Yanei of Rebirth

As soon as Jiang Xiangjie finished speaking, there was a brief silence in the conference room.

This plan is very bold. If it is fully implemented, the profit will be great, but the risk will also be great.Western countries will not sit idly by and let us do it.

No matter what the ideology is, Western countries dominated by the United States have a supreme principle, that is, national interests are above all else!

Now, Jiang Xiangjie's plan also puts national interests above all else!

Similarly, once this plan is implemented, it will also touch a large number of domestic interest groups and lead to fierce "resistance". [

Everyone here is well aware of the key.

After a while, Liu Jun said: "In principle, I fully agree with the plan proposed by Comrade Xiang Jie. In terms of details, I would like to offer some references..."

Everyone's eyes fell on Liu Jun's face again.

"About the first point, the divestment issue. I think it is the basis of all steps, and it is also the most critical link. A part of the US treasury bonds can be properly retained. But the derivative bonds issued by the two companies, I think, must be sold, or at least Sell ​​most of it."

Liu Jun said firmly.

"Sell it all?"

Everyone's expression was shocked, and Zheng Shaojie even murmured.

Just now Jiang Xiangjie has clearly stated the amount of bonds we own with Freddie and Freddie, which is an astronomical figure, accounting for half of our foreign exchange reserves for overseas investment.

If all are sold, it is very likely to cause panic.Moreover, it is very difficult to sell such a large amount of bonds within a few months, and it will bear relatively large losses.

The so-called "two rooms" refer to the two major real estate mortgage lenders in the United States, Freddie Mac (Free and Fannie Mae (FNNE), which are directly responsible to the US Federal Housing Finance Agency (FHF).

In the "Public Housing Act" of the United States, the attribute of Fannie Mae is clearly defined as a federal government managed enterprise, the so-called "state-owned enterprise".In [-], in the amendment to the National Housing Act passed by the Truman administration, the role of Fannie Mae was expanded again, playing the role of intermediary in the four relations of the real estate market, consumers, financial institutions and the government.

In 1970, in order to expand the secondary mortgage loan market to the general residential loan market, the Nixon administration authorized Fannie Mae to purchase residential mortgage loans from private financial institutions and authorized the establishment of federal housing through the Emergency Housing Finance Act. The mortgage company is Freddie Mac.

Because of the guarantee of the US government, although Fannie Mae and Freddie Mac only have total assets of more than 700 billion US dollars, they have issued more than [-] trillion derivative bonds.Also because of the guarantee of the US government, the securities issued by these two companies are regarded as "equivalent to US Treasury bonds."

Relatively speaking, buying government bonds is a relatively safe investment. Although the income is not large, it is at least higher than bank interest, and the repayment is guaranteed.

Guo Qiliang said frankly: "It is unlikely to sell all the bonds of the two companies. One is that there is too little time, and the other is that some political needs must also be considered."

In fact, Guo Qiliang believes that Liu Jun also understands this truth very well.

As long as anyone with a little economic vision understands the truth very well, buying a country's national debt is to support the country's construction.This is how we advertised when we issued national debt before.

However, other countries, including Japan and Russia, purchase U.S. treasury bonds. In addition to value preservation, there is also a very important consideration that is political.It takes a certain price to keep a low profile.

Guo Qiliang mainly wanted to know the reason why Liu Jun made such a proposal. [

Liu Jun nodded and said: "I suggest that on the basis of what Comrade Xiang Jie said just now, we should reduce the holdings of the bonds of the two companies. If it is due to political considerations, you can consider switching to holdings of US treasury bonds. Government guarantees are not equal to government guarantees. The concept must be clearly distinguished. After all, Fannie Mae and Freddie Mac are not the US government, and the US government has never publicly admitted that they will guarantee the derivative bonds issued by the two companies in the name of the government. There is a problem with this Yes. In essence, the two companies are just ordinary housing mortgage loan companies. Once their performance drops sharply, they may be liquidated. This is a big problem. Even if they are not liquidated, as long as they are delisted from the New York Stock Exchange, The bonds issued by real estate can only be traded over-the-counter, which will greatly limit the liquidity of the bonds. At that time, it will be very difficult for us to sell these bonds for cash. In case of bankruptcy liquidation, then these bonds will become Waste paper. This danger cannot be ignored."

The expressions of the participating members became more and more serious.

Liu Jun's words are indeed rather shocking. It is not that no scholars have raised similar questions before this, but they have not attracted enough attention.After all, a company guaranteed by the government of a country still has credibility in the eyes of everyone.Although the ratio of capital leverage used by the two companies has reached a jaw-dropping ratio of [-] times.

