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"No, we have to continue to reduce our official shares!" Chang Ruiqing looked at the two old men who had made foreign fortunes, his eyebrows fluttering, and he gritted his teeth and shouted: "Not only do we have to sell official shares, but also the public land in Shanghai must be sold at a faster pace!" Another 50 billion will be cashed out before the Spring Festival next year! ”

"Yaoru, why can't you get along with the stock market and the property market? The economy has its own laws, and the government's intervention can't solve the problem, but the old man Pan is not worried about his investment losing money because of Chang Ruiqing's intervention, and he shakes his head and follows the laws of the economy.

"Pan Gong, don't look at the overflow of banknotes now, maybe as soon as the crisis comes, the financial market collapses, and the banknotes will immediately evaporate without a trace!" Chang Ruiqing said so on his lips, but he didn't have any bottom in his heart.

To be honest, China's financial regulation is already the strictest in the world (excluding a few Soviet countries). Not only are the funds of banks and insurance companies forbidden to enter the stock market, the customer deposits of securities companies are entrusted to banks to prohibit misappropriation, and even stock mortgage loans have been stopped at the end of September, and all public and government-controlled enterprises have also been strictly ordered to invest in the stock market, and the government and the Iron and Blood Comrades Association have continued to work together to reduce their holdings and suppress the market, and the speed of new share issuance and refinancing of listed companies has also increased significantly, from January 1929 to the present, The total amount of funds raised from the public and non-public offering completed by the Tongguò Shanghai joint transaction has also exceeded the 5 billion yuan mark.

But the stock market is still going its own way...... There is even a miracle that the government insists on public stocks once, and the stock market rises sharply! made Chang Ruiqing, who came from his previous life, stunned.

"Yaoru, why do you keep talking about crises?" Pan Yucheng laughed and said: "Now the Americans, the British, and the French are not worried about any crisis, not even Trotsky, who is not worried about any capitalist crisis. You're alone. Do you know? U.S. President Herbert Hoover said that 'peace and prosperity will be the hallmark of this era,' and this prosperity will last for a long time

It's going to last a long time! Chang Ruiqing sneered in his heart. In late November 1929, the stock market on Wall Street in the United States crashed for more than a month! I don't know what's going on in this time and space, but I haven't survived until now, but I don't think it will continue to last, and I can't imagine that it will collapse next month! I just don't know who is hyping in the Chinese stock market? Whose money did you lose in the end?

When the three of them were talking about stocks, another guest arrived at the prime minister's residence. The people who came were Zhang Gongquan, general manager of the Bank of China, and Kong Xiangxi, minister of heavy industry. Today, there is a large chemical fertilizer manufacturer listed on the Shanghai Stock Exchange under the Ministry of Heavy Industry, and Kong Xiangxi is going to strike the gong. After beating the gong, he invited Zhang Gongquan from Shanghai to Chang Ruiqing to advise on financial issues.

"The two of you came just in time. You may be seated, please be seated

When the two of them sat down, Chang Ruiqing raised the doubts in his heart. Where does the money come from in Shanghai? Why is it like there is no end?

Zhang Gongquan seemed to have been prepared for a long time, opened a briefcase he carried with him, took out a stack of papers, and handed it to Chang Ruiqing: "This is a statistical table of the inflow of funds in Shanghai Zìyóu City from May to the present

Since May, funds have flowed into Shanghai from Europe, the United States, Nanyang and Chinese mainland. However, the largest source is still Europe and the United States, with at least $2 billion flowing in just half a year! No wonder he reduced his holdings of 5 billion stocks, and the funds in the market are still so abundant, and the $2 billion alone can be converted into 8 billion Chinese dollars!

Chang Ruiqing suddenly asked: "With an inflow of 2 billion US dollars, why is it not reflected so much in foreign exchange reserves?" ”

Zhang Gongquan said: "The system of Shanghai Zìyóu has always been different from that of the mainland, which allows the private sector to hold foreign exchange and to buy and sell foreign exchange. The exchange rate is also floating. In the past, the foreign exchange flowing into Shanghai was also bought by major banks and held by themselves, and the central bank could only buy and sell foreign exchange from the city through the market.

