1February 23, 995, the Ministry of Finance officially issued an announcement to raise the interest rate of 327 national debt. At 4: 22 pm that day, IWC hit the price to 147.40 yuan. After the market closed, the Shanghai Stock Exchange held an emergency meeting and immediately declared all the transactions of 327 varieties after 23rd 16: 22 and 13 seconds invalid, which were not included in the settlement price, volume and position of the day. All ethnic groups lost 6 billion in an instant and earned 4.2 billion. Three months later, the treasury bond futures market was closed, and five months later, Guan Jinsheng, the chairman of IWC, was arrested.
Details:
Treasury bond futures market is a pilot project proposed by Shanghai Stock Exchange 1993 and approved by the Ministry of Finance and the People's Bank of China. Its main purpose is to stimulate the national debt market and make the national debt issue smoothly.
"327" is the code name of the treasury bond futures contract, which corresponds to the 3-year treasury bond issued by 1992 and due in June 1995. The total amount of bonds issued is 24 billion yuan.
After 1994 and 10, the People's Bank of China raised the interest rate of savings deposits with a term of more than three years, and resumed the subsidy for deposit preservation. National debt is also protected and subsidized. The uncertainty of the subsidy rate provides space for the speculation of treasury bonds futures. A large number of institutional investors have turned from the stock market to the bond market. The focus of the confrontation between the two sides in the market has always been the prediction of the maturity price of "327" national debt. The base price of 1992 3-year treasury bonds has been set at 128.5 yuan, but the forecast price at maturity is also affected by the subsidy rate for value preservation and whether to raise interest rates. The market has different views on this, and both long and short sides have opened positions near 148 yuan on a large scale, which has led to a hot market for treasury bonds futures.
In February of 1995, the contract price of "327" has been hovering between 147.80 yuan and 148.30 yuan. 1February 23, 1995, the Ministry of Finance announced the payment of 327 treasury bonds 148.50 yuan. The rumor of "327" national debt raising interest rate has been confirmed. The "327" national debt with face value of 100 yuan will be paid at 148.50 yuan instead of 132 yuan. But Guan Jinsheng, who has always been smooth sailing, doesn't think so. He is determined to lead all countries to short.
On February 23rd 1995, the company led by China Economic Development Co., Ltd. took advantage of favorable cover-up and attacked15/.98 yuan. Subsequently, Liao Guofa, who had been shorting the "327" variety with the nation, suddenly defected and became a cow. 327 Treasury bonds rose by 2 yuan within 1 minute, and rose by 3.77 yuan after1minute!
Every time the national debt rises 1 yuan, the nations will lose more than one billion! According to its position and current price, once the delivery expires, it will cost 6 billion yuan. There is no doubt that not all ethnic groups have this ability. Guan Jinsheng, the person in charge, took risks and made a sudden attack at 4: 22 pm 13 seconds. He first blew the price from 15 1.30 yuan to 150 yuan with 500,000 units, then hit the price to 148 yuan, and finally hit the price to 65,438+with a huge selling order of 7.3 million units. (The face value of the 7.3 million sales orders is 1.46 trillion, which is close to 1/3 of the gross national product of China 1.994! This move made the bulls who opened positions on the same day explode all over the board, which made the whole market stunned. If calculated according to the closing price, the institutions that do more on this day, including those that do more flips like Liao Guofa, will be wiped out, and countries will not only get rid of the crisis, but also earn 4.2 billion yuan.
At 1 1 that night, Wei, the general manager of the Shanghai Stock Exchange, officially ordered that all transactions of the "327" variety were abnormally invalid after 16: 22 and 13 seconds on the 23rd, and this part was not included in the settlement price, volume and position of the day. After this adjustment, the transaction amount of the national debt on that day was 540 billion yuan, and the closing price of the "327" variety on that day was the last transaction price before the violation 15 1.30 yuan.
Universal Securities is doomed. If it is delivered according to the closing price stipulated by the Shanghai Stock Exchange, IWC will lose 6 billion yuan. If calculated according to the situation created by Guan Jinsheng himself, Wan Guo earned 4.2 billion; If 30 yuan closes its position according to the closing price of151.,IWC will lose1600 million yuan.
The next day, there was a run on the world. Three months later, the treasury bond futures market was closed.
After this battle, IWC was badly weakened and was quickly reorganized. 16 July 16, Shen Yin merged with other countries.
1April 1995, Guan Jinsheng resigned. On May 19, 2009, Guan Jinsheng was arrested on charges of embezzlement and misappropriation of more than 400,000 yuan of public funds, but he did not violate the futures trading rules. 1February 3, 997, Guan Jinsheng was sentenced to fixed-term imprisonment 17 years.