"......What if they don't have stocks and bonds," Feng Tian shook his head, as if he didn't quite understand the trading rules in Shanghai's financial market.

Du Yuesheng smiled and explained: "Mr. Feng doesn't know, the rules of our stock exchange allow short selling. They don't need to have stocks and bonds in their hands to short our market, they only need fiat currency. They can sell short directly with fiat currency as margin, but they need to open an account with a real strong broker. For example, HSBC, Macquarie Bank, Citibank, and Crédit Huibank, except for Bank of Communications, are also qualified to accept margin short selling transactions from customers. The Bank of Japan and Yokohama Shojin Bank, which are Japanese, can also operate this business. ”

"Oh, why should a powerful broker be able to act as an agent? Could it be that there is a big risk in it? Feng Tian frowned slightly and asked again.

Du Yuesheng smiled: "Naturally, it is risky. According to the rules of the exchange, we settle margin transactions such as short selling, short buying, futures and other transactions after the close of each day. If there is a margin shortfall in a broker's account, we ask them to make up it immediately. Otherwise...... Our exchange is about to lose money. That's why we only take the big banks seriously. Of course, these banks are not stupid, their brokers will always pay attention to the trend of the market, calculate the profit and loss of customers, if the customer margin is insufficient, they will immediately ask the customer to make up the margin or directly close the customer's position......"

Although this Du Yuesheng has not read any books, he is really a smart person. These financial doorways and rules have already given him a thorough understanding, and it is said that it is the head of the road at this time, and it is estimated that it will be nothing more than Song Ziwen and Kong Xiangxi.

“…… Mr. Feng, the rules of our exchange are to put it bluntly, that is, big fish eat small fish, and small fish eat dried shrimp. It's about financial strength. If a large-scale long-short duel is formed, it depends on the financial strength of that side, as long as the opponent is forced to the end of the mountain, it can win. So...... Today, we are not afraid of the Japanese coming, we are afraid that no one will come to play with us. They're coming, and this financial strength must not be as good as that of President Kong."

This is too naked, and anyone with a little brightness in their minds can see that the Kuomintang reactionaries are going to cheat.

Luo Yaoguo laughed at this time, and took Du Yuesheng's words: "This is the benefit of using fiat currency as the settlement currency of the Shanghai Stock Exchange, these Japanese have 1500 or 600 million in their hands, and Kong Yongzhi has as much as he wants...... I have a little sympathy for these Japanese devils, and they are all financial elites of a country, and if we really have to play cards according to the rules, we are really not opponents of others. ”

A hint of surprise suddenly flashed on Feng Tian's face: "Brother Fuwen, what do you mean...... Aren't we doing it according to the rules this time? It's in ......"

"We are robbing them legally" Luo Yaoguo's face was almost full of laughter, if the battlefield was on Wall Street this time, everyone would gamble fairly, openly and justly, with the chips in Luo Yaoguo's hands and his financial level, he would definitely lose the bottom. The current situation is like a gamble, with the Japanese and the Northern consortium holding a big deck of cards in their hands, and the Kuomintang holding a stinky deck of cards that are sure to lose...... However, it is the Kuomintang itself that is responsible for refereeing wins and losses, and it seems that it has never been heard of in the history of world finance.

Feng Tian's face had already sunk: "Fuwen, can the Japanese be convinced if they are robbed by you in Shanghai?" Will it lead to international representations, or even ...... War? ”

"At war?" Luo Yaoguo twisted his eyebrows slightly, pondered for a while, and then slowly shook his head: "It should be...... No, oh, I'm not saying that the Japanese won't come to invade us, I mean that the target of the Japanese invasion will not be the southern region that we rule, but only Manchuria, where there are all the resources that the Japanese military wants, such as iron ore, coal, grain, etc., that can make Japan a first-class power. And there is no strong force to provide protection, unlike the hundreds of thousands of troops we have here who are no less equipped and trained than the Japanese Army, and there are enough coastal defense batteries to withstand the Japanese Navy. Besides, Japan is not ready for war at the moment, especially since its oil reserves are too small, and once it is sanctioned by Europe and the United States, it will not last long. ”

"Will it be internationally?" Feng Tian took a deep breath and asked again.

