Treasury bond futures market was proposed by Shanghai Stock Exchange at the end of 1993 and approved by China Ministry of Finance and China People's Bank. Its main purpose is to stimulate the national debt market and make the national debt issue smoothly. 1992
At that time, Wei, general manager of Shanghai Stock Exchange, went to the United States in 2000. The financial instruments in the United States are dazzling, but the Shanghai Stock Exchange is designed for stocks, and the market is small. I'm afraid it can't afford futures. Analysis, the risk is not too great, and the most stable is of course the national debt. National debt is a fixed interest rate, and the risk will be smaller; Treasury bond futures can promote the issuance of the treasury bond market, and it is easier to get support from the upper level. Wei also has a small plan: the CSRC has just been established and is not in charge of this sector. It's better to do it early than late. So in 65438+February, the treasury bond futures were opened first. The bond futures margin is set at 2.5%. Variety 327 is synonymous with the 3-year treasury bond futures contract issued by 1992. Because of the delivery in June, 1995, the interest rate of spot hedging subsidy is obviously lower than the bank interest rate, so it has always been an active speculation theme. 1February, 1995, it was widely rumored in the market that the Ministry of Finance might pay 327 Treasury bonds with a face value of 148 yuan instead of 132 yuan. However, Guan Jinsheng, who has always been smooth sailing, doesn't think so. The Ministry of Finance will not give 654.38+0.6 billion yuan to subsidize 327 national debt. Guan Jinsheng decided to lead the nations to short. It is expected that the Ministry of Finance will reduce the "value-preserving subsidy", which will lead to a sharp drop in the market. Doing more will inevitably lead to the bankruptcy of the company's debt, and it is determined to lead all countries to short. As a result, the rumor became a reality. 1995 On the morning of February 23rd, the rumor that the Ministry of Finance raised the interest rate of 327 national debt was finally confirmed. The Ministry of Finance announced that the payment of 327 treasury bonds was 148.50 yuan, which was larger than the downward adjustment.
1On the morning of February 23, 995, the China Economic Development Corporation with the background of the Ministry of Finance was "revoked" by the central bank in June 2002 due to "serious illegal operation". A few months later, Jiang Jizeng, the boss of China Economic Development Bank, was taken to court for "manipulating the market". He forced all countries to empty out, led many parties to take advantage of it, and attacked the closing price of 148.2 1 yuan to 148.50 yuan with 800,000 mouths, and then to 149 with120,000 mouths. Then Liao Guofa, an ally of all nations, suddenly became a bull, and the 327 national debt 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! Guan Jinsheng is red-eyed, and doesn't care about anything. At 4: 22 pm, eight minutes before the market closed, Guan Jinsheng made the craziest move to avoid the bankruptcy of the company: selling bond futures on a large scale and continuing to short the national debt. The empty side suddenly made a fuss. First, 500,000 people bombed 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. The face value of 7.3 million tickets is 654.38+04.6 billion yuan, which is close to 654.38+0/30 of the gross national product of China!
Wei of Shanghai Stock Exchange was scared into a cold sweat. After the market closed, the Shanghai Stock Exchange held an emergency meeting, and there was still no conclusion. In the afternoon 10, Wei ran to the VIP room on the second floor and sat for an hour. The Shanghai Stock Exchange urgently announced that all transactions after 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 varieties was 15 1.30 yuan. If the delivery is due according to the closing price stipulated by the Shanghai Stock Exchange, IWC will lose 6 billion yuan; If calculated according to 147.40 yuan, IWC will earn 4.2 billion yuan; If 15 1.30 yuan closes its position, the loss of all countries will be1600 million yuan. On this day, the China Securities Regulatory Commission ordered the cancellation of all transactions completed within 8 minutes. It led to the "327 national debt" incident that attracted worldwide attention. This incident also made Wei step down voluntarily in August. 1995.
The next day, there was a run on the world. On February 27th and 28th, the Shanghai Stock Exchange held a special session to close futures contracts on the 27th, with more than 7,000 contracts closed, and the positions of 327 government bonds were as high as 3 million. On February 28th, the compulsory liquidation was adopted, and the national debt of 0 yuan about1565438+1400000,327 accounted for more than 85%. In March, the National People's Congress and the Chinese People's Political Consultative Conference were held, and the firepower suddenly rose. Why can such a transaction with no margin and a transaction amount of 654.38+04 billion be passed on the Shanghai Stock Exchange? In particular, the 327 incident was linked to the collapse of the British Bahrain Bank. A trader in his twenties named Lisong plays futures. He boldly overstepped his authority and knocked down a British Bahrain bank with a history of 100 years in a few minutes. This incident deeply stimulated the management of China: Treasury futures are really not fun!
Three months later, the treasury bond futures market was closed. The "327" national debt incident caused all countries with1400 million assets to lose 960 million yuan of state-owned assets instantly. Such a feat ended his career in China's securities industry. It is said that when a TV program appeared after this incident, many old friends turned a blind eye, like strangers. Makes him feel cold.
1April 1995, Guan Jinsheng resigned. Two months after joining the company, his economic crimes began to be exposed. 1995 May19, Guan Jinsheng was arrested in Hainan on charges of embezzlement and misappropriation of public funds of more than 400,000 yuan, but he did not violate the futures trading rules. Wei said that if Guan Jinsheng showed no signs of escaping, he might not have been arrested. According to the law at that time, corruption could be sentenced to imprisonment. The power of the CSRC can only punish those who embezzle more than 6,543,800 yuan and shoot them. Those who seriously neglect their duties can only be punished, but not sentenced.
Guan Jinsheng gambled on almost all the property in the world and lost the game. After this battle, IWC was badly weakened and was quickly reorganized. 1996 July 16, Shen Yin and wanguo merged into Shen Yin wanguo securities company. 1On February 3, 997, Guan Jinsheng was sentenced to 17 years' imprisonment for accepting bribes and abusing public funds in the years before the establishment of the futures market, amounting to RMB 2.69 million. Some people say that Guan Jinsheng was born because of "327", but he committed the crime of bribery, which is arrogant.
When he was sentenced to 17 years in prison, China's largest securities company, Wan Guo Securities, also fell apart. Guan Jinsheng's era ended here.