327 national debt refers to the three-year national debt 92 (3) issued in 1992, and 1995 is due for conversion in June. 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.
The "327 Incident" shocked the securities and futures circles in China. Under the mediation of the arbitration organ, the liquidation was agreed on February 27 and 28, but the effect was not satisfactory. March 1, forced liquidation. The situation is just clear and it is worth holding two sessions. The accountability of "March 27 incident" has become the focus of NPC deputies and CPPCC members. Later, the Commission for Discipline Inspection and the Ministry of Supervision of the CPC Central Committee, together with the China Securities Regulatory Commission, the Ministry of Finance, the People's Bank of China, the Supreme People's Procuratorate and other relevant departments, formed a joint investigation team, conducted an investigation for more than four months with the cooperation of the Shanghai Municipal Government, and made a serious treatment on this basis.
Global Securities Company was reorganized, and Chairman Xu Qingxiong and Vice Chairman and President Guan Jinsheng resigned at the same time. Guan Jinsheng was jailed. Liao Guofa, the second protagonist of the "327 Incident", was presided over by the Gaoyuan and Gaoling brothers from Shenyang. After the "327 incident", in order to recover huge losses, in March, he tried to turn over a profit and continued to speculate on the "329" variety in the bond market, resulting in losses again. The Liao case is not only a violation of securities and futures, but also a serious crime such as financial fraud, involving tens of billions of yuan.
After the "327 Storm", the exchange adopted measures such as increasing the margin ratio and setting up a price limit board to curb the speculative atmosphere of treasury bonds futures. However, due to the particularity of treasury bond futures and the economic situation at that time, the transaction was still turbulent, and a 3 19 storm was brewing on May 10 of that year. On May 17, China Securities Regulatory Commission decided to suspend the trial of treasury bond futures trading because China did not have the basic conditions to carry out treasury bond futures trading at that time. At this point, China's first financial futures product died.
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.