"Internationally?" Luo Yaoguo smiled deeply: "I heard that the axiom is only within the range of the cannon, and there are our forty cannons with a caliber of more than 300 mm around Shanghai, so this time the international axiom is on our side."

"Auxiliary marshal, Mr. Feng, the market is about to open." Du Yuesheng's voice was a little trembling at this time, as if she was overexcited.

He made a gesture and invited Luo Yaoguo, Feng Tian and others to the huge curtain on the side of the VIP hall. Then several yellow vests of the exchange opened the curtain with their hands and feet, and behind the curtain turned out to be a huge transparent glass, through which the entire trading hall could be seen. At this time, the trading floor was already crowded, and the brokers in red vests were dancing and making various gestures. Staff in yellow vests are writing and drawing on huge blackboards, writing strings of symbols representing money, stocks, and bonds. The trading floor is surrounded by hundreds of desks separated by wooden boards, the so-called "trading seats", each worth hundreds of thousands of fiat dollars, which today are the fronts of this financial war. The banks on the Kuomintang side occupied hundreds of trading seats in a row, and at this time, Song Ziwen, Kong Xiangxi, Chen Guangfu, Pei Zuyi and others had already put on red vests and stood there

March 19, 1928, 9:30 a.m. With Zhang Jingjiang, chairman of the Shanghai Stock Exchange, personally ringing the opening gong, the darkest trading day in the history of world finance has finally begun

Luo Yaoguo saw a financial market collapse with his own eyes today, and when he looked out of the telescope, there was a shocking red color (green represents rise, red represents fall) on more than a dozen huge blackboards, as if in addition to flour, coal, oil and other commodities are rising sharply...... Everything is falling apart. Stocks are falling, bonds are falling, fiat currencies are falling, and as soon as the market opens, the price of fiat currencies falls below six fiat currencies to one dollar, and the sell-off is still surging. Stocks are also plummeting, all more than 100 stocks without exception are falling, the Shanghai Stock Exchange's 50 stock indexes have fallen from 208 points to 181 points in just a few minutes, a drop of almost 10 percent, but considering that the fiat currency has depreciated by dozens of percent, the actual decline is still very amazing. Most of the bonds are also falling, including bonds issued by the Beijing government and the national government, as well as various bonds issued by large corporations and big banks, with a total value of billions of fiat currency

At present, most bonds are also plummeting, except for the three-year bond of the national government, codenamed 327, which is barely above and below the flat line. This issue of bonds is the largest amount of public bonds issued by the national government, with a total amount of about 200 million yuan in legal currency, and the issuance targets are mainly the ten major banks supported by the national government...... It is estimated that the current situation should be those big banks working together to protect the disk, right?

In addition to these spots, there are also a large number of futures varieties listed on the stock exchange. At this time, the volume of futures contracts is also increasing significantly. Among them, the three-month and six-month bond futures corresponding to the 327 bond have become a hot spot in the futures, and the reason is very simple, because this is the only position held by the bulls today, so the bears can also find opponents here. Futures and short selling are actually "gambling", and gambling cannot be played alone...... There's always an opponent, right? Therefore, the varieties that the bulls are stubbornly defending have naturally become the main objects of shorting.

……

"The president, our Kuomintang is about to end"

Liao Zhongkai also took the plane to the north early this morning, and only then did he rush to Zhongnanhai Jurentang in a hurry to see President Sun Yat-sen.

"What's the matter?" Sun Yat-sen leaned on a wide sofa, his face was also as black as iron, and he looked a little scared: "Zhong Kai, why is our Kuomintang's iron bucket-like country about to end?" ”

"This ......" Liao Zhongkai raised his head and glanced at President Sun Da, who was sitting on the sofa with a murderous face, and his heart sank: "President, humble ...... Slip of the tongue. It's not our Kuomintang, but the right wing of the Kuomintang that is coming to an end. These rightists ......"

