Chapter 1065
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Happy Lantern Festival, brothers!
By the way, I solemnly declare that some of the contents in this chapter are personal superficial understanding. Just like discussing some IT technologies, it only shows that I am serious about writing stories. I don't want to rise to genuine financial theories. I really don't have that level at all.
……
Huang Zixiang plans to hype the Hang Seng Index Futures. As a result, the company with huge losses will go bankrupt and be able to settle the matter. He is too wishful thinking and takes Xiangjiang futures exchange as a fool who likes to bully.
In fact, from Huang Zixiang's performance of not "leaving" Xiangjiang, we can see that the Huang family has a clear understanding of the situation. There is no way to avoid and escape.
The value of the Huang family's stall in Xiangjiang is far more than one billion. Listed companies, real estate business, hotel management and so on. How much effort has been spent in such a good situation, and its importance is no less than that of xingjiapo's base camp.
Now this situation, mixed in Xiangjiang, can it not be affected by the supervision of Xiangjiang financial authority under the leadership of Sir Gao? Then, it is not difficult to consider which is more important and weigh the pros and cons!
At this time, the atmosphere in the box is the kind of relaxed chatting among the children of the aristocratic family in private, which has given a lot of face. If Huang Zixiang doesn't know each other, it's not easy to control the weight of his power when it's business.
When Ma Shiheng revealed his attitude, Huang Zixiang took advantage of the slope to go down the donkey. The two sat aside and muttered a bargain. Finally, the number of settlement agreements reached was 750 million.
When Huang Zixiang and Ma Shiheng shook hands solemnly again, the look on their faces was easily concealed. If they could save some, they would save some. When they went back to report to their father, they would admit a mistake and show their determination to take warning and never make it again, and this article could finally be lifted.
In particular, sir Gao's words later made Huang Zixiang feel that thanks to his keeping this credit, "Zixiang, I might as well tell you that governor Xian intends to restart the construction plan of the new airport, which will also involve the development of many supporting commercial facilities. Xinhe group has good reputation, which is an opportunity to show its skills."
Huang Zixiang was delighted to hear that the estrangement he wanted to default had been completely eliminated in front of Sir Gao.
When he returned to his residence and reported to his father, Huang Tingfang didn't scold the young master Huang again.
……
In Sir Gao's view, helping Xiangjiang futures exchange deal with a large amount of debt is also to consolidate the authority of Xiangjiang financial authority after the successful rescue of the market. Of course, this matter is just easy and not his focus.
Just as the Hong Kong dollar crisis in 1982 came to the newly established Xiangjiang exchange fund authority, the 1987 Xiangjiang stock disaster just became the newly established Xiangjiang monetary authority, which also made great efforts to turn the tide and establish its authority.
Taking advantage of this triumphant trend, sir Gao methodically built the Xiangjiang financial authority into the shape he designed.
On the surface, Gao Xian is separated from the business kingdom he founded. As the president of Xiangjiang foreign exchange fund administration and even the president of Xiangjiang Financial Administration for more than five years, it is time to make a comprehensive inventory and sort out what great achievements he has made and what innovations he has achieved, so as to avoid the end of the story and unclear falsehood.
This introduction may not be as straightforward and easy to understand as Shenhao's huge profits of tens of trillions and his amazing achievements all over the world. It may even be a little boring, but giving some patience can also help to further understand what the protagonist is.
The core responsibility of the Xiangjiang exchange fund authority founded by Gao Xian is to maintain the Hong Kong dollar exchange rate, which requires sufficient foreign exchange reserves. Now the assets of the Xiangjiang exchange fund exceed US $30 billion.
In that sentence, the figures are clear at a glance and easy to understand, but this is based on the established structure, authority and other operating mechanisms, and even the Jianghu status.
For example:
Externally, Xiangjiang foreign exchange fund has become one of the important participants in the international foreign exchange market; It also reached currency swap agreements with some members of the Seven industrialized countries.
Internally, the trading system of Xiangjiang exchange fund bills and Xiangjiang exchange fund bonds has been established; At the same time, as the lender of last resort of Xiangjiang banking industry, on the grounds of enhancing bank liquidity and avoiding bank run, he established a working capital regulation mechanism of Xiangjiang banking industry, that is, he mastered the overnight lending rate of banks, and prepared a powerful tool for the next Xiangjiang financial authority to regulate and control Xiangjiang banking industry.
