Fanhua: Abao, stop here and pay me back.

Chapter 66: It doesn’t matter even if it exposes one’s ignorance (13, please order first)

"Treasury bills?"

Abao replied in confusion.

What are Treasury Bills?
Why have you never heard of it?
"Yes, Treasury bills. Never heard of them?"

Gou Siji looked at A Bao's confused eyes and listened to A Bao's rhetorical question.

Realized that maybe Po really doesn’t know what treasury bills are?
"You must have heard of the national debt."

Gou Siji asked again.

"This is clear. Isn't it just the state borrowing money from the boss?"

Abao finally heard a term he had heard before and responded immediately.

"I have also learned in the textbook that national debt, also known as national public debt, is a creditor-debt relationship formed by the country raising funds from the society based on its credit and in accordance with the general principles of debt. How about it? I still think about things ten years ago. You remember, you have a good memory."

Abao revealed his knowledge about treasury bonds to cover up his embarrassment of not knowing treasury bonds just now.

In Gou Siji's eyes, he was learning from his uncle. If he doesn't even know the national debt, then Gou Siji will doubt his professionalism and take back the capital he has.

You can ask some questions yourself. After all, Gou Siji is someone who has proven his ability with examples. Asking questions can be used to show his humility and studiousness, so there is no problem.

But if you can't expose your ignorance, then you are not being humble and studious, but you don't even have the most basic knowledge. How can you let people trust you to put their money here?

"good."

Gou Siji noticed Abao's change of attitude.

Realized A Bao's intention.

There is no point in breaking it.

On the contrary, Gou Siji found the Abao in front of him quite interesting.

Just like students in elementary school, they always answer questions loudly that they know to cover up their incomplete understanding of the entire knowledge.

"It will be easier to explain if you know the definition of treasury bonds. The definition of treasury bonds refers to a type of government bond issued by the national fiscal authorities to make up for the imbalance of national treasury revenue and expenditure. In essence, it is a kind of local bond issued by the government to the public for the purpose of development. . However, unlike treasury bonds, the debt maturity of treasury bonds is less than one year, and they are anonymous and not circulated."

Gou Siji explained to Abao in the simplest language.

At the same time, he was also clarifying the memories of his previous life.

In my own memory.

In short, treasury bills are a kind of anonymous, physical domestic treasury bonds. Like banknotes, they are printed with the face value of the treasury bonds and can be circulated, transferred and traded under "certain conditions".

It was popular for a while in the 1980s and 1990s, but it quickly disappeared and did not become a long-term policy like national debt.

If I hadn't watched the TV series "Flowers", I wouldn't have known about the treasury debt. After all, it is because during the years when I was growing up, Treasury bonds had withdrawn from the stage of history.

And after I traveled through time, I hadn't heard much about treasury bills.

I also thought about making a fortune in treasury bills. After all, Po almost missed the historical opportunity of stock subscription at that time. The reason why he owed Commander Cai a favor was because Po purchased treasury bills elsewhere at that time, which resulted in a delay.

So I also conducted an investigation on treasury bonds, but found that before a key policy was implemented.

Buying treasury bills is an absolutely loss-making transaction.

Because treasury bills take longer to repay than treasury bonds and cannot be liquidated.

So those who buy treasury bills now are basically subject to state-mandated administrative assessments.

The most critical point is that treasury bonds have strong local attributes, which is why Gou Siji calls treasury bonds a kind of local debt issued to the public.

Since it is a local debt, it has a very strong local attribute, that is, it is not negotiable. Strictly speaking, private circulation is prohibited. Treasury bonds that have no chance of circulation take a long time to repay, so it is more cost-effective to deposit the money directly in the bank. After all, bank interest rates in this era are astonishingly high, with an annualized interest rate of more than 10%, which has become more common in later generations. The interest rates can only be achieved with radical financial products.

Gou Siji also gave up his plan to increase the treasury bills.

“What’s the point of this treasury bill?”

Abao was a little stunned.

Since this treasury bill is a short-term local bond and is not circulated, what can be done about it?
Only when goods flow in the market can they generate value.

In this case, it is better to deposit the money directly in the bank, and I can withdraw 300% of the interest on the principal of million every year, which is nearly in interest, which is just lying there.

And the money in the bank can be taken out if you are in a hurry, but the money in treasury bills is dropped in the well and cannot be taken out.

"There is a clue. What if this bond becomes freely tradable next year."

Gou Siji said with a smile.

"Ah~~~"

Abao said subconsciously in surprise.

How can it be circulated?
Can policies be changed at will?

And this is national policy.

How could Gou Siji know?

I haven't heard that Gou Siji has any family members who work in high-level positions in the country.

If Gou Siji was a second-generation official, he would still be working hard here selling computers to save money.

Abao himself thought about all the possibilities, but he still couldn't figure out the channel from which Gou Siji got the news.

It can't be Gou Siji's guess.

"How can this be?"

Abao still couldn't help but directly asked the question in his heart.

It doesn't matter even if it exposes one's ignorance.

After all, he had worked for Gou Siji for so many years, and Gou Siji had a clear understanding of how much he weighed.

It's only been a month or two since I left Gou Siji's place to become my uncle, so it's not a shame.

He completely forgot about his previous experience of memorizing the definition of national debt in order to show off in front of Gou Siji and cover up his lack of knowledge.

"Nothing is impossible."

Gou Siji saw that Abao finally couldn't hold himself any longer.

The corners of his mouth couldn't help but raise.

"From 1981 to 1987, the average annual issuance of treasury bills was 59.5 billion yuan. In these seven years, in addition to issuing treasury bills to make up for local fiscal deficits, China also used fiscal overdrafts from banks. The issuance of treasury bills accounted for the proportion of local fiscal revenue. Very small. But with the development of the past few years, the gap in local fiscal deficits has become larger and larger, and the pressure on banks has also increased. These are things you can see in newspapers. You can ask Ask grandpa if this is the case."

Gou Siji told some facts to enhance the credibility of his words.

This illustrates the possibility of Treasury bills becoming freely tradable.

"But these are not enough to show that treasury bills will become freely tradable next year. The country does not only use this policy to make up for local fiscal deficits. How can you be sure that the country will use this policy?"

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(End of this chapter)