With a snap, Sun Yat-sen picked up the teacup and slammed it, stood up suddenly, and roared: "Bastards, I have done my best to them." Even the banknote issuing market in the north has been caught, and they still have to make an inch, so I am ready to leave for Wuhan. Are you coming with me, or are you staying here? Maybe they'll choose you to be president."

"Big ...... The president was angry, the president was angry, and the president was angry......" Seeing Sun Yat-sen furious, Liao Zhongkai was also taken aback in his heart. Listening to the meaning of Sun Yat-sen's words, he is really going to war

"President, you are the president of our Republic of China, not the president of their Kuomintang right" Seeing that Sun Yat-sen was really leaving, Liao Zhongkai hurriedly took two steps forward, poofed, knelt in front of Sun Yat-sen, blocked his way, and cried: "The economy in the south is about to collapse immediately, what will we use to maintain the army at that time?" Now we can only win back the hearts of the people and ...... only by thoroughly reforming the Kuomintang, reorganizing the Nationalist Government, implementing democratic constitutional government, and punishing the pro-American faction."

"Hehe, Liao Zhongkai, do you think Luo Fuwen will really lose?" Sun Yat-sen looked at Liao Zhongkai who was kneeling in front of him with a strange face.

Liao Zhongkai nodded a little blankly.

Sun Yat-sen's eyes flashed, and there was a little more playfulness: "You still look confused, I think you don't want to wade into this pool of muddy waters, let's go and do a good job in Henan's land reform I have just received a secret message from Luo Fuwen and Feng Zibing, and they all asked me to go south immediately." ”

"The Great President...... Is this going to fight with them? Liao Zhongkai took a deep breath, his face turned pale.

Sun Yat-sen smiled coldly: "Can they be convinced if they lose all their net worth?" ”

"Who...... Who wants to lose their net worth? ”

"Who else? The Beiyang Foundation, the Feng Foundation, and the Japanese" Sun Yat-sen's face flashed with a trace of disdain.

"How is this possible? The right time, the right place and the right people are on the side of others. Liao Zhongkai shook his head desperately in disbelief.

Sun Yat-sen laughed: "Feng Zibing's secret telegram said that Luo Fuwen is ready to cheat, Shanghai is our territory, winning or losing is not a matter of our words?" Okay, Zhong Kai, what should be said and what should not be said now, I told you, I'm leaving, you better go with me, calculate it on the way, how should the money you win be spent......"

"Foolish?" Liao Zhongkai's mind was in chaos, he couldn't figure out how this financial war could be played so well? And what kind of law is it?

……

"Brother Gongwei, let's ...... I'm afraid it's going to be over, right? Bai Siwen's face turned pale and asked Wu Chong beside him.

"Our company has already eaten 6.8 million fiat currency, and the four banks have bought nearly 60 million." Wu Chong sighed softly: "Sven, we have done our best today, whether we can save the situation depends on Shanghai, which is our territory......"

In the Tianjin Stock Exchange, the capital of the Kuomintang at this time has already suffered a big defeat. The fiat currency has already made the opponent smash one dollar to seven fiat currency, and this is not within the range of the giant cannon of the National ** Army, but under the bayonets of the Feng army and the Japanese Tianjin garrison army.