Gao Xian made two far-reaching innovations at the stage of Xiangjiang exchange fund administration.
One innovation is that the assets of Xiangjiang exchange fund are not only the US dollar, but also the international currencies such as sterling, Japanese yen and West German mark. In the future, the strength of the RMB close at hand can also be added.
It is not difficult to understand the benefits of this package of international monetary structure. In fact, the dollar is always devalued to minimize the impact of an international currency, which has dragged down the Xiangjiang exchange fund.
For example, the asset scale of more than 30 billion US dollars of Xiangjiang foreign exchange fund can not be realized only by buying and selling in the international foreign exchange market and investing through Xiangjiang development investment fund. The Plaza Agreement can be said to have made great contributions.
Another innovation is that the Hong Kong dollar linked exchange rate also does not rely only on the US dollar, but also on the exchange rate of a basket of international currencies, that is, the basket of international currencies in the assets of Xiangjiang exchange fund.
As for the weight and proportion of these international currencies in the basket, sir Gao's operation is brilliant. It is so complex and profound that no one can learn, but it can slowly form a mature mechanism that has accumulated a lot of experience, which is enough for his successor's reference.
Of course, in the general external description, the assets of the Xiangjiang exchange fund and the exchange rate of the Hong Kong dollar are mainly based on the US dollar.
At the stage of Xiangjiang financial administration, Gao Xian's first initiative is to take the working capital adjustment mechanism of Xiangjiang banking industry inherited from Xiangjiang exchange fund administration and the overnight lending rate of Xiangjiang bank as a step forward to form a more powerful interest rate tool for regulating Xiangjiang banking industry.
The central bank generally has a powerful tool called the deposit reserve ratio, that is, deposit institutions such as banks must set aside enough working capital to meet the withdrawal of depositors. The central bank's increase in the deposit reserve ratio inhibits the ability of banks to create credit, and then tightens monetary policy.
In Xiangjiang, a special environment with a strong commercial flavor, the tool of deposit reserve ratio is not easy to do, because the bank reserves do nothing at the central bank, which is equivalent to a loss of interest. The bank must complain.
In fact, the deposit reserve ratio in Xiangjiang is no longer necessary. After the Xiangjiang banking industry crisis in 1982, Gao Xian promoted the revision of the Xiangjiang banking industry regulations. The new regulations require the minimum current asset ratio of Xiangjiang bank, which is almost equivalent to the effect of the deposit reserve ratio.
As for the regulation of savings interest rate, it is in Xiangjiang Banking Association.
Therefore, according to the actual situation of Xiangjiang, Gao Xian chose the discount rate as the main interest rate weapon for Xiangjiang financial authority, and a discount window should be established.
You know, the discount activities around bills such as bills of exchange are at the core of banking business.
In short, the discount window of Xiangjiang financial authority is a mechanism for commercial banks to find Xiangjiang financial authority for discount and realize short-term financing with high-quality bills, such as Xiangjiang exchange fund bills, Xiangjiang exchange fund bonds, as well as favorable, Huifeng and slag bank acceptance bills.
On the basis of the discount window, Xiangjiang financial authority will regulate the discount rate of Xiangjiang banking industry.
Gao Xian's innovative idea is focused on the formulation of this discount rate, which is composed of two parts:
One is a transparent element that reflects the actual situation of Xiangjiang local capital market, such as a constant interest rate and bank overnight lending rate, the highest of the two;
The other is the basic interest rate that reflects the changes in the international capital market, which is the mystery.
Taking a phenomenon in the "old script" as a reference should be easier to understand.
That is why, when the US economy sneezes, the Xiangjiang economy immediately catches a cold with headache, which seems to be more sensitive than the Latin American market regarded by the US as the back garden. It is clear that the two sides are so far away from each other across the Pacific Ocean!
Perhaps, from the bottom technology, we can find some clues, that is, the Hong Kong dollar linked exchange rate is only linked to the US dollar, and the discount rate of Xiangjiang banking industry also fluctuates with the federal fund interest rate of the United States.
The so-called federal funds rate is equivalent to the overnight lending rate between American banks.
In the Internet era of information explosion, the famous saying is that the Fed will raise interest rates and reap the world; The Fed cuts interest rates and releases water. The "interest rate" is related to the federal funds rate.
According to this idea, it is not difficult to understand how Gaoxian will formulate the principle of basic interest rate.
