Chapter 376 The "Massacre" Of the Swiss National Bank (Big Chapter)

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It was not yet 4 pm when Yang Cheng got home, and his parents were still busy in their respective companies, and they couldn’t come back half the time. Even Old John was busy with dinner and household chores and didn’t have time to chat with Yang Cheng. He took a shower, changed his clothes, and lay down on the big sofa in the living room to relax.

Of course, he didn’t think about everything. He was thinking about going to the southern hemisphere for vacation. The winter in the northern hemisphere was extremely cold this year, and New York was no exception. He was troubled.

As for skiing? Hehe, just think about it, I've been too busy these days, and I'm so tired that I would never sit if I could lie down.

But what's the point of taking a vacation alone? Beautiful women are as important as brothers, beautiful women are used to warm the bed, and brothers are used to accompany wine!

A phone call came to a good friend's mobile phone, "Hey, are you busy? Are you interested in going to the southern hemisphere to escape the cold?"

David Ellison yelled angrily, "Damn it, who is as leisurely as you? The company has a few movies ready to be released. I'm so busy with the distribution. How can I go out with you? Look Leon."

After complaining, he hung up the phone, leaving Yang Cheng holding up the phone in a dumbfounded manner, and after a while he cursed angrily, what for the company, this guy must be picking up girls, there are guys of the opposite sex who are inhumane.

After thinking about it, he called Xiao Lizi again, and after chatting for a few words, Yang Cheng threw away the phone with a look of disappointment on his face. This guy went to Alaska to shoot a movie. It's really unlucky to drink cold water and stuff his teeth. Without a brother to accompany, that beauty must have it? Who can I turn to?

Lindsay Ellingson? Forget it, this woman has been in a sensitive period since she had that incident in London's Victoria's Secret backstage. Although Yang Cheng cleaned up the director who harassed him, her reputation will always be affected, and she is not suitable for a short period of time. Meet Yang Cheng;

Emma Watson? This girl was attracted by Yang Cheng's unintentionally mentioned philanthropy. She focused on discussing with the management team how to maximize her image. In addition to being the spokesperson of Yang Cheng Charity Fund, she also planned to actively participate in the United Nations charity activities , I have no intention of accompanying Yang Chenglang at all;

As for the two Koreans, you don’t need to ask any questions. They are all busy with the return of their new album, let alone going on vacation. Cheng has no reason to stop, after all, cutting off a person's fortune is like killing one's parents;

Georgina, who was closest to me, followed her father to the Bahamas for vacation, and Yang Cheng was too embarrassed to follow her. Amanda Hearst, a newly recruited py, played mysteriously. After 419, she didn't even answer Yang Cheng's phone calls. up.

That girl Su Su is obedient, and she is willing to follow Yang Cheng around, but Yang Cheng can't take her away, so she has to keep her to deliver work briefings to him, which is really depressing!

After such a calculation, it seems that there are no more beauties. Is it really necessary to go on vacation alone?

Yang Cheng wants to cry but has no tears~

. . .

No one accompanied Yang Cheng on vacation, so he had no choice but to become a workaholic, working diligently for half a month, clocking in at the company on time every day, and handling daily briefings, his full attention was on the continent of Europa, and more To be precise, it was Switzerland at the foot of the Alps, because he knew that a major event that would shock the world was about to happen here.

But as the days passed, Yang Cheng became more and more anxious, because the expected news had not been announced, and the Swiss side was unbelievably calm, and there was no sense of oppression at all. When Orange wondered whether the original history had been changed because of his arrival, finally today, on the morning of Wednesday, January 15, the Swiss National Bank held a press conference.

At the press conference, the Swiss National Bank announced without warning that it would abandon the exchange rate floor of EUR/CHF 1.2000 and lower the interest rate.

For a while, the global market was shaken, and Wall Street was wailing. The Swiss have made the world's speculators miserable this time.

Within a few minutes after the statement was issued, the exchange rate of EUR/CHF plummeted by about 30%, falling to 0.93 at one point, which immediately ended the calm situation in the Swiss foreign exchange market that lasted for more than three years. It has been intervening in the market for months to prevent the Swiss franc from rising too high, buying billions of euros to prevent the euro from falling below 1.20 francs.

