wild 1995

Chapter 66 Calculation
1995年2月23日，早上10点15分，浦江证券交易所开市。

The 327 treasury bond futures jumped directly from yesterday's closing price of 148.21 to 149.50. Even if there were 400 billion sky-high short orders in the market, it didn't help.

When the market reopened at 1 p.m., the skyrocketing market reappeared. In just 10 minutes, the price of 327 treasury bonds rushed from about 150 yuan to 151.98 yuan, and then began to fall back slightly.

When Di Ye was building a position a few days ago, he preset the closing price of 151.88 yuan. When the price touched this number, the computer automatically matched the deal. He immediately picked up the phone and dialed the big brother that Huang Ya left before he left. He said, "Xiaoya, everything is going well, you're done!"

Huang Ya didn't say anything, but sobbed with joy.

Holding the microphone, Di Ye asked Huang Ya to let go of the pressure brought by embezzling huge sums of money in the past few days. After a while, he said, "When I return to Yuncheng tomorrow, I will accompany you to buy a house that belongs only to the two of us. I will never do such a risky thing again."

Huang Ya was still speechless, and hummed softly while choking on her sobs.

"This time my opening cost was 148.15, the closing price was 151.88, 40 times leverage, the profit was exactly 100%, and I made 2300 million, which is enough for us to use for a long time. Didn't you say you want to start your own company..."

Di Ye calmed down Huang Ya's emotions slowly by reporting numbers. After she calmed down, she hung up the phone, packed up her laptop and a few books, and called the key account manager to handle transfers, account cancellations and other related chores.

"Mr. Di, it's 1:15, and the futures market has just opened in the afternoon. Are you going to stop now?"

"It's over, there's no point in staying any longer."

The key account manager persuaded him a few more words, and seeing that Di Ye insisted on canceling the account, he stepped down and ran to the self-operated operating room of Haitong Securities to report to Tang Renrong.

Tang Renrong, under his battered commander, called Gao Ling, the chairman of Liao Guofa. When he heard that Di Ye had closed his position and was about to close his account and leave, he was taken aback and asked indiscriminately, "At what price did he close the position... No, I was asking when did he close the position?"

"About 1:10."

Tang Renrong looked down at the K-line chart on the computer screen, and said to himself: "He closed his position when the price reached the highest price just now. Could it be that he thought it would not go up again?"

A trader next to him shook his head and said, "Impossible. According to the national bond interest rate announced by the Ministry of Finance last night, the price must rise to at least 155."

"Even if it goes up, it won't be able to go up in a day!"

Tang Renrong retorted, and asked several traders to continue to call Gao Ling, while he hurried to Di Ye's operating room, got close to him for a while, and after brewing a good atmosphere, he asked: "Mr. Di, you have closed your position now, and you don't need to keep it secret. Can you disclose the reason for this long position?"

"Just a simple numbers game..."

"327" is the contract code of the Pujiang Stock Exchange's treasury bond futures contract, corresponding to the treasury bill issued in 1992 and due in June 1995, with a coupon rate of 6% and a redemption price of 9.5 yuan at maturity.

Due to the severe inflation in the country from 1992 to 1995, in order to protect the interests of treasury bond buyers, the People's Bank of China and the Ministry of Finance issued announcements in July 1993, announcing that the value of treasury bills that had not expired would be preserved. Specifically, it was divided into two parts, one called value preservation subsidies and the other called interest discounts.

其中保值补贴按人民银行每个月10号发布的保值贴补率计算，1995年2月份的保值贴补率是10.38%，以此计算，327国债1994和1995这两年的保值补贴是20.76，128.5加上20.76等于149.26块钱。

"In addition to value-preservation subsidies, there are interest discounts. The three-year deposit interest rate is 12.24%, while the national bond interest rate is only 9.5%. The interest rate difference between the two is 2.74%, and the two-year discount is 5.48. Putting it all together, the reasonable price of 327 treasury bonds should be around 155 yuan, while the price just a few days ago was just over 148 yuan. If you go long, you can make a profit."

What Di Ye said seemed complicated, but actually, it was common sense that 1+1=2 for people working in securities, but Tang Renrong's expression was very serious, and he asked, "Mr. Di, the value preservation subsidy changes every month, and everyone can count it, but the discount interest is not certain. How do you know that the Ministry of Finance will provide discount interest for the 327 national debt?"

"This is even simpler. When issuing treasury bonds, the Ministry of Finance clearly stated in the announcement that the yield of treasury bonds should not be lower than the interest rate of bank savings deposits in the same period. The Ministry of Finance is the core institution of the country, and credit is extremely important. How can it be possible to slap yourself in the face?"