After wearing it, everyone is still somewhat superstitious about the credibility of the US government.

However, now that Liu Jun raised this question himself, and raised it at a meeting of this level, he had to seriously consider it.

Yue Shuhong, chairman of the China Securities Regulatory Commission, pondered and said: "Secretary Liu, the two companies are not ordinary listed companies. They are actually performing the functions of some government departments. It should not be possible to delist the two companies, right? According to the rules of the New York Securities and Exchange Commission, Only when the stock price of a listed company falls below one dollar for [-] consecutive trading days will it be delisted... Now the stock prices of the two companies are both above $[-]..."

At this point, Yue Shuhong couldn't help shaking his head slightly.

That is to say, if Liu Jun raised such a question, if other people said so, Yue Shuhong would not have said anything to him at all.Given the special background and important mission of the two companies, coupled with the current high stock price, it is unthinkable to suspect that the two companies will be delisted now.

"State-owned enterprises" like the two companies must be protected by the government.It is easy to maintain the stock price of Liangfang and Fangfang above one dollar.The total share capital of the two companies did not exceed one billion shares.

Yue Shuhong, as the chairman of the China Securities Regulatory Commission, is very reasonable for him to "question" Liu Jun.

Except for Yue Shuhong, everyone here, including Liu Jincai, probably has this idea.Under Liu Jun's repeated reminders, compared with another parallel world, the total amount of US treasury bonds and bonds purchased by us is much less.But Liu Jun still felt that this amount was too large.Even taking political factors into account, it is still not worthwhile.

Whether the two rooms will be delisted, Liu Jun is not sure.Before the rebirth, the shares of Liangfang and Fangfang were still listed on the New York Stock Exchange, and they were not delisted, but the stock price had fallen to around one dollar.

From more than seventy dollars to one dollar!

If the two companies had no color from the government and had changed to another listed company, they would have collapsed long ago.

Even so, there is still a great risk.

Liu Jun took a sip from his teacup, smiled, and said, "Comrade Shuhong's question is very reasonable, but there is no absolute thing in the world. We estimate... now basically there is no need to predict, we can already see it... The financial crisis in the United States will be triggered by their mixed subprime debt market. The root cause is the inflated bubble in the real estate market. After the outbreak of the financial crisis this time, mortgage companies must be the first to bear the brunt. The stock prices of two companies It is entirely possible to fall to the bottom. Once such a huge bubble bursts, no matter how much money the U.S. government invests in bailing out the market, it cannot be saved. The funds owned by the U.S. government and the funds needed for bailout are not at the same level. To In the end, they couldn't resist, so they could only delist the two companies from the market. If the US economy cannot recover quickly, then it is not impossible to liquidate these two companies. I think we must prevent this kind of risk .Considering other reasons, you can transfer part of the U.S. treasury bonds, but the total amount should not be too much, and should be controlled within a certain range.”

Yue Shuhong nodded thoughtfully.

Jiang Xiangjie said: "Comrade Liu Jun's opinion is worth considering."

Liu Jun's words can be said to be a partial negation of his plan. Jiang Xiangjie's attitude like this shows that he has a broad mind.

Liu Jun nodded to Jiang Xiangjie, and continued: "I agree with the second point that Comrade Xiang Jie mentioned, sending inspection teams to all provincial branches and key state-owned enterprises. I think this is to deal with the financial crisis and strive for The key step for the greatest benefit. To put it bluntly, if we want to get people's ideas, we must first hold our own pockets tightly. Otherwise, if the benefits are not reaped, and we still have to pay for our money, then it is not worthwhile. In my opinion, the key lies in the proper supervision. In recent years, our individual financial institutions have indeed had a lot of illegal operations. Especially when entering foreign capital markets, the amount is huge, and the possibility of collusion between inside and outside cannot be ruled out..."

As soon as Liu Jun said this, Zheng Shaojie, the governor of the central bank, changed his face slightly, and then returned to normal.

In the past few years, Zheng Shaojie has done a good job in supervising the state-owned banks, and he is also recognized as Liu Clan's confidant.Liu Jun's words should be right about the matter and not about the person. [

"What I want to add is that in this operation, not only should state-owned financial institutions be supervised, but private financial institutions, especially those registered overseas, should also be listed as the focus of monitoring. All funds should be outflowed as much as possible. All channels are blocked. Only by working together can we achieve the most fruitful results. Moreover, some actions can also be carried out through private organizations, which should be more convenient."

Everyone agrees with Liu Jun's addition.

Liu Jincai said: "Other comrades, share your views..."

It's late at night, and the meeting is still going on...

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