During the period of 1995, the national macro-control put forward measures to significantly reduce the inflation rate within three years. By the end of 1994 and the beginning of 1995, the inflation rate was controlled at around 2.5%. As we all know, during the three years from 19 1 to 1994, the inflation rate in China has remained high, and the discount rate for hedging has remained at the level of 7-8%. According to these data, Guan Jinsheng, then general manager of IWC and godfather of CITIC Construction Investment, predicted that the discount rate of "327" national debt could not be increased, even if it was not reduced, it would be maintained at 8%. According to this calculation, "327" national debt will be paid at the price of 132 yuan. Therefore, when the market price fluctuates between 147 and 148 yuan, IWC and Liaoning Guofa Group become the main short sellers in the market.

On the other hand, China Economic Development Trust & Investment Company (hereinafter referred to as Zhongjingkai) from 65438 to 0995 belongs to the Ministry of Finance, and thinks that it is reasonable for the Ministry of Finance to raise the discount rate to preserve its value. Therefore, Zhong Jingkai became the main force of bulls.

1February 23, 995, the Ministry of Finance announced that "327" national debt 148.50 yuan was paid, and the short judgment was completely wrong. On the same day, Economic Development led many parties to buy in large quantities while taking advantage of the profits, pushing the price to 15 1.98 yuan. Later, when the situation was extremely unfavorable to the bears, the Gaoling and Plateau brothers issued by Liao quickly closed 500,000 short positions and bought 500,000 short positions backhand. "327" national debt 1 minute rose by 2 yuan. This means a heavy blow to all countries-a huge loss of 6 billion yuan. In order to protect his own interests, Guan Jinsheng made crazy measures to avoid huge losses eight minutes before the close: overdraft to sell treasury bonds futures and short treasury bonds. At 4: 22 pm, on the premise that the deposit on hand was not enough, the empty side suddenly launched an attack. First, 500,000 people blew the price from 15 1.30 yuan to 150 yuan, then to 148 yuan, and finally to 147.40 yuan, with a huge selling order of 7.3 million people. And the face value of this 7.3 million selling order is 654.38+04.6 billion yuan. On the same day, all the parties who opened the market broke their positions. Due to the rush of time, many parties had no time to react, which made this fierce long-short strangulation finally end in the profit of the world. On the other hand, the bulls represented by China Economic Development Bank suffered huge losses of about 4 billion yuan.

At 10 on the evening of February 23rd, 995, after the emergency meeting of the Shanghai Stock Exchange, it was announced that all transactions after February 23rd 16: 22 and 13 seconds were abnormally invalid. After this adjustment, the turnover of national debt on that day was 540 billion yuan, and the closing price of "327" on that day was the last signing before the violation. This means that all short selling orders within 8 minutes before the close of the day are invalid, and the redemption price of "327" products is determined by the membership agreement. This decision of the Shanghai Stock Exchange instantly wiped out the later operation of the world. Global losses of 5.6 billion, on the verge of bankruptcy.

On February 24, 1995 Shanghai Stock Exchange issued the Emergency Notice on Strengthening the Supervision of Treasury futures trading, which made six provisions on the supervision of Treasury futures trading, namely: from February 24, 1995 implemented the price limit system for Treasury futures trading; Strictly strengthen the management of the maximum position contract limit; Effectively establish customer position limit rules; It is forbidden for member companies to borrow positions from each other; Control the use structure of position limit; Strict management of the use of treasury bond futures funds. At the same time, in order to maintain market stability, a special session of agreement clearing was held.