However, this year's situation is somewhat exceptional. On the one hand, a large amount of Chinese dollar funds flowed into Shanghai from the mainland, resulting in a rather loose Chinese dollar position of the major banks, and on the other hand, a large amount of foreign exchange inflow suppressed the foreign exchange rate in the Shanghai market, which is now almost the same as the official price. Therefore, the major banks are willing to hold more foreign exchange, and they all estimate that once the funds are withdrawn from Shanghai. The exchange rate of the Chinese dollar will definitely fall, and you will be able to make a lot of money by holding foreign exchange at that time.

At the same time, there has also been a large inflow of foreign direct investment in the mainland, which has caused a surge in the central bank's foreign exchange reserves, so the central bank's enthusiasm for buying foreign exchange has also plummeted

Chang Ruiqing scratched his head and showed a wry smile, his financial knowledge was very limited, but he made a dual-track exchange rate system 10 years ago. On the one hand, there is the floating exchange rate of the five major zìyóu cities and the Chinese yuan zìyóu to huàn; On the one hand, there are foreign exchange controls and fixed exchange rates outside the five major zìyóu cities. Therefore, in China, there has always been a deposit of the exchange rate of the two Chinese dollars, usually the official exchange rate is lower, and the market exchange rate of the city is higher, and the difference between the two can often reach more than 20%. In order to control more foreign exchange, the central bank will often buy at the market price in the foreign exchange market of Zìyóu City. For a long time, this dual-track system of zìyóu city plus foreign exchange has done more benefits than disadvantages to China's economy, not to mention anything else, but the five major cities pay more than 30% of the total revenue of the central government every year. In addition, the central government has also generated substantial additional income through the sale of public land and the sale of public shares on the Shanghai Stock Exchange. This year, for example, the central government has received a huge revenue of more than 4 billion yuan for these two projects, which is almost equal to the total revenue of the entire federal government in 1929!

However, negative effects are also inevitable, such as the signs of an impact on international travel capital! Just floating on the water, let Zhang Gongquan and them find 2 billion US dollars, and then counting the funds laid out in advance, I am afraid that the total amount is more than 3 billion US dollars, considering the current rise in the stock market, the profit of this capital is probably quite amazing. If they are allowed to return from Shanghai, I am afraid that the entire Chinese economy will have to be used as wool shearing!

Chang Ruiqing told Zhang Gongquan about his worries, but the big banker showed a profiteer's face. Shaking his head and laughing: "Prime Minister, you are really a little worried, how can our wool be so easy to shear?" After all, Shanghai is our own territory. If it was 10 years ago, those foreign businessmen in Shanghai had the support of the armies of the great powers. At present, they are just businessmen with a lot of money, and since ancient times, there has been a famous saying that businessmen do not fight with officials, how can they fight against the prime minister? ”

"Really?" Chang Ruiqing was still not very determined, and hurriedly asked: "Mr. Gongquan, if you have any tricks, just say it!" I think that this economic crisis will probably start to be a Great Depression that will last for many years, and if we want to get through it, we must find a way to reserve enough foreign exchange funds! ”

Zhang Gongquan smiled again and shook his head. said: "Now the stock market and the property market have risen so much, the bubble is indeed not small, the average price-earnings ratio of the stock market has exceeded 50 times, and the rental and sales of the property market have also exceeded 50, and the big fall is a matter of time or time."

"Will it really fall?" Hearing this, Pan Yucheng immediately shouted. Chang Ruiqing sings empty, the old man can not take it seriously, after all, fighting is Chang Ruiqing's old job. However, Zhang Gongquan, general manager of the Bank of China, said that if it is going to fall sharply, it cannot be taken lightly. Bank of China Securities, a subsidiary of Bank of China that is managed by others, is currently the largest securities company in China. Even the Shanghai Stock Exchange is a holding subsidiary of Bank of China! Stocks or something, people are experts.

Zhang Gongquan still had a breezy expression, and said with a smile: "If it rises too much, it will naturally fall, but I don't think it will fall out of the Great Depression." At present, the fundamentals of China's economy are very good, and the potential for growth is still very large, in the current position. Half down is about the same

"It's hard to fall by half!"

