MTL - The Son of Finance of the Great Age-Chapter 964 Avalanche (10)
Chapter 964 Big Avalanche (10)
"What's the situation in the stock market now?"
At nine o'clock in the evening after the stock market closed that day, the leaders held an emergency meeting in Yanjing to discuss the current stock market countermeasures. The reason why it was so late was because Jin, the governor of the central bank, was still in Suhai during the day, and it would take some time to fly back to Yanjing.
Although the working hours have passed, and tomorrow and the day after tomorrow are weekends, the leaders called, and the leaders quickly appeared in this conference room. At this time, the leader was tapping the table with his fingers gently, and asked such a sentence slowly.
Obviously today's stock market crash has shaken the top leadership.
All the high-ranking officials sitting on the stage were silent, they didn't dare to take a breath, and no one took the initiative to speak. The atmosphere of the scene fell into a deathly silence.
They knew the situation of the stock market today, and at the same time felt the dissatisfaction in the hearts of the leaders, so they did not volunteer to speak up out of the intention of protecting themselves.
"Why, everyone stopped talking?"
The leader was even more dissatisfied with such an attitude, looked around coldly, and said in a louder voice, "You are all higher-level departments in the capital market, don't you mean you haven't noticed today's movements at all? This is the largest decline in the history of the capital market, and more than 40% of the stocks have fallen by the limit. Nearly half of the stocks have lost 10% of their market value today. What kind of concept is this, comrades?"
He patted the table with his palm, obviously he was very dissatisfied with the situation.
"Let me report the specific situation."
Seeing that he couldn't escape, and he was the head of the direct supervision department of the securities market, Chairman Xiang had no choice but to stand up and clear his throat, "Today's sharp drop has exceeded many people's expectations, including We, the Securities Market Regulatory Commission, have an unshirkable responsibility for this.”
His attitude was very good. First of all, he admitted that he was at fault and acted responsibly, which made the leader's expression ease a lot. "Go ahead and tell me what's going on!"
"First of all, before the opening of the market, the market has already heard the news that the financing market has basically collapsed."
Chairman Xiang took a long breath, and after thinking for a while, he finally said, "Including the suicide of a stockholder, the investigation of a certain fund allocation company, the cooperation of economists to empty the market, and the simultaneous release of news by foreign banks, etc. All kinds of news. Although in the end, the suicide of stockholders was proved to be a fake news, but the market effect has already formed, and the news that the financing market basically collapsed has become the consensus of the market.”
"Hasn't the financing been rectified a long time ago?"
Hearing this, the leader was a little confused, "I remember that at the last meeting, you talked about the dangers of the financing market, and you also gave specific rectification measures. Why does this problem still exist now, and it has become a problem in today's stock market? The culprit of the crash?"
"The last joint rectification was the stock market funds sold through banks."
Chairman Xiang paused suddenly, and after thinking for a while, he decided to tell the truth, "In addition to the sales through banks and brokerage channels. Because of the skyrocketing stock market, new types of capital allocation companies have also emerged, and they provide investors with a part of leverage. Originally The rectified leverage has also quietly turned underground, and wealth management products have become their latest form of cover, and wealth management products are not on the regulatory list of the balance sheet, and we can do nothing about it.”
"In addition to the financing channels provided by banks, there are also large-scale financing in private companies, and even some loans have been embezzled into the stock market. This part of the funds can be counted as part of the financing. According to our preliminary According to estimates, this part of the funds is around 500 billion. And once this part of the funds collapses, it is not surprising that it will cause an avalanche in the market.”
"But the whole thing didn't start with the collapse of the financing market. The operation of leverage should have been targeted and operated by some people. However, this does not mean that there is no problem with the financing market. In fact, it may be at about 4500 points. It is where their liquidation line is. So the whole thing can be said that some institutions with intentions spread rumors and caused panic in the market, which eventually triggered a big collapse in the evolution of financing disk liquidation.”
"Some agency with a heart?"
The leader frowned, "Do you have any real evidence? Let me tell you, don't talk about it here. We must show credible evidence before we can proceed to the next step, otherwise we will be easily caught people criticized."
"This is natural."
Chairman Xiang showed an extremely confident look on his face, and he almost slapped his chest to assure, "The transaction records of our exchange alone have recorded some behaviors that obviously interfered with the normal market, and more than once or twice. In addition, our We also attach great importance to certain acts of spreading rumors, and if we find excessive interference or false remarks, we will report to the public security organs for investigation and arrest at any time."