It has to be said that in the view of Yang Cheng, who had already expected the result, this decision by the Swiss central bank is no less than a "massacre" to the entire financial foreign exchange market, and it is even a "tsunami" to the Swiss economy, because the Swiss When the central bank announced this news, the federal government didn't know about it, and kept the whole world in the dark. Of course, Yang Cheng and his "friends" must be excluded here.

This decision not only caused heavy losses to many investment institutions, but also their own country. The stock market fell sharply. The SMI index composed of blue chips closed down 8.8%. The major banks were the hardest hit, with both UBS and Credit Suisse plummeting 11%. However, in contrast, stock markets in various European countries have risen against the trend. The reason is simple. The flight of safe-haven funds led to a rebound in oil prices and a fall in the euro , which helped boost the performance of European exporters.

Overwhelmed investors can only rush to buy the highest-rated government bonds such as the United States and Germany. At the same time, they are also waiting for whether the European Central Bank will resort to large-scale bond purchases to avoid the spread of deflation in the euro zone.

Of course, gold has always been a hard currency when there is an economic crisis. After the news was released, the international gold price once climbed 3% to a four-month high. At the top, Yang Cheng and the others did not buy less, all of which can make money, of course they will not miss it, the monsters with funds exceeding 100 billion US dollars are divided into thin pieces, raging in major European markets, with only one purpose - "to steal money" .

The major media that reacted quickly, especially the media newspapers under New Era Media, expressed their views on the matter one after another, focusing on reports that Deutsche Bank, UBS, Goldman Sachs, etc. News of banks scrambling to process orders, with reports that at least one electronic foreign exchange trading system has halted trading, costing banks and their clients billions of dollars. Where did the billions go? Yang Cheng hehe.

The major social media also exploded, "Forex market tsunami!" "A Swiss franc catastrophe!"... Twitter and Facebook are filled with such laments.

In Yang Cheng's office, after watching the press conference of the Swiss National Bank with him, Ruiz Khan wiped the cold sweat from his forehead and temples, and asked very puzzled, "Boss, to be honest, I don't quite understand why the Swiss National Bank Is it just because you don't want to pay for Ouyin qe?"

QE is the loose monetary policy that the European Central Bank is going to launch. Generally speaking, it is to increase the money supply in the market, such as directly issuing currency, buying bonds in the open market, reducing reserve ratios and loan interest rates, etc., which will lead to small and medium-sized enterprises and individuals It is easier to get loans from banks and promote economic development.

Yang Cheng turned off the TV, and spread out his hands with a smile on his face, "As far as I guess, that's right. The Swiss National Bank's move indicates that the European Central Bank will make a big move. The most likely thing is that QE will be introduced soon, and there will inevitably be a lot of safe-haven funds at that time." Flooding into Switzerland, fools know that the Swiss central bank will not be able to take over, so rather than being forced to abandon the lower limit of the exchange rate at that time, it is better to pre-emptively give up its commitment to maintain the lower limit of the exchange rate in advance.”

The Swiss central bank has promised several times to maintain the 1.20 exchange rate floor of the euro against the Swiss franc at all costs to prevent the appreciation of the Swiss franc from impacting the Swiss export-oriented economy. In fact, the exchange rate of the euro/Swiss franc has also been maintained near this level It has lasted nearly three and a half years, so the sudden announcement to abandon this lower limit surprised the market.

Yang Cheng briskly turned the pen in his hand, took a sip of his coffee, and continued with a smile, "The Swiss National Bank has been buying a large amount of euro assets in order to maintain this lower limit, which has put a huge pressure on their foreign exchange reserves. Knowing that after the European Central Bank prepares to implement qe, the cost of buying foreign exchange to prevent the appreciation of the Swiss franc will become higher and higher.