The two old men took a breath at the same time, thinking in their hearts to quickly polish the stock in their hands.

Chang Ruiqing said with certainty: "Half of it can't be stopped at all, at least eighty percent of it will fall He looked at Zhang Gongquan with a stern expression and said: "Gongquan, if you have anything, just say it quickly, and when you finish speaking, hurry up and arrange it." This time the financial crisis will not come. It's not a small thing to come! ”

"It is not too difficult to pit these international capitals, and the easiest way is to suppress the exchange rate. These international capitals have to retreat after making money in Shanghai. If you want to retreat, you have to exchange the Chinese dollar into dollars and pounds. Several of our major Chinese-funded banks and the central bank have joined forces to push down the market price of the Chinese dollar against the US dollar from 4 to 1 to 6 to 1, and they will lose one-third of it at once

"Won't they hedge? Shanghai United Exchange has business in this area, right? ”

Zhang Gongquan smiled and said: "There are exchange rate futures in Shanghai, but the trading volume is not large, at most tens of millions of dollars, and no one dares to take a long position of two billion dollars." However, I estimate that most of the international capital flowing into Shanghai is also following the trend, and the real leading role is at most 500 million to 600 million US dollars, and if they want to retreat, most of them will still buy US dollars from the spot market, and they will buy slowly, and it will take a few weeks to complete the purchase

It turns out that the financial derivatives trading in this era cannot be compared with the later generations, and the supervision of the Shanghai Stock Exchange is quite strict, so the plate of various derivatives transactions is not large, and there is no way to undertake a long foreign exchange position of two billion US dollars.

Chang Ruiqing thought about it and suddenly snorted coldly: "It's not enough to just suppress the exchange rate, the policy of capital flow in the five major cities must be canceled!" Strict exchange controls must be imposed throughout the Federation! ”

As soon as these words came out, several people in the room were shocked. Pan Yucheng lost his voice and said: "Never! The inflow and outflow of funds is the foundation of the five major cities, and once shaken, the economy of the city will definitely plummet, and the federal government's fiscal revenue will also receive a significant decline! ”

Zhang Gongquan also said in embarrassment: "Prime Minister, since we have opened the 'casino' of the Shanghai Stock Exchange, we can't be afraid of others to make money, as long as we make this market, it will be of great benefit to us in the future

Chang Ruiqing also knew the truth of what the two of them said, although the Shanghai Stock Exchange, a big financial casino, was not as big as New York and London, but it was on par with the Paris Stock Exchange, and it was larger than the Frankfurt stock market under the bayonets of the more than one million Red Army, and it was not too much to say that it was a cornucopia. If you smash this cornucopia in order to prevent international travel funds from taking away hundreds of millions or billions of dollars in profits, it is indeed a thing that outweighs the losses.

But will the next era be the era of playing finance and stocks? If history still has such inertia, the Great Depression and World War would follow! No matter how loud the sign is, the big casino of the Shanghai Stock Exchange. No matter how good the reputation is, it has to be in the doldrums for more than ten years. If you can win World War II, you will have a chance to prosper again, otherwise you will be "liberated" by the Soviet Red Army! Still want to trade stocks? All are reactionary capitalists!

However, these truths can't be said with Pan Yucheng, Kong Xiangxi, and Zhang Gongquan, and people won't believe it if they say it, so it's better to put on a face and pretend to be poisonous. Thinking of this, Chang Ruiqing's face was already gloomy, and he said coldly: "I have already decided that from tomorrow onwards, I will reduce my holdings of official shares and sell public land." If the temperature of the stock market and real estate cannot be lowered, after the Spring Festival, the city will also implement foreign exchange control! He paused, looked at Zhang Gongquan again, and said: "Gongquan, all the company stocks held by the Iron and Blood Comrade Association and myself will be polished within this year!" ”

"Prime Minister ......" Zhang Gongquan knew that once Chang Ruiqing made up his mind, there was no way to persuade him to come back. He sighed. The head said: "My subordinates understand, the shares entrusted by the Iron and Blood Comrade Association in the Bank of China are now only part of the shares of China Heavy Industry, PetroChina and Bank of China, with a market price of about one billion, and the stocks in the custody of the Prime Minister in the Bank of China are all 80 kinds of constituent stocks, with a market value of more than 30 million, as well as Mrs., Mrs., Second Lady and several Mrs. Ru......"

