3.27 is the national debt futures storm ..1995 On February 23, the "3.27" national debt incident occurred in Shanghai Stock Exchange, which shocked China and foreign countries. As a result, one party Guan Jinsheng was jailed and the other party Wei was removed from the post of general manager of Shanghai Stock Exchange. After a lapse of nine years, especially in the case that the current regulatory authorities require strengthening supervision, it is helpful for us to understand the importance of China's stock market and supervision ... At this time, the "327" incident occurred, and the 327 national debt refers to the three-year national debt issued by 1992 with a maturity of 92 (3),1June 1995. 1992-94, China faced the pressure of the rise of Qualcomm, and the interest rate of bank savings deposits kept rising. In order to ensure the smooth issuance of treasury bonds, the state subsidizes the value of the issued treasury bonds. The subsidy rate for value preservation is announced by the Ministry of Finance on a monthly basis according to the inflation index. Therefore, the different expectations of inflation rate and value-added subsidy rate have become the main long-short differences of 327 treasury bonds futures varieties. Institutions headed by Shanghai Wanguo Securities shorted the "327" treasury bond futures, while institutions headed by China Development Bank made more varieties of the treasury bond futures.

At that time, although the market rumored that the Ministry of Finance would discount the "327" national debt, Guan Jinsheng, who used to be the boss in Shanghai, just didn't believe this evil. Of course, Guan Jinsheng's analysis is not unreasonable: at that time, the country's financial strength was extremely empty, and it was impossible to take out such a large sum of money to subsidize the difference between the interest rate of "327" national debt and the market interest rate, and the inflation situation at that time had been initially controlled. On the other hand, because of his long experience in the securities market, Guan Jinsheng's disbelief in market rumors is an innate feeling. So Guan Jinsheng made a move and joined forces with Liao Guofa and other institutions to make a gap in the "327" treasury bond futures contract.

February 23rd 1995 confirmed the rumor that the Ministry of Finance really wants to discount the "327" national debt. At this time, Guan Jinsheng has already held an empty order in the "327" treasury bond futures. It is said that Guan Jinsheng asked Wei, general manager of Shanghai Stock Exchange, to increase the exposure of Wanguo's position, but Wei refused. What Wei didn't know was that Guan Jinsheng had already held a large number of positions in the "327" treasury bond futures.

According to a romantic statement, when the organization headed by China Economic Development Co., Ltd. took advantage of the favorable opportunity to kill him, Guan Jinsheng could hardly gain a foothold. But at this time, Liao Guofa, an important ally of all nations, suddenly turned upside down, and the collapse of the alliance camp made the empty side unexpected. Faced with huge losses, Guan Jinsheng was terrified. So, at 4: 22 pm, Guan Jinsheng began to make moves. In just eight minutes, Wan Guo sold a lot of orders. In the end, the orders of 7.3 million people shocked the market (according to the regulations of the Shanghai Stock Exchange, 1 person traded bonds with a face value of 20,000 yuan, and the orders of 7.3 million people were 146 billion yuan, while the "327" bonds totaled 24 billion yuan at that time). It is said that in the last 8 minutes, IWC * *. The futures price of "327" treasury bonds hit 147.40 yuan at the close. On the same day, the bulls who opened positions broke positions across the board, and the countries changed from huge losses to huge profits. However, the rapid enlargement of trading volume does not explain the problem. The key is that there is no margin at all in futures trading. In a word, overdraft trading is only reflected in the futures price and becomes the closing price of the day.

The "327" national debt futures incident was later called "China Bahrain Bank Incident" by the famous economist Dai. Guan Jinsheng is really bold. Boldness itself is not a mistake. The point is that he did the wrong thing at the wrong time and place. Therefore, Guan Jinsheng was arrested.