In order not to reap the consequences, from their point of view, there is nothing wrong with announcing this decision, but it is other people who are unlucky. We Chinese have an old saying-people do not destroy themselves! It seems that this sentence is also applicable to the Swiss, haha. "

He is quite complacent now, although he still doesn't know how much money he will earn in the end, but it is definitely not a small sum, and he can't help but wonder what should he buy to reward himself when he has money, a super yacht? Caribbean island? Or a New Zealand ranch? Oops, I can't think about it anymore, I'm drooling.

"Then, has the Swiss National Bank completely given up intervention in the market?" Riz Khan asked again, with a wink.

Yang Cheng threw away his pen, he was in a good mood and he didn't mind discussing with his capable officers, and installed 13 by the way, "In my opinion, the Swiss National Bank just transferred the direct tool of intervening exchange rate from EUR/CHF to USD/CHF Lang."

Riz Khan frowned tightly, looking a little confused, Yang Cheng gestured calmly, opened the exchange rate chart of USD/CHF, pointed to the computer screen and said, "In other words, The Swiss central bank's move should be a slap in the face, and it may increase its intervention in the US dollar/Swiss franc in the future, so as to realize the true intention of "curve to save the country".

In the past two years, the debt crisis in the euro zone has not yet receded, and the equilibrium rate of EUR/CHF is still low. Due to its safe-haven currency nature, the Swiss franc has been demanded by emerging markets and geopolitical conflicts for safe-haven buying. A lot of funds into Switzerland.

Especially in recent months, this trend has been particularly evident. The volatility of global risk assets has increased. Driven by risk aversion, the exchange rate of the Swiss franc has been rising all the way.

The Swiss National Bank has paid a lot to defend the lower limit of EUR/CHF 1.20. Its own foreign exchange reserves have been overloaded and reached the level of inflation. If the pressure is not transferred, these foreign exchange will eventually become a pile of waste paper or detonate its own bomb. "

Yang Cheng walked around the desk, patted Ruiz on the shoulder, leaned against the corner of the table and sipped his coffee and added, "But take a step back, if the SNB continues to use the tool of interest rate control, as the SNB continues to deepen negative interest rates At that time, the proportion of Swiss franc deposits will be greatly reduced, and the euro/Swiss franc will also rise to the 1.20 level after an initial decline, but more or hope that the dollar/Swiss franc will regain its balance in the next year. back above par."

Ruiz is still puzzled, but he is not ready to delve into it. Anyway, the four-dimensional space is going to be famous this time. Of course, there are pros and cons. I am afraid that after this time, the four-dimensional space will become the object of hatred in the hearts of countless hedge funds on Wall Street, because Not only did Yang Cheng fail to notify them in advance to avoid danger, but instead joined the massacre against them.

However, Yang Cheng didn't have the slightest bit of guilt besides giving them a good leave. She was greedy and stupid and relied on others? If they had such an opportunity to make money, they would not notify Yang Cheng either. In fact, if it wasn't for insurance, even the old stock god, Yang Cheng would not plan to join the group. There is nothing better in this world than eating alone. .

Ritz followed up with a smile, "Yes, but the sudden attack by the Swiss National Bank has caused great harm to the hedge funds that were originally in charge of the financial market. As of last week, the data from the Chicago Mercantile Exchange showed that leveraged investment Investors and asset managers have been heavily shorting the Swiss franc before, apparently misjudging the situation and believing that the Swiss National Bank's commitment to defend the upper limit of the Swiss franc's exchange rate against the euro has been regarded as an 'iron fortress' for shorting.

This is great. Hedge funds have a short position against the Swiss franc of up to 3.1 billion U.S. dollars, and I am afraid that they will squeeze out every drop of their capital pool! "

Yang Cheng was quite regretful, "Unfortunately, we mainly aimed at the exchange rate against Europe this time, and did not focus on long Swiss francs, otherwise the 3.1 billion would be ours. By the way, remind the trader team to pay attention. In theory, Switzerland The central bank should continue its policy to prevent the Swiss franc from rising too quickly, and don't let them buy blindly."

Of course, when institutional investors were massacred by the Swiss National Bank and the foreign exchange market was in mourning, there were also a few big winners in the financial market who were hit by unexpected surprises, including Yang Cheng and the others who were hit in the head by a pie. .