Since Xiangjiang, an international financial center with limited volume, cannot avoid the influence of the international capital market, the basic interest rate can truly reflect the changes of the international capital market. It is better to introduce the variables corresponding to a package of international currencies. As for the weight, proportion and so on, it is still realized by the operation of high string.
Xiangjiang financial authority has understood the discount window and discount rate, which can also better promote the development of banks' overnight lending business.
As an international financial center, it is not difficult to understand that the currencies in which banks conduct overnight lending business are not only Hong Kong dollars, but also US dollars; Because the offshore center of Xiangjiang yen pushed by Gaoxian also borrows yen; In the future, it will develop to lending other currencies, making the world inseparable from this unique market.
This is another foundation Gao Xian found for Xiangjiang to settle down in the world. Just like those well-known international tax havens, there is a huge demand to support them to go their own way regardless of the tax that affects the actual place of operation of the company.
Taking advantage of the cold war environment and the fact that one book is the first harvest goal of Wall Street, sir Gao, President of Xiangjiang financial authority, once again embodies his workaholic style and spared no effort to promote his idea.
In a few more years, people will take care of the secondary goal of Shangxiang river. If they want to do it, they don't have that space.
However, during an important meeting with Xiangjiang Banking Association, Gao Xian found that Huifeng Daban Pu Weishi was absent, and he couldn't help but feel a move in his heart.
Soon, the relevant information was sent to Sir Gao. Pu Weishi ran to London to make a big move
Please report us if you find any errors so we can fix it asap!
Happy Lantern Festival, brothers!
By the way, I solemnly declare that some of the contents in this chapter are personal superficial understanding. Just like discussing some IT technologies, it only shows that I am serious about writing stories. I don't want to rise to genuine financial theories. I really don't have that level at all.
……
Huang Zixiang plans to hype the Hang Seng Index Futures. As a result, the company with huge losses will go bankrupt and be able to settle the matter. He is too wishful thinking and takes Xiangjiang futures exchange as a fool who likes to bully.
In fact, from Huang Zixiang's performance of not "leaving" Xiangjiang, we can see that the Huang family has a clear understanding of the situation. There is no way to avoid and escape.
The value of the Huang family's stall in Xiangjiang is far more than one billion. Listed companies, real estate business, hotel management and so on. How much effort has been spent in such a good situation, and its importance is no less than that of xingjiapo's base camp.
Now this situation, mixed in Xiangjiang, can it not be affected by the supervision of Xiangjiang financial authority under the leadership of Sir Gao? Then, it is not difficult to consider which is more important and weigh the pros and cons!
At this time, the atmosphere in the box is the kind of relaxed chatting among the children of the aristocratic family in private, which has given a lot of face. If Huang Zixiang doesn't know each other, it's not easy to control the weight of his power when it's business.
When Ma Shiheng revealed his attitude, Huang Zixiang took advantage of the slope to go down the donkey. The two sat aside and muttered a bargain. Finally, the number of settlement agreements reached was 750 million.
When Huang Zixiang and Ma Shiheng shook hands solemnly again, the look on their faces was easily concealed. If they could save some, they would save some. When they went back to report to their father, they would admit a mistake and show their determination to take warning and never make it again, and this article could finally be lifted.
In particular, sir Gao's words later made Huang Zixiang feel that thanks to his keeping this credit, "Zixiang, I might as well tell you that governor Xian intends to restart the construction plan of the new airport, which will also involve the development of many supporting commercial facilities. Xinhe group has good reputation, which is an opportunity to show its skills."
Huang Zixiang was delighted to hear that the estrangement he wanted to default had been completely eliminated in front of Sir Gao.
When he returned to his residence and reported to his father, Huang Tingfang didn't scold the young master Huang again.
……
In Sir Gao's view, helping Xiangjiang futures exchange deal with a large amount of debt is also to consolidate the authority of Xiangjiang financial authority after the successful rescue of the market. Of course, this matter is just easy and not his focus.
Just as the Hong Kong dollar crisis in 1982 came to the newly established Xiangjiang exchange fund authority, the 1987 Xiangjiang stock disaster just became the newly established Xiangjiang monetary authority, which also made great efforts to turn the tide and establish its authority.
Taking advantage of this triumphant trend, sir Gao methodically built the Xiangjiang financial authority into the shape he designed.