"Put this matter aside for now."
After frowning and thinking for a long time, the leader still didn't nod, "Look at the development of the situation first. At present, the first priority is how to save the market and retain the confidence of shareholders, so as to achieve the goal of blood transfusion to the real economy. As for these details It’s not too late to wait for the stock market’s confidence to boost up and then settle the ledger.”
"this…"
Chairman Xiang did not agree with the leader's opinion, and after thinking about it for a while, he couldn't help but say, "If these people who provoke troubles are not punished severely, then they will intensify their various activities that affect the market. You must know that these people have great influence, and many times what they say even exceeds our official rumors. If you want to save the market and stockholders' confidence, the blow to these people should not be relaxed, but must be redoubled. "
"Chief, this matter has reached the point of no delay."
He emphasized again, "Whether it is foreign capital or small investors, whether it is spreading rumors or actually manipulating the market, at this time, it has to be severely coded. Now the index is around 4200 points. If we don't take measures, the next It may fall below 4,000 points on a trading day, and may fall below 3,000 points a week later, or even 2,000 points. This is a complete conspiracy, a huge conspiracy to destroy the great economic construction of our country."
"If you say so, then the situation is very serious!"
Hearing what Chairman Xiang said, the leader's face suddenly became serious. If it's just a matter of index policy, it's nothing. But if it becomes a conspiracy, then the interests of the entire country will be involved, and as one of the top leaders, he cannot just sit idly by, "It is best to investigate first, to find out the nature of the whole matter before drawing conclusions. When you have a conclusion, give me a complete report."
He still didn't make a clear statement, but said these words that he had acquiesced to Chairman Xiang's request to the judiciary to intervene.
"Okay, let's talk about what other good measures can save the current stock market and stockholders' confidence?"
After listening to President Xiang's words, the leader's eyes turned to the minds of the banks and insurance companies, "Don't you have anything to say?"
"Our insurance industry will launch an industry-wide inspection in the near future."
Chairman Zhou of the insurance industry quickly stated, "We have been urging the rational use of insurance funds for a long time. This inspection is to see which funds are not in a reasonable movement, but instead enter into speculative activities. But Leader, according to our current regulations, the insurance industry cannot directly get involved in the capital market. According to our internal estimates, the funds entering the stock market, including illegal and legal, are only tens of billions. This amount of funds should not have much impact on the stock market .”
"The banking industry will also launch strict inspections on the industry, and at the same time conduct the highest-standard supervision on the whereabouts of some new loans."
Chairman Qi of the Banking Association also expressed his opinion, "Although there is no effective supervision on wealth management products for the time being, after I go back, I will urge the relevant departments to issue relevant management plans as soon as possible, and the factors of instability will be completely eliminated. There is only one thing that leaders should do. It is very clear that our activities are specifically regulated by the central bank and follow the monetary policy formulated by the country. Therefore, apart from the specific scope of business, we can only crack down on violations of laws and regulations outside of business.”
"But if this is the case, I am afraid that the market will suffer further losses."
He also emphasized, "These are all negative for the capital market, and they will not play a role in boosting market confidence. If you really want to boost the market, I am afraid that specific measures from the Ministry of Finance and the Central Bank will be needed. Several of our associations are No matter what you do now, firstly, monetary policy and fiscal policy cannot be avoided, and secondly, the benefits that can be released have been fully released, but it seems that it has not played a big role in the entire market.”
"What do you mean by that?"
The leader was a little angry, "Do you mean that your bank or insurance institution alone can't do anything to the entire market? If that's the case, it's a waste of time for me to come to you? Did I notice it?"
The fact that these two people were more slippery than the other made the leader feel a little unhappy, but now that he still said that, it aroused the anger in the leader's heart even more.
"The news of pension funds entering the market has been released, but the market still hasn't been rescued."
At this time, the governor of the central bank, Jin, finally said, "The market is unmoved by the movement of hundreds of billions of funds, which shows that the panic in this market has reached the extreme. At this time, if you want to save the market, I am afraid that you have to There is a path to choose."
"You mean?"
It is true that he is a leader with a Ph.D. in economics. After a little thought, he understood President Jin's meaning, "The government directly provides money to save the market? Is it like Hong Kong in 1998?"
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(end of this chapter)