Chang Ruiqing waved his hand and said, "Just throw it away." Then I threw away the land of the LGBT and me in Shanghai, and left a place in Changjia's garden, and then exchanged all the money into US dollars and deposited it into the Bank of China's account. Oh, inform the second master of this news

Knowing that, Zhang Gongquan silently calculated in his heart, and this round of big sell-offs came down. The central government, the Iron and Blood Comrades Association, and the Chang family will have to cash out at least more than 600 million! Coupled with the large investors who got the news to follow the trend and reduce their holdings, it is estimated that there will be at least tens of billions of selling pressure during the year. The stock market and the real estate market will not cool down! It's hard to get those foreign capital plates to sell together, and a ** adjustment will not be able to run. But that's fine, lest Chang Ruiqing ruthlessly deprive Zìyóu of Zìyóu City, which is to slaughter five hens that can lay golden eggs in one go.

……

December 26, 1929.

"Mr. Morgan, there seems to be something going on in Shanghai, where the Chinese government and the iron-blooded comrades will desperately sell, even with China's four major consortia (Jiangsu, Zhejiang, Nanyang, Beiyang, and Hezu...... Oh, God. In December alone, they have reduced their holdings of more than 6 billion yuan in shares, and it seems that it is difficult for us to make a lot of money from our investments in China

At 23 Wall Street in New York, the home of the Morgan consortium. Three men, perhaps the richest and most powerful in the United States, are gathering in an office decorated with all sorts of fine art. Pierponte. Morgan, John Jr. Davidson. Rockefeller also returned to the U.S. Treasury Secretary, Andrew Brown. Mellon.

It was little John who spoke. Davidson. Rockefeller, who was the founder of the Rockefeller consortium, John Brown. Rockefeller's only son and heir, and the father of the later famous Rockefeller Five Brothers. He is 55 years old this year, and although his father is still alive, the old man is not very interested in business now, and is currently trying to achieve one of his two great dreams in life - to live to be 100 years old. So Rockefeller Jr. naturally took over the family business and became the head of the Rockefeller consortium. Like several other large conglomerates in the United States at present, the Rockefeller consortium is of course the driving force behind this round of great bull market in the United States and the world stock market, including the current surge in China's stock market. This is an era of lax regulation of large corporations and the financial sector around the world. In the United States, banking, insurance, securities, trust and other industries are all mixed operations, and there is no such thing as a "firewall". As long as the heads of these consortiums that manipulate the big banks are willing, they can use the endless funds in the banks to speculate on stocks, futures, real estate, or whatever else they want.

Of course, like any speculation on financial assets in the past and in the future, these big speculators follow the basic principle of buying locked chips at a low price and speculating on the return of funds from shipments. Whether it's in New York, London, Paris, Frankfurt or Shanghai, it's the same way. However, with strong capital and clever operating methods, this kind of business cannot be played.

Just like Zhang Gongquan told Chang Ruiqing, Shang does not fight with officials. No matter how good these international capitals are, they are still businessmen after all. The real reason why they have been able to make waves in this era and in future generations is not because they have enough money and how clever they are at playing the financial game, but because they hold in their hands the US government, the supreme power in the capitalist world!

It is precisely because of the gold medal of the US government that they can do whatever they want in the financial markets of the entire capitalist world! However, it is not yet the time for the United States to dominate the world, and the golden sign of the US government is not very useful in many parts of the world, such as the Great China Federation ruled by Chang Ruiqing, such as the German Empire under the control of the Nazi Party and the German Wehrmacht, and Trotsky's Soviet Union and Takeda Heng's Japan...... (To be continued.) If you like this work, you are welcome to come and vote for the recommendation and monthly pass, your support is my biggest motivation. For mobile phone users, please go to m.qi section an. )

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