On the surface, Gao Xian is separated from the business kingdom he founded. As the president of Xiangjiang foreign exchange fund administration and even the president of Xiangjiang Financial Administration for more than five years, it is time to make a comprehensive inventory and sort out what great achievements he has made and what innovations he has achieved, so as to avoid the end of the story and unclear falsehood.
This introduction may not be as straightforward and easy to understand as Shenhao's huge profits of tens of trillions and his amazing achievements all over the world. It may even be a little boring, but giving some patience can also help to further understand what the protagonist is.
The core responsibility of the Xiangjiang exchange fund authority founded by Gao Xian is to maintain the Hong Kong dollar exchange rate, which requires sufficient foreign exchange reserves. Now the assets of the Xiangjiang exchange fund exceed US $30 billion.
In that sentence, the figures are clear at a glance and easy to understand, but this is based on the established structure, authority and other operating mechanisms, and even the Jianghu status.
For example:
Externally, Xiangjiang foreign exchange fund has become one of the important participants in the international foreign exchange market; It also reached currency swap agreements with some members of the Seven industrialized countries.
Internally, the trading system of Xiangjiang exchange fund bills and Xiangjiang exchange fund bonds has been established; At the same time, as the lender of last resort of Xiangjiang banking industry, on the grounds of enhancing bank liquidity and avoiding bank run, he established a working capital regulation mechanism of Xiangjiang banking industry, that is, he mastered the overnight lending rate of banks, and prepared a powerful tool for the next Xiangjiang financial authority to regulate and control Xiangjiang banking industry.
Gao Xian made two far-reaching innovations at the stage of Xiangjiang exchange fund administration.
One innovation is that the assets of Xiangjiang exchange fund are not only the US dollar, but also the international currencies such as sterling, Japanese yen and West German mark. In the future, the strength of the RMB close at hand can also be added.
It is not difficult to understand the benefits of this package of international monetary structure. In fact, the dollar is always devalued to minimize the impact of an international currency, which has dragged down the Xiangjiang exchange fund.
For example, the asset scale of more than 30 billion US dollars of Xiangjiang foreign exchange fund can not be realized only by buying and selling in the international foreign exchange market and investing through Xiangjiang development investment fund. The Plaza Agreement can be said to have made great contributions.
Another innovation is that the Hong Kong dollar linked exchange rate also does not rely only on the US dollar, but also on the exchange rate of a basket of international currencies, that is, the basket of international currencies in the assets of Xiangjiang exchange fund.
As for the weight and proportion of these international currencies in the basket, sir Gao's operation is brilliant. It is so complex and profound that no one can learn, but it can slowly form a mature mechanism that has accumulated a lot of experience, which is enough for his successor's reference.
Of course, in the general external description, the assets of the Xiangjiang exchange fund and the exchange rate of the Hong Kong dollar are mainly based on the US dollar.
At the stage of Xiangjiang financial administration, Gao Xian's first initiative is to take the working capital adjustment mechanism of Xiangjiang banking industry inherited from Xiangjiang exchange fund administration and the overnight lending rate of Xiangjiang bank as a step forward to form a more powerful interest rate tool for regulating Xiangjiang banking industry.
The central bank generally has a powerful tool called the deposit reserve ratio, that is, deposit institutions such as banks must set aside enough working capital to meet the withdrawal of depositors. The central bank's increase in the deposit reserve ratio inhibits the ability of banks to create credit, and then tightens monetary policy.
In Xiangjiang, a special environment with a strong commercial flavor, the tool of deposit reserve ratio is not easy to do, because the bank reserves do nothing at the central bank, which is equivalent to a loss of interest. The bank must complain.
In fact, the deposit reserve ratio in Xiangjiang is no longer necessary. After the Xiangjiang banking industry crisis in 1982, Gao Xian promoted the revision of the Xiangjiang banking industry regulations. The new regulations require the minimum current asset ratio of Xiangjiang bank, which is almost equivalent to the effect of the deposit reserve ratio.
As for the regulation of savings interest rate, it is in Xiangjiang Banking Association.
Therefore, according to the actual situation of Xiangjiang, Gao Xian chose the discount rate as the main interest rate weapon for Xiangjiang financial authority, and a discount window should be established.
You know, the discount activities around bills such as bills of exchange are at the core of banking business.
