As the base area continued to expand, Gao Jianwu's construction work followed.

The resource map presented in my mind makes the exploration and exploitation of resources a breeze, and I am ready to fill up the production capacity of coal and steel, which are two bulk resources!

Originally, the first five-year plan was only planned to reach 10 million tons of steel production capacity at the end of the period, but now it seems too conservative, and it is necessary to expand production capacity in advance and break through.

After all, steel is the undoubted foundation of today's industry, and large-scale infrastructure construction such as military industry, automobile industry, shipbuilding industry, light industry and railways are inseparable.

In particular, after the change, the huge railway repair, reconstruction and expansion, up to 5,000 kilometers per year, the Shanxi-Chahar-Hebei, Hubei-Henan-Anhui and Lianghuai and other old base railways have completed the standardization and expansion, these standardized railways consume 500 tons of steel per kilometer of rails, plus the new bridges, each kilometer to get 7 or 800 tons of steel, the new railway consumes a total of 3 to 4 million tons of steel production capacity every year.

With the introduction of large-scale production of locomotives, Gao Jianwu has unified the locomotive head on the railway, and the heavy-duty freight Shengli I locomotive and the passenger and freight Heping I locomotive have been fully replaced, and the railway capacity and speed have completed an unprecedented upgrade.

With such conditions, the average speed of the railway has increased to more than 60 kilometers per hour and 75 kilometers per hour, and the connection between the various base areas has been formed through the railway, so that Gao Jianwu's large-scale factory construction and product logistics have a reliable guarantee.

However, in order to do this, Gao Jianwu not only used the public-private partnership to absorb a large amount of private capital into infrastructure construction, but also used the railway as a guarantee to issue the first five-year and ten-year railway construction bonds, raising 5 billion yuan.

Not only that, Gao Jianwu also issued 500 million yuan of 10-year power construction bonds, which were used for the construction of thermal power plants and hydropower plants; Issued 1 billion yuan of 10-year energy construction bonds for the construction of oil and coal mining infrastructure.

In order to ensure that all these construction bonds were sold, Gao Jianwu agreed that all these bonds could be traded on the Northern Financial Exchange, so that the bonds had good liquidity and were quickly sold out.

After the monetary reform, the value of the new currency, which was anchored in kind, was stable and widely supported, and the interest rate on deposits and loans dropped dramatically from 60% on demand deposits to 1.5%, and the interest rate on one-year deposits was 2.5%, while the interest rate on one-year loans was only 3.5%, and the interest rate on five-year loans was 4.3%, making the new currency the fixed stone of the financial market.

In this case, Gao Jianwu's five-year fixed interest rate of 5 percent and 10-year fixed interest rate of 5.5 percent for construction bonds can still circulate freely in the financial market, so they naturally have a strong attraction, and once they were launched, they were snapped up by the favored wealthy businessmen, after all, the strength and weakness of the bonds had been confirmed at that time, and the military foundation that Gao Jianwu had laid down had a strong advantage, and people with a little insight knew that the victory of the base area was a matter of time.

[The app that has been running stably for many years is comparable to the old version of the book-chasing artifact, which is used by old bookworms.]

The bond trading of the E-Exchange was much more active all of a sudden, and the daily transaction amount soon exceeded the 100 million yuan mark. After a small fluctuation in the trading price for almost a month, it suddenly took a sharp turn and began to fall! The five-year bond has fallen from 115 yuan all the way to 105, and it looks like it is about to fall below par!

Financial markets were in an uproar.

...

Industry.

Gao Jianwu listened to the report provided by the Financial Department.

"Minister Gao, we have found out that the current funds for bond operation should be from overseas consortiums, and their funds are divided into more than 10 institutional users to act in unison, because they currently have a large amount of funds in their hands, according to bank statistics of more than 1.5 billion, and currently acquire about 500 million yuan of bonds in hand, their goal seems to be to continue to suppress and absorb chips, and then obtain cheap bonds and finally make a profit.

If we want to curb the further decline of bonds, we can only enter the market and buy bonds."

After the director of finance, Kodokukoku, provided the details of the investigation report to Gao Jianwu, he briefly made a summary report.

Looking at the names of the institutions that conducted speculative business in his hand, Gao Jianwu's mind was spinning rapidly, he didn't expect that there would be capital to target him so soon. For him, the way to treat the symptoms is very simple, but the root cause is difficult.

Because the simple way is to make an executive order, introduce favorable policies for the current market or simply issue new trading rules, or even personally buy the market, so that the unilateral decline in the market is reversed, but this simple and crude method is a fatal blow to the cultivation of the entire financial market.

After violating the principle of market-oriented trading, the Northern Financial Exchange may lose its trading activity for a long time in the future, and eventually lose its hard-won financial innovation.

So as a last resort, Gao Jianwu didn't consider this plan at all.

"Is there a possibility of further downside with capital in China?" Gao Jianwu asked after pondering for a long time.

"At present, the amount of capital participating in the financial market in China is not large, and the largest transaction in the capital market, Shanbei United Capital, has only 20 million funds under its name, which is not in the same order of magnitude as overseas capital at all." El Dorado shook his head and said.

"We have counted the transaction data of previous exchanges, and most of them are tens of thousands, hundreds of thousands of retail transactions, and there are almost no transactions above one million. Institutions and users participating in the market, generally speaking, have a capital of less than one million yuan, and many users are ordinary citizens, and they only buy bonds for the purpose of obtaining income from interest payment at maturity. Therefore, these users usually do not trade frequently."

