Chapter 2332 Shocked Admired

Because of the relative isolation of the capital market, the "firewall" that worked when the Asian financial crisis broke out is still working. Because of the lazy governance of the banking system, our banks did not buy many subprime mortgage securities before. Therefore, when the whole world is in turmoil and the financial systems of various countries are a bit anxious and chaotic, it seems that the country is quite peaceful at this time.

Although in the long run, the chaos in the outside world will inevitably affect us, such as what Feng Yiping mentioned at the relevant meeting, because the European and American economies were damaged in this crisis, the inevitable demand reduction will affect our exports.

However, due to the timeliness of foreign trade, the current production tasks in many factories still come from the orders that were previously negotiated, and the relevant impact will not appear until a few months later or next year.

And the depreciation of some currencies, from a large perspective, will have a negative impact on the country, such as the foreign debts we hold and some investments, which are our international competitiveness in the long run, but for ordinary people, the relative value of the RMB is also a good thing.

Especially those who are planning to travel abroad next time are already thinking about what more things they can buy with the same amount of money...

And some people with relevant knowledge are now wondering whether the hot money that originally invested in Europe and the United States will turn to invest in other emerging markets because of the current situation?

And our domestic stock market, which still seems to be in full swing, is a good place to go!

So, it seems that this wave of domestic stock market will continue. Well, it seems that we can buy more stocks...

It can be said that in recent days, for the domestic people, while watching the central banks of various countries frantically putting out fires, there is a thought in their hearts that has gradually become clear again, that is, our system really has some advantages.

In fact, the domestic financial system is not calm at this time, and the assets related to subprime mortgages have been sorted out.

Many people in the industry are optimistic about the relevant results, because the majority of US mortgage securities held by domestic banks are concentrated in the two US housing agencies, Fannie Mae and Freddie Mac.

Although Fannie Mae and Freddie Mac are private listed companies, they are quite different from ordinary private listed companies in the United States. They enjoy special rights, including exemption from various federal and state government taxes, and enjoy more than billions of dollars of credit support from the U.S. Treasury...

From these characteristics, these two companies also have a bit of state-owned enterprise flavor.

It is a bit like our telecommunications and mobile phones. At the beginning, there was only one Fannie Mae. Later, the U.S. Congress felt that this was not good and there was no competition. So in 1970, 32 years after Fannie Mae was established, Freddie Mac was established.

Their main business is to purchase residential mortgages from mortgage companies, banks and other lending institutions, and to securitize some residential mortgages and sell them to other investors in packages...activate the liquidity of bank assets, buy bank mortgage loans, and then resell them to other investors...In short, these two companies actually play a similar role to the Federal Reserve.

So for many domestic industry insiders, the securities of these two companies are actually close to U.S. Treasury bonds, because they can be said to be backed by the U.S. government.

However, although everyone is optimistic about the US mortgage securities they hold, it does not mean that they are happy at this time.

Looking at the dynamics of foreign countries, and seeing their foreign counterparts being stretched and at a loss at this time, they also feel a little chill.

The same kind hurts the same kind, and the lips and teeth are cold, this is the commonality of most of us.

At the same time, various analysis and prediction meetings are also being held continuously. It is always like this. It is not easy to learn from others' success, but it is not difficult to learn from others' failures.

Whether it is our capital market or our real estate market, we must always move forward. In the future, we may not encounter similar situations, and this storm sweeping Europe and the United States provides us with a rare reference.

How rare is it? Just look at the huge amount of rescue funds invested by countries around the world in recent days.

While doing these things, there is a person's name that often comes to their minds.

Those who originally regarded Feng Yiping's handwritten article in the January 2007 issue of "Frontier" as a joke, now turned out the magazine from everywhere.

Those opinions and arguments that seemed like jokes to them at the beginning now seem like pearls of wisdom. After reading the whole article, they all felt a little awakened.

Feng Yiping!

Although he came to the relevant conclusion only a few months earlier than most people, these few months were an insurmountable gap.

The people on this side of the ditch are bustling, put on some powder, wear a tall hat, and can be called experts.

The one on the other side of the ditch, who has a gentle face and is not surprised by praise or criticism, is the master, or a genius!

And the people with higher levels finally shifted their eyes away from the hat of the richest man on Feng Yiping's head and looked at another crown on Feng Yiping's head, a world-renowned scholar!

As the relevant situation became clearer, they saw the report submitted by Feng Yiping through Teacher Zhou. After reading it, no matter what their positions were, they only had two words to say about Feng Yiping: "I admire you!"

These days, on TV, on the Internet, in newspapers, in magazines... we have seen many experts who speak with certainty about some hot issues, but those guys are just fooling the people. Who dares to confidently submit their conclusions to the top?

That is a very risky thing.

From the perspective of those who read the report, submitting such a report is a very politically risky thing.

Feng Yiping, a businessman, does not need to get involved in this matter. As long as he can lead his company through this crisis safely, his image, his reputation... everything he has will not be affected.

But he just made his own judgment public, and it seems that the reason why he solemnly published such an article in "Frontier" at the beginning of the year was probably to lay the foundation for this report.

A businessman, so determined and reckless in such a matter, touched the hearts of these officials who are good at calculating and weighing.

It also reminded many of them of some things that were so old that they were very unfamiliar, such as beliefs, such as ideals...

In fact, most of them saw the abridged version of the report. If they saw that Feng Yiping even predicted a regional conflict against Russia supported by the United States in the report, many of them would probably drop their glasses to the ground.

Relatively speaking, Mr. Zhou was not so shocked at this time, and he did not have so much time to sigh.

Although to a certain extent, we are currently staying out of it, but in today's world where globalization is getting higher and higher and economic dependence is getting higher and higher, as a de facto economic power, we cannot really stay out of it.

In particular, considering that both the United States and Europe are our main trading partners, especially the United States, which is still our main source of surplus, as a responsible major country, we cannot stand idly by in the face of such a global crisis.

Mr. Zhou, who had several long talks with Feng Yiping, has been busy attending various international conferences recently, discussing strategies to resolve this crisis with colleagues around the world, and contributing China's strength to the resolution of this crisis.

But while doing this, he also has some other thoughts. He feels that the bonds of the two housing agencies in the United States held by domestic financial institutions should not be so foolproof in the long run.

It would be best to sell them now, but considering the possible impact of doing so, it would be like pouring a bucket of oil on the already hot U.S. mortgage securities market. Such a proposal can only be shelved now.

However, how to make the U.S. government ensure the interests of our investment in the two housing agencies through talks is already in preparation.

On the other hand, he also saw a very intuitive data. After receiving the reminder from the central bank, mainly our bank's overseas institutions, after relatively tightening the loan approval, so far, the possible losses avoided have reached tens of billions of dollars.

And this is just a small part of the losses that Feng Yiping's efforts have avoided for us.

Although he agreed with Feng Yiping's point of view and felt that this storm was far from over, every time he thought of the above, he always considered whether to give Feng Yiping a medal, or a medal, after everything was settled.

Speaking of which, he didn't know what Feng Yiping was doing now...