In short, the discount window of Xiangjiang financial authority is a mechanism for commercial banks to find Xiangjiang financial authority for discount and realize short-term financing with high-quality bills, such as Xiangjiang exchange fund bills, Xiangjiang exchange fund bonds, as well as favorable, Huifeng and slag bank acceptance bills.
On the basis of the discount window, Xiangjiang financial authority will regulate the discount rate of Xiangjiang banking industry.
Gao Xian's innovative idea is focused on the formulation of this discount rate, which is composed of two parts:
One is a transparent element that reflects the actual situation of Xiangjiang local capital market, such as a constant interest rate and bank overnight lending rate, the highest of the two;
The other is the basic interest rate that reflects the changes in the international capital market, which is the mystery.
Taking a phenomenon in the "old script" as a reference should be easier to understand.
That is why, when the US economy sneezes, the Xiangjiang economy immediately catches a cold with headache, which seems to be more sensitive than the Latin American market regarded by the US as the back garden. It is clear that the two sides are so far away from each other across the Pacific Ocean!
Perhaps, from the bottom technology, we can find some clues, that is, the Hong Kong dollar linked exchange rate is only linked to the US dollar, and the discount rate of Xiangjiang banking industry also fluctuates with the federal fund interest rate of the United States.
The so-called federal funds rate is equivalent to the overnight lending rate between American banks.
In the Internet era of information explosion, the famous saying is that the Fed will raise interest rates and reap the world; The Fed cuts interest rates and releases water. The "interest rate" is related to the federal funds rate.
According to this idea, it is not difficult to understand how Gaoxian will formulate the principle of basic interest rate.
Since Xiangjiang, an international financial center with limited volume, cannot avoid the influence of the international capital market, the basic interest rate can truly reflect the changes of the international capital market. It is better to introduce the variables corresponding to a package of international currencies. As for the weight, proportion and so on, it is still realized by the operation of high string.
Xiangjiang financial authority has understood the discount window and discount rate, which can also better promote the development of banks' overnight lending business.
As an international financial center, it is not difficult to understand that the currencies in which banks conduct overnight lending business are not only Hong Kong dollars, but also US dollars; Because the offshore center of Xiangjiang yen pushed by Gaoxian also borrows yen; In the future, it will develop to lending other currencies, making the world inseparable from this unique market.
This is another foundation Gao Xian found for Xiangjiang to settle down in the world. Just like those well-known international tax havens, there is a huge demand to support them to go their own way regardless of the tax that affects the actual place of operation of the company.
Taking advantage of the cold war environment and the fact that one book is the first harvest goal of Wall Street, sir Gao, President of Xiangjiang financial authority, once again embodies his workaholic style and spared no effort to promote his idea.
In a few more years, people will take care of the secondary goal of Shangxiang river. If they want to do it, they don't have that space.
However, during an important meeting with Xiangjiang Banking Association, Gao Xian found that Huifeng Daban Pu Weishi was absent, and he couldn't help but feel a move in his heart.
Soon, the relevant information was sent to Sir Gao. Pu Weishi ran to London to make a big move
Happy Lantern Festival, brothers!By the way, I solemnly declare that some of the contents in this chapter are personal superficial understanding. Just like discussing some IT technologies, it only shows that I am serious about writing stories. I don't want to rise to genuine financial theories. I really don't have that level at all.Huang Zixiang plans to hype the Hang Seng Index Futures. As a result, the company with huge losses will go bankrupt and be able to settle the matter. He is too wishful thinking and takes Xiangjiang futures exchange as a fool who likes to bully.In fact, from Huang Zixiang's performance of not "leaving" Xiangjiang, we can see that the Huang family has a clear understanding of the situation. There is no way to avoid and escape.The value of the Huang family's stall in Xiangjiang is far more than one billion. Listed companies, real estate business, hotel management and so on. How much effort has been spent in such a good situation, and its importance is no less than that of xingjiapo's base camp.Now this situation, mixed in Xiangjiang, can it not be affected by the supervision of Xiangjiang financial authority under the leadership of Sir Gao? Then, it is not difficult to consider which is more important and weigh the pros and cons!At this time, the atmosphere in the box is the kind of relaxed chatting among the children of the aristocratic family in private, which has given a lot of face. If Huang Zixiang doesn't know each other, it's not easy to control the weight of his power when it's business.When Ma Shiheng revealed his attitude, Huang