Ruiz continued, "I will tell the boss who is going down to report another piece of good news. We bought 5 billion euro-franc put options as soon as we made the layout. This position allows the holder Selling euros below 1.20 Swiss francs, currently on Depository and Clearing Corporation (DTC) for settlement at the end of January."

Yang Cheng looked up to the sky and smiled, "I see, apart from the instant settlement order, this position will undoubtedly make us more profitable."

After laughing, he lowered his head and thought for a moment, "After making a profit from this position, let's stay in Europe, take the opportunity to buy stocks of a group of companies and banks, and focus on taking care of UBS and Credit Suisse."

According to the current situation, unless the Swiss franc appreciates sharply on Thursday, there will be a major pullback, otherwise Swiss companies will feel the pain caused by this appreciation for some time to come, and their stocks will continue to fall. Shares in UBS and Credit Suisse are both down more than 10% today, needless to say, as both are denominated in dollars and euros, so the value of overseas earnings is hurt by the appreciation of the Swiss franc, reflected in Naturally, there was a groan in the stock price.

Not only the banking industry, but the strengthening of the Swiss franc is a huge challenge for luxury exporters and other small and medium-sized companies. At present, the most famous watch industry accounts for 1/10 of Swiss exports. Brands including Rolex, Omega owned by Swatch, and Cartier owned by Richemont Group all saw varying degrees of decline in their share prices, adding up to tens of billions of Swiss francs evaporated from their market value. However, these were the targets Yang Cheng was planning to take advantage of.

His goal is not to make a complete acquisition, but to own a certain percentage of shares in these famous luxury brands, which can be regarded as another value-preserving investment. At least before the world war happens, the stocks of these luxury brands are much stronger than Internet stocks.

Besides, he is not going to transfer the money back to the United States. IRS is more greedy than the top 50 rich people on the 'Conscientious' list combined. Instead of contributing to IRS, it is better to invest in these luxury brands and change shareholders. At least he will be able to walk with his chest upright in the Europa continent in the future.

Especially the old-fashioned and mean Germans and the proud French are more important to the shareholders of luxury goods groups than those big tech giants, because generally those who hold these brand stocks are old-fashioned aristocrats, no matter what they are. In this way, the glory of the nobility is still passed on, and God knows how deeply Europeans are obsessed with the title of nobility.

. . .

Ruiz didn't stay at Yang Cheng's place long after he announced the happy news. There is still a lot of work waiting for him to do. The high salary of the CEO is not something ordinary people can afford.

Yang Cheng looked at the time, it was just about time for lunch, before calling Susu, the door of the office was pushed open again, and it was Susu who came in, followed by Hansen and he hadn't seen him for a long time. Andrew, who was a little dark.

"Boss, I'm back, do you miss me?" Andrew strode away, with a big grin, flashing his big white teeth and galloping towards Yang Cheng.

Yang Cheng didn't care about this guy's recklessness, and happily hugged the black bear, hammered the still hard chest, and joked, "I heard from Hansen that you had so much fun in Korea and didn't want to come back? Are you going to marry a Korean woman? Report to me, how many girls have been harmed in such a long time?"

Andrew shouted with an aggrieved face, "shit, it was Hansen who framed me. He is definitely envious of girls who like me and don't like him. He deliberately smears me. Boss, I miss you day and night, and I can't wait to fly back with wings. Follow you around."

Yang Cheng laughed and waved his hands, "Come on, you are already black enough, you don't need others to wipe it off, and don't talk to me about day and night thoughts, I can guarantee that except for salary, your brain full of jerks , will never think of me, not even for a second."

Da Laohei's head was still a little off. He learned to flatter and didn't learn a trap. Yang Cheng pierced his small thoughts, and he rubbed the back of his head awkwardly, showing his big white teeth to know that he was silly.

Yang Cheng kicked him angrily, and began to care about his 'national treasure', as if a machine gun was firing, and asked suddenly, "Okay, did the trip to England go well this time? Why did it take so long? Did you get everything?"

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