historically, the United States has been fooling the British into restoring the British pound gold standard, because they believe that they have the most gold reserves, and once Britain returns to the gold standard, it will have to be subject to the United States, for which the United States has even offered to provide Britain with a guarantee of 500 million dollars in gold.

But they absolutely do not want to see Britain form an international monetary system with the pound as the core, so the Americans did not participate this time, and they are not willing to cheer for Britain and cheer for the pound sterling system.

"Soviet Russia must repay the debt of more than 18 billion gold rubles owed during the tsarist era."

The purpose of inviting Russia to the meeting was to ask Russia to promise to repay the debts owed by the Tsar, and the British were very resolute.

However, the representative of Soviet Russia, Chicherin, resolutely objected: "The armed intervention and blockade of the Entente countries have caused losses to Soviet Russia more than 39 billion gold rubles, and it should be the Entente to compensate for the losses of our country." ”

This smacks of strong rhetoric.

Therefore, the countries led by Britain did not accept it, and the Treaty of Versailles clearly stipulated that countries could not recognize the legitimacy of Soviet Russia unless they were willing to compensate for its debts.

Chicherin also said that Soviet Russia is willing to coexist peacefully with other countries and even engage in economic cooperation. However, the two sides must carry out economic cooperation on the basis of equality, mutual benefit, and mutual recognition. Soviet Russia was willing to lease a part of its arable land, forests, and mineral resources to foreign countries for management and development. General disarmament of States is proposed. Resolutely reject any unfair transactions.

Obviously, Soviet Russia's calculations are very good, Vladimir has started the New Economic Policy, eager to restore the economy, but they have killed too many rich peasants who are good at arable land, a large number of abandoned arable land is uncultivated, the food supply is insufficient, after foreign assets are seized, a large number of mines are abandoned, and Russia has no ability to operate, so they now want to let Western countries operate, but the concession is given to them, and the property rights belong to Soviet Russia.

Western countries are not so easily deceived, not only the British do not agree, but also the French do not agree, Britain loses debt interests, and France also loses a lot of assets.

In the previous 30 years, because Britain had a large number of its own colonies to invest, and Germany did not want to support Russia's development due to its geographical rule, France provided Russia with the vast majority of Russia's development funds in order to support Russia and draw Russia together with itself against Germany.

Before the war, 55% of Russia's iron production, 74% of coal production, and 18% of oil production belonged to French capital, accounting for a quarter of France's foreign investment.

Therefore, at this meeting, Soviet Russia was destined not to be recognized by the West, and the only diplomatic gain was Germany.

As a difficult brother oppressed by their peers, Germany's diplomatic form was not optimistic, so they were not picky, they established diplomatic relations with Soviet Russia, signed the "Agreement between Germany and Russia Soviet Federative Socialist Republic", legally recognized each other, and restored diplomatic relations. The two sides pledged to renounce each other's claims for compensation, develop trade and engage in economic cooperation in accordance with the principle of most-favored-nation treatment.

But Germany and Soviet Russia are now regarded as second-rate countries, and their cooperation is not taken seriously.

The British are more concerned about the status of the British pound as a world currency, especially with the support of Yang Chao's gold, and a large amount of oil exports, they are ambitious to re-establish the status of the British pound as an international currency.

France has always refused to return to the gold standard, the franc has been boycotted by Britain and the United States, and the currency value is very unstable, which is not conducive to France's import and export purchases, so France also needs a stable international economic order.

The interests of the two powers coincided, so under the leadership of Britain and France, some opinions were quickly reached.

Britain pledged to return to the gold standard as soon as possible and no longer restrict the free movement of gold in London.

Britain hopes that other European countries will give up the direct peg of their currencies and gold, and change to be pegged to the pound sterling to facilitate trade settlement, which is the gold exchange standard, and it is also the model of the Americans after World War II.

Britain hopes to eliminate foreign exchange controls in European countries by establishing a gold exchange standard, and let the pound sterling instead of the US dollar be used as the foreign exchange reserves of various countries.

France could not put their financial security on the pound, so they also promised to restore the gold standard, but unfortunately France did not have the strong strength of Britain, neither the British global trade network, the financial network, nor the British gold reserves, so in the end it did not succeed.

It's just that after the British found that the currencies of various countries were pegged to the pound, the demand for the pound increased greatly, and the corresponding need for more gold reserves, and the British economic model caused a large trade deficit, and the British decided to save gold, and did not completely open the circulation of gold.

The final gold standard is that the British do not mint or circulate gold coins, only stipulate the gold content of the pound sterling, and the pound cannot be freely exchanged for gold and gold coins in the country, but can only be exchanged for a certain weight of gold bars, so it is called the gold bar standard.

However, this gold standard has restrictions on the exchange of gold, for example, the British stipulates that only 1,700 pounds of paper money can be exchanged, and 1,700 pounds is just exchanged for 400 ounces of gold bars, so the British minted this 400 ounces of 99% gold bars have become the standard for gold delivery, coining the financial vocabulary of London gold.

After the restriction of gold, gold was completely withdrawn from circulation, and gold reserves were stored in large quantities in central banks, resulting in more than 10,000 tons of gold in the Bank of England before World War II.

France's restrictions are slightly larger than those of the United Kingdom, 400 ounces is about 12 kilograms, and France stipulates that more than 200,000 francs of paper money can be exchanged for gold bars, 200,000 francs is equivalent to 12.5 kilograms, but it is a pity that France's financial power is not strong, even if it is the same system, London is the largest market for spot gold, London gold has become synonymous with spot gold, and French gold is unknown.

Other countries do not circulate gold, and the currency is not directly linked to gold, but to the pound and the franc, and gold will flow when foreign trade is settled, so it is the gold exchange standard.

The United States does not approve of such a system, but China, another large gold storage country, supports it.

Zhang Jiaao, governor of the People's Bank of China, promised at the conference that China's gold dollar bills should be pegged to gold and implement a completely free gold standard, which is consistent with the policy of the United States.

However, China's gold dollar bills are only foreign trade coins, which were issued to compete with foreign banks in the foreign exchange market, which can be regarded as typical foreign exchange coupons, and are not China's legal tender. China's fiat currency system is still on the silver standard, so it dares to borrow a lot from Britain and France, because China needs silver, not gold.

Therefore, the gold dollar bill implements the gold standard, and it is still not as strong as the gold standard in the United States, and it is still not competitive with the British at this time, so Zhang Jiaao has promised that China's trade in Europe will be settled in London, which is equivalent to taking China's gold, and injecting a strong credit into the pound, making the pound stronger.

As a result, the stronger the dollar bills, the more stable the pound will be, giving the pound a stronger position to compete with the dollar.

At the same time, Zhang Jiaao announced that China would continue to adhere to the silver standard, but announced that it would maintain a gold-silver ratio of 1:20, and Britain agreed to support China's efforts to maintain the price of gold and silver.

In recent years, the continuous growth of silver prices has made China suffer, and currency growth means currency appreciation, which is extremely unfavorable to exports. Therefore, maintaining a stable currency value has been Zhang Jiaao's biggest goal over the years, but Yang Chao has thrown huge amounts of gold again and again, making it difficult for silver not to increase in value.

With the support of the United Kingdom, it is different, and the two countries are still able to maintain the world price of gold and silver.

But the British clearly took advantage of this exchange of interests, because it was absolutely beneficial to them, because India under British rule was also on the silver standard, and stabilizing the price of gold and silver was also beneficial to India's exports.

So the British didn't give enough, they had to have something else, but that wasn't something that could be said at the Genaya conference. (To be continued.) )