Zixiang took advantage of the slope to go down the donkey. The two sat aside and muttered a bargain. Finally, the number of settlement agreements reached was 750 million.When Huang Zixiang and Ma Shiheng shook hands solemnly again, the look on their faces was easily concealed. If they could save some, they would save some. When they went back to report to their father, they would admit a mistake and show their determination to take warning and never make it again, and this article could finally be lifted.In particular, sir Gao's words later made Huang Zixiang feel that thanks to his keeping this credit, "Zixiang, I might as well tell you that governor Xian intends to restart the construction plan of the new airport, which will also involve the development of many supporting commercial facilities. Xinhe group has good reputation, which is an opportunity to show its skills."Huang Zixiang was delighted to hear that the estrangement he wanted to default had been completely eliminated in front of Sir Gao.When he returned to his residence and reported to his father, Huang Tingfang didn't scold the young master Huang again.In Sir Gao's view, helping Xiangjiang futures exchange deal with a large amount of debt is also to consolidate the authority of Xiangjiang financial authority after the successful rescue of the market. Of course, this matter is just easy and not his focus.Just as the Hong Kong dollar crisis in 1982 came to the newly established Xiangjiang exchange fund authority, the 1987 Xiangjiang stock disaster just became the newly established Xiangjiang monetary authority, which also made great efforts to turn the tide and establish its authority.Taking advantage of this triumphant trend, sir Gao methodically built the Xiangjiang financial authority into the shape he designed.On the surface, Gao Xian is separated from the business kingdom he founded. As the president of Xiangjiang foreign exchange fund administration and even the president of Xiangjiang Financial Administration for more than five years, it is time to make a comprehensive inventory and sort out what great achievements he has made and what innovations he has achieved, so as to avoid the end of the story and unclear falsehood.This introduction may not be as straightforward and easy to understand as Shenhao's huge profits of tens of trillions and his amazing achievements all over the world. It may even be a little boring, but giving some patience can also help to further understand what the protagonist is.The core responsibility of the Xiangjiang exchange fund authority founded by Gao Xian is to maintain the Hong Kong dollar exchange rate, which requires sufficient foreign exchange reserves. Now the assets of the Xiangjiang exchange fund exceed US $30 billion.In that sentence, the figures are clear at a glance and easy to understand, but this is based on the established structure, authority and other operating mechanisms, and even the Jianghu status.For example:Externally, Xiangjiang foreign exchange fund has become one of the important participants in the international foreign exchange market; It also reached currency swap agreements with some members of the Seven industrialized countries.Internally, the trading system of Xiangjiang exchange fund bills and Xiangjiang exchange fund bonds has been established; At the same time, as the lender of last resort of Xiangjiang banking industry, on the grounds of enhancing bank liquidity and avoiding bank run, he established a working capital regulation mechanism of Xiangjiang banking industry, that is, he mastered the overnight lending rate of banks, and prepared a powerful tool for the next Xiangjiang financial authority to regulate and control Xiangjiang banking industry.Gao Xian made two far-reaching innovations at the stage of Xiangjiang exchange fund administration.One innovation is that the assets of Xiangjiang exchange fund are not only the US dollar, but also the international currencies such as sterling, Japanese yen and West German mark. In the future, the strength of the RMB close at hand can also be added.It is not difficult to understand the benefits of this package of international monetary structure. In fact, the dollar is always devalued to minimize the impact of an international currency, which has dragged down the Xiangjiang exchange fund.For example, the asset scale of more than 30 billion US dollars of Xiangjiang foreign exchange fund can not be realized only by buying and selling in the international foreign exchange market and investing through Xiangjiang development investment fund. The Plaza Agreement can be said to have made great contributions.Another innovation is that the Hong Kong dollar linked exchange rate also does not rely only on the US dollar, but also on the exchange rate of a basket of international currencies, that is, the basket of international currencies in the assets of Xiangjiang exchange fund.As for the weight and proportion of these international currencies in the basket, sir Gao's operation is brilliant. It is so complex and profound that no one can learn, but it can slowly form a mature mechanism that has accumulated a lot of experience, which is enough for his successor's reference.Of course, in the general external description, the assets of the Xiangjiang exchange fund and the exchange rate of the Hong Kong dollar are mainly based on the US dollar.At the stage of Xiangjiang financial administration, Gao Xian's first initiative is to take the working capital