The "3.27" Treasury bond futures storm is an important event in the history of new China securities trading-"3.27 Treasury bond" event. 1On February 23, 995, the "327" national debt incident occurred on the Shanghai Stock Exchange, which shocked China and foreign countries. As a result, one party Guan Jinsheng was imprisoned and the other party Wei was removed from the post of general manager of Shanghai Stock Exchange. Nine years later, it will help us to understand the importance of China's stock market and supervision, especially in the current situation that the supervision department requires to strengthen supervision. 1992 12 18. The Shanghai Stock Exchange launched treasury bond futures trading for the first time. However, because treasury bonds futures are not open to the public, the trading volume is extremely light, which has not aroused investors' interest. 1993101On October 25th, the bond futures trading of Shanghai Stock Exchange was opened to the outside world. At the same time, Beijing Commodity Exchange took the lead in launching treasury bond futures trading on the futures exchange. Before the Spring Festival from 1994 to 1995, treasury futures developed rapidly, and the number of treasury futures trading places in China suddenly increased from two to 14 (including two stock exchanges, two stock exchange centers and 10 commodity exchanges). Due to the downturn in the stock market, the futures of steel, coal, sugar and other commodities were suspended, and a large amount of funds gathered in the treasury bond futures market, especially the Shanghai Stock Exchange. 1994 the total turnover of the national treasury bond futures market reached 2.8 trillion yuan. At this time, the "327" incident happened. 327 national debt refers to the three-year national debt 92 (3) issued by 1992 and due for exchange in June/995. 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.