"But now the sharp decline in bonds has served as a scare to these users, who are worried about whether further declines will affect debt and interest payments at maturity. Now there are rumors in the market that our bonds are under great pressure to repay principal and interest, and some people interpret the second phase of railway construction bonds we are planning now as borrowing new debts to exchange old debts. Rumors have it that sooner or later this model will go bankrupt and the bonds will be worthless.

Although we made a solemn statement in the newspaper, it had little effect, and speculative capital made many retail investors believe these rumors by selling a lot of money to suppress prices."

When Gao Jianwu heard it, sure enough, every financial crisis was accompanied by rumors.

Although such rumors do not stand up to scrutiny, with the help of well-intentioned people, the effect is good every time.

A total of 6.5 billion plates, speculative capital got about 500 million, considering that most of the bonds are not circulated on the exchange, the bonds in the hands of speculative capital may account for one-third of the number of bonds in circulation in the market.

In this way, relying solely on market regulation, it is indeed a little powerless now.

What to do?

...

At an institution in the capital, a group of people with high noses and blue eyes gathered together.

"Mr. Martin, today we have lowered the price by 2 yuan, and now the price is not far from the face value, many people are reluctant to sell, can we stabilize this price and slowly absorb chips, and at the same time start to pull up the price?" Thomp, a representative from a capital company on Hong Kong Island, asked.

"Mr. Tom, I haven't gotten cheaper denominations yet, so there's no need to rush at all. bright

We continue to smash the market in large quantities, but be careful not to be too reluctant, be careful to be found by the other party's competent authority, we will continue to smash according to the range of 1 yuan and 2 yuan per day, until the face value is smashed, I believe there will be a lot of panic plate throwing, at that time we began to undertake a large number of undertaking, we have laid out for so long, this time our profit target is at least 20% or more." Martin, who led the operation, said unhurriedly.

"Mr Martin is right when he says that falling below par is an important psychological threshold for those who hold bonds, and we need to further convey the message of shorting bonds in the press and in social settings, even if a small number of people believe that their actions will affect the entire market." William, a representative of a Hong Kong Island capital institution next to him, also stood up and said.

"Our current cost price is still too high, and the combined cost on hand is more than 110 yuan, and then we need to suppress it below 100 yuan, and reduce our comprehensive cost to below 105, so that we can earn 20%."

The interest rate of the five-year bond is 5%, and the theoretical repayment of principal and interest at maturity is 125 yuan, and now 2 years have passed, the theoretical value is 110 yuan, and it has been fluctuating between 110 yuan and 115 yuan, which is relatively a reasonable fluctuation range, after all, according to the calculation of 1-year interest, the calculation of compound interest for 3 years is only about 8%, and if it is spare money, it is not a loss to buy it within 117 yuan.

Even those who have the ability to get a loan can directly take a 5-year loan to buy, if it is less than 110 yuan, it is profitable.

But these do not take into account the cost of risk, so when the bond breaks $110, the market is more likely to sell than buy.

This psychology is very subtle.

That is, the herd mentality in the securities trading market occupies most of the trading time. That's what made Martin and the other speculative snipers in the financial market a lot of success.

"Now we are not thinking about stopping the smashing, but considering whether we need to raise further funds and add some more capital to come in, so as not to have insufficient capital and not enough height when we pull up?" William continued.

"According to our plan, after throwing out two or three billion yuan of these 500 million bonds, it is estimated that the bonds will fall below 100 yuan, and we will raise about 1 billion yuan at 100 yuan.

"It should be enough, according to our survey, the market is usually about 1.5 billion yuan of bonds in circulation, after our suppression and selling, I am afraid that the sum is about 2 billion yuan, after we eat 1 billion, the market chips are only 1 billion, take out 500 million short-term sharp pull, I believe it will attract a lot of reluctance to sell and follow the trend, the price should not take much money." Martin shook his head at William's suggestion.

This game is completely crushing for them, and as long as the exchange director does not intervene directly, there is almost no chance that their plan will fail.

If the head of the exchange comes down to the line in person, they will not lose anything, which is tantamount to crippling the exchange in the north.

As the capital of the West on Hong Kong Island, their exchange on Hong Kong Island must not lose to the Northern Financial Exchange, which is also the real reason why they have come north to make trouble.

According to their plan, either let them make a lot of money and then continue to stir up the stock market. Either they will abolish their martial arts and make the exchange yellow, so as to ensure that the Hong Kong Island Exchange becomes the number one exchange in the Far East financial market.

Since it is now a named transaction, the transaction delivery list will be published to all traders in the daily report of the exchange, so if the Ministry of Industry is officially dismissed, this information will definitely not be avoided by Martin.

...

The other side.

"Their cost price is around $110, and if we want to crack down on these speculators, we need to stabilize the bond price at $110." After Gao Jianwu carefully studied the transaction delivery list, he thought for a long time before saying to the Golden Country.

"We don't need to change the rules, you can contact the top 50 domestic institutions privately, whether it is the top 100, let them come forward to take on the responsibility of stabilizing the bond market, in terms of funds, this time we can provide short-term capital financing, the interest does not exceed the interest of a one-year loan."

"This matter needs to be kept secret

Carry out, including loan procedures, must also comply with the prescribed procedures, and no one can seize the handle, and we will use the methods of speculators to defeat them in this battle! It's better to drag their money into the bond market."

"In addition, immediately contact the big bond owners, if we encounter speculators, we will release bonds to satisfy them, we have so many bonds, with their appetite, they can't swallow it! This time it hurt them, and next time I won't remember coming to us to stir up trouble next time."

"Yes, Minister Gao, I'll go down and do it." El Dorado shouted.

This matter is not so easy to do, and it will not only take a lot of time to coordinate so many capital institutions below, but more importantly, it will gather a plate of scattered sand.