adjustment mechanism of Xiangjiang banking industry inherited from Xiangjiang exchange fund administration and the overnight lending rate of Xiangjiang bank as a step forward to form a more powerful interest rate tool for regulating Xiangjiang banking industry.The central bank generally has a powerful tool called the deposit reserve ratio, that is, deposit institutions such as banks must set aside enough working capital to meet the withdrawal of depositors. The central bank's increase in the deposit reserve ratio inhibits the ability of banks to create credit, and then tightens monetary policy.In Xiangjiang, a special environment with a strong commercial flavor, the tool of deposit reserve ratio is not easy to do, because the bank reserves do nothing at the central bank, which is equivalent to a loss of interest. The bank must complain.In fact, the deposit reserve ratio in Xiangjiang is no longer necessary. After the Xiangjiang banking industry crisis in 1982, Gao Xian promoted the revision of the Xiangjiang banking industry regulations. The new regulations require the minimum current asset ratio of Xiangjiang bank, which is almost equivalent to the effect of the deposit reserve ratio.As for the regulation of savings interest rate, it is in Xiangjiang Banking Association.Therefore, according to the actual situation of Xiangjiang, Gao Xian chose the discount rate as the main interest rate weapon for Xiangjiang financial authority, and a discount window should be established.You know, the discount activities around bills such as bills of exchange are at the core of banking business.In short, the discount window of Xiangjiang financial authority is a mechanism for commercial banks to find Xiangjiang financial authority for discount and realize short-term financing with high-quality bills, such as Xiangjiang exchange fund bills, Xiangjiang exchange fund bonds, as well as favorable, Huifeng and slag bank acceptance bills.On the basis of the discount window, Xiangjiang financial authority will regulate the discount rate of Xiangjiang banking industry.Gao Xian's innovative idea is focused on the formulation of this discount rate, which is composed of two parts:One is a transparent element that reflects the actual situation of Xiangjiang local capital market, such as a constant interest rate and bank overnight lending rate, the highest of the two;The other is the basic interest rate that reflects the changes in the international capital market, which is the mystery.Taking a phenomenon in the "old script" as a reference should be easier to understand.That is why, when the US economy sneezes, the Xiangjiang economy immediately catches a cold with headache, which seems to be more sensitive than the Latin American market regarded by the US as the back garden. It is clear that the two sides are so far away from each other across the Pacific Ocean!Perhaps, from the bottom technology, we can find some clues, that is, the Hong Kong dollar linked exchange rate is only linked to the US dollar, and the discount rate of Xiangjiang banking industry also fluctuates with the federal fund interest rate of the United States.The so-called federal funds rate is equivalent to the overnight lending rate between American banks.In the Internet era of information explosion, the famous saying is that the Fed will raise interest rates and reap the world; The Fed cuts interest rates and releases water. The "interest rate" is related to the federal funds rate.According to this idea, it is not difficult to understand how Gaoxian will formulate the principle of basic interest rate.Since Xiangjiang, an international financial center with limited volume, cannot avoid the influence of the international capital market, the basic interest rate can truly reflect the changes of the international capital market. It is better to introduce the variables corresponding to a package of international currencies. As for the weight, proportion and so on, it is still realized by the operation of high string.Xiangjiang financial authority has understood the discount window and discount rate, which can also better promote the development of banks' overnight lending business.As an international financial center, it is not difficult to understand that the currencies in which banks conduct overnight lending business are not only Hong Kong dollars, but also US dollars; Because the offshore center of Xiangjiang yen pushed by Gaoxian also borrows yen; In the future, it will develop to lending other currencies, making the world inseparable from this unique market.This is another foundation Gao Xian found for Xiangjiang to settle down in the world. Just like those well-known international tax havens, there is a huge demand to support them to go their own way regardless of the tax that affects the actual place of operation of the company.Taking advantage of the cold war environment and the fact that one book is the first harvest goal of Wall Street, sir Gao, President of Xiangjiang financial authority, once again embodies his workaholic style and spared no effort to promote his idea.In a few more years, people will take care of the secondary goal of Shangxiang river. If they want to do it, they don't have that space.However, during an important meeting with Xiangjiang Banking Association, Gao Xian found that Huifeng Daban Pu Weishi was absent, and he couldn't help but feel a move in his heart.Soon, the relevant information was sent to Sir Gao. Pu Weishi ran to London to make a big move