As a result, fiat currencies in the entire northern market seemed to have poured here overnight, and even the Shanxi Bank, which had always been pro-Kuomintang, joined the sell-off at the beginning. The varieties traded in the Tianjin Exchange are similar to those of the Shanghai Stock Exchange, except that the currency is stocks, bonds, futures, and materials, which are basically these routines. However, the scale of the entire market is much smaller, and the main listed bonds are mainly Beijing government bonds, Fengxi, Shandong, Shanxi, and other provinces, and the stocks are mainly enterprises controlled by northern bureaucratic capital and national capital. Therefore, the variety of the long-short duel here today is fiat currency, one side is wildly throwing, and the other side is wildly picking, but it is obvious that the capital of the Kuomintang family does not have an advantage here at all. However, in just over an hour, the consortium composed of the Pacific Trading Company, the Bank of China, the China International Commercial Bank, the Bank of Zhejiang, and the Siming Bank had already "run out of ammunition and food," and there was no more dollar in hand to receive the goods

……

Beijing, Shuncheng County Palace. In the flower hall, a few teas are wafting with a rich aroma. Zhang Zuolin, vice president of the Republic of China, was chatting with the envoys of the United Kingdom, the United States, Japan, and the Soviet Union to China over tea.

"Your Excellency Vice President Zhang, the Empire of Japan is very concerned about the current financial situation in China and hopes to ...... You can help when the time is right. Japanese Minister Kenkichi Yoshizawa put down the teacup in his hand, smiled slightly, and said: "In addition, the Japanese Empire also hopes that China can fully open its market to facilitate trade and investment in various countries, and only in this way can we truly prevent the recurrence of the financial crisis." Moreover, the imperial government was willing to support Chinese leaders who could achieve this to lead the country. ”

As soon as Fang Ze's words fell, the Soviet representative on one side, Zirnekh, also chimed in: "The Soviet government also hopes that there will be a new government that is truly responsible and unites the forces of all factions to lead China. Only in this way can China's stability and prosperity be guaranteed, and the interests of all countries in China will not be infringed upon. It's just that...... Those responsible for this financial crisis should no longer be in any position in the new government."

Hearing that the ministers of Japan and the Soviet Union actually sang and made peace, it was as if they were already allies. The American Minister Murray and the British Minister Sir Lampson could not help but look at each other. Thinking of the fact that not long ago, the Soviet Union purchased warships from Japan on a large scale, both of them frowned slightly, and their faces became a little gloomy.

Seeing the elongated face of the British and American ministers, Zhang Dashuai also felt slightly disappointed. With the support of Japan and the Soviet Union, this matter in the north could have been done. But once you cross the Yellow River, you can't help but look at the faces of Britain and the United States, and if you want to cross the Yangtze River, it will be purely the "world" of Britain and the United States. The Japanese and Soviets are not easy to do there, and Britain and the United States do not seem to support it. The French and Germans simply did not accept the invitation, and it seemed that the presidency was still a little far away from them.

"Mr. Murray, Sir Rampsang." Zhang Zuolin was silent for a moment, but nodded at the two "Emperors" with a smile: "I just got the news that our Chinese president, Mr. Sun Yat-sen, has left Zhongnanhai and is rushing to Beijing Nanyuan Airport at this time. And he also brought his family and a full set of secretaries, and it seems that this posture is going to go forever. In this way, the presidential palace in Beijing can be ...... I don't know how the UK and the US should respond if they encounter a situation where their leaders leave their posts without permission. ”

U.S. Minister Murray smiled coldly: "We, the president of the United States of America, would never make such a mistake...... The president of our country will not face any physical threats in the capital. ”

Sir Rampson considered it with the most standard casual gesture of an English gentleman before shrugging his shoulders: "The British Empire only hopes that China can maintain peace and stability, and no matter who is the president, the Empire hopes to complete the transfer of power in a peaceful way." As for President Sun's departure from the capital...... The British Empire did not consider this to be some kind of desertion. In fact, China's current capital is not in Beijing, but in Wuhan, where all important decisions seem to have been made. If Dr. Sun Yat-sen had thought it necessary to move the capital to Wuhan, the British Empire would have been understandable. ”

"Hehe, the economy of the Wuhan government is about to collapse right now, and the Japanese Empire doesn't think they can still maintain their rule." Fang Ze Kenkichi also rarely showed a look of arrogance, and he swept the British and American ministers with a somewhat grim eye: "We must take over their finances and customs to ensure that the huge foreign debts they owe can be paid, what do you think?" ”。

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