Tang Renrong was silent about it, because he had repeatedly studied the announcement with his colleagues and colleagues recently, and most people believed that the value preservation subsidy was already very high, and it was unlikely that the country would spend billions to subsidize the 327 national debt under the financially tight situation. Now that Di Ye said this, he found it very reasonable, so he asked: "In that case, why did Mr. Di stop now? The price of 327 has not exceeded 152 yuan, and it is still far away from 155 yuan."

"Things are originally very simple, but once interests are involved, it becomes complicated, especially billions of interests. Pujiang Crouching Tiger, Hidden Dragon, I'm just a small shrimp, it's better to accept it as soon as it's good. It's safer to leave early."

Di Ye politely refused Tang Renrong's repeated attempts to stay and insisted on canceling the account. Tang Renrong had no choice but to order the key account manager to do so, and then gave him a personal business card for future contact.

"Mr. Tang, I will study for a Ph.D. in Yunda in the next year. If you go to Yuncheng for business or tourism in the future, you must contact me. I will treat you to local specialties."

"sure."

After the key account manager completed the formalities, Di Ye walked out of the business hall of Haitong Securities, went to the Pujiang Stock Exchange on the first floor of Licha Hotel, and met Xia Fangfei who was squatting outside.

After Xia Fangfei saw Di Ye, she held up her camera to claim credit and said, "Just now I took a photo of Guan Jinsheng and Teng Wei coming out of the exchange with dark faces, and it will definitely sell for a lot of money in the future."

Seeing her standing on the side of the road, despite the cold wind blowing, Di Ye couldn't help smiling, and asked, "You know Teng Wei too?"

"Of course, Teng Wei is the general manager of Wanguo Securities Fund Management Headquarters. I've seen him several times in the Paramount Hotel. He and Guan Jinsheng didn't even bother to eat lunch. They came here to look for Wei Wenyuan, the general manager of the stock exchange. At first glance, he knew that he had lost a lot of money on the 327 national debt and couldn't afford it."

Before Xia Fangfei came to Pujiang, she knew nothing about the financial world. Now she not only knows what treasury bond futures are, but also casually mentions the names and positions of Teng Wei and Wei Wenyuan. Di Ye was amazed at her progress, and praised her: "You really have the talent of being a reporter. You have figured out all the big names in Pujiang's financial circle so quickly."

"I can't help it. These financial people are very ostentatious. They especially like to show themselves in front of beautiful women like me. They always brag about knowing this and that."

"Is it the same for the people in Zhongjingkai?"

"They're so strict they don't give any interviews, it's annoying."

Di Ye chatted with Xia Fangfei on the side of the road for a while, saw an Audi car coming, stopped at the entrance of the Licha Hotel, and two middle-aged men with briefcases got out of the car, so he took a camera, took a few photos of the two of them, and said: "You can't go in when the stock exchange is open, it's not interesting, let's go play something else."

Xia Fangfei didn't know the two people just now, and thought that Di Ye was just playing casually, and asked, "Is this the end?"

"What follows is the scene of immortals fighting, we can't touch it, so it's better to play something else, anyway, you have collected all the information that should be collected in the past few days."

Xia Fangfei was still in the excitement of witnessing history, and she said with unsatisfactory feelings: "It's a good thing for gods to fight, it's a pity to leave like this."

"There are only two places where you can watch gods fighting. One is Wei Wenyuan's office at the stock exchange, and the other is the self-operated operation room of Wanguo Securities. We can't enter these two places, so..."

Xia Fangfei cut off Di Ye's words, showed a smug smile, and said, "Who says you can't get in? I can enter the self-operated operating room of Wanguo Securities."

Di Ye was very surprised and asked, "How did you get in?"

Xia Fangfei retaliated against him in his own way, imitating Di Ye's tone of voice, waved his hands and said, "You don't have to worry about how I get in, I just need to watch the show, now take a taxi back to Paramount."

When Wanguo Securities was first established in 1988, it nestled in the narrow façade at the Wanhangdu intersection of Jing’an Temple. A few years later, it moved to the Paramount Hotel. Since then, it has achieved glory and has become a well-deserved leader in the domestic securities market. Therefore, it regards this place as a blessed place. Later, when the company’s headquarters moved to Ruijin 6st Road, the trading headquarters remained on the 8th to [-]th floors of Paramount.

Among them, the 6th floor is an ordinary trading hall, which provides stock trading services for small retail investors, and they can enter and exit casually. The 7th floor is the trading area for large customers.

Xia Fangfei returned to her suite at the Paramount Hotel, changed into a set of Wanguo Securities employee uniforms she got from somewhere, then called an internal response, and led her into the self-operated operation room of Wanguo Securities on the 8th floor.

"This chick is quite talented!"

　Make up for last night.

　　
　
(End of this chapter)