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The so-called drawing a line is pricing. The core of finance is the optimal allocation of resources. Pricing almost everything is the core competition of the financial industry.

From stocks to futures, from securities to physical objects, almost everything in the financial industry will participate in "drawing a line". You think A is worth 100 yuan, I think it is 110, and everyone has formed a hedging situation.

The exchange rate figures from Lei Hao's mouth will be very important.

"Under 6.9..." Lei Hao stepped aside, and behind him, another screen facing the screen wall displayed complex data and bold red numbers.

"According to the average daily Shibor figure of 10%, the current exchange rate is above 6.7100, and the RMB against the US dollar is 0.1491. Counting the federal funds rate and the Shibor figure, there is almost no price difference and arbitrage space on both sides."

"Therefore, it is understandable that the People's Bank of China allowed the shibor to soar because it was worried that the renminbi was being shorted too much, so it took advantage of the trend to test financial marketization."

"The appreciation of the U.S. dollar should be the final conclusion. If we do not participate and the People's Bank of China does not take action, the RMB may break through 7. Out of this concern, a large number of RMB holders engage in hedging."

"But, why don't we participate? The total speculative short position of the RMB should be close to 50 billion US dollars, more than 330 billion yuan, but the orders for holding the RMB are more complicated and... fragmented."

"What others see is risk, what we should see is profit! It's energy!"

"With a heavy position, there is a lot of room for retreat. In addition... they are not just targeting the RMB, and their power is not too concentrated. In addition, there are concerns about the Chinese central bank's actions and speculation on the psychology of other market participants..."

"6.9, with our participation, we will never be able to break through."

Lei Hao said these words, but he was sweating for himself. Among the many possibilities he got, the exchange rate of RMB actually broke 6.9. Initially, it even had a trend of hitting the 7 yuan mark, which caused the central bank to The reduction of reserves has stabilized the exchange rate, while reducing foreign exchange reserves, damaging the status of the currency, and retracting the steps taken towards marketization.

However, Lei Hao also knew very well that if he could convince all the institutions, it would be possible to stabilize the number of 6.9, and the most important thing is... he would make money.

For financial practitioners like Lei Hao, all national interests and national justice must be based on the premise of making money. Fortunately, in many cases, capital from various countries can side with the motherland. The difference is only the winning rate and Quantity energy.

Those with a high winning rate have low volume and energy and low returns; those with a low winning rate have more volume and energy and more returns. Risks and returns are directly proportional. This is an eternal theme in the financial market.

Lei Hao proposed to stabilize 6.9. In other words, he felt that 6.9 can be a battle with the short sellers to obtain enough chips. When it is suppressed, profits will naturally exist in large quantities.

In the conference room with eight small screens on the screen wall, everyone including LEI and Hong Kong Island Thunder were flipping through documents and talking to each other. It was just that LEI and Hong Kong Island Thunder were just pretending, and Keda and other institutions It is very serious.

"Lei, why is it 6.9? According to mainstream analysis, the Central Bank of China should be eyeing the 7 yuan mark." Nick, the person in charge of Asia Pacific at Keda and Lei Hao's only acquaintance, asked.

As soon as Nick, the bald man, asked, Lei Hao saw that the people from HSBC, Standard Chartered, and Prudential became quiet, while Qingyu and Hanlong were still a little bit impatient, and he immediately understood.

Needless to say, LEI and Hong Kong Island Thunder, what Lei Hao wants to do, can his organizations still object?

Hanlong and Qingyu are Chinese-funded forces, and Qingyu does not have enough funds. If it is not a good cooperative relationship, they are not qualified to participate. Hanlong is qualified, but this organization has a political background. Maybe they have a conference room There should be someone from the Third Association or higher level here at this time.

Ketak, HSBC and Standard Chartered are all headquartered in Europe, with the former in Switzerland and the latter two in London, England. HSBC’s Asia-Pacific business is very important. Ketak and Standard Chartered also intend to deepen and expand their Asia-Pacific presence, and even the three institutions have brought Recently, there is some intention to unite Asia and Europe, so they can be regarded as one faction.

"The RMB should not return to the era of 7 yuan. When it reaches 7.0000, its capacity will be gone, and its opponents are not stupid. But 6.9000 is a number that touches China's nerves and blocks financial marketization. When it reaches 6.9, the central bank will not take action. 7 When the time comes, the central bank must definitely stand up." Lei Hao said simply.

"6.9 is a position with huge variables." A voice came from the HSBC conference room: "At this position, we need to block the attack of short sellers on our own. When the exchange rate falls to 6.95, we will have more help."

"But the amount of energy is not enough, and the space is too small, so the defense line can be easily penetrated." Lei Hao started to explain.

Currency is a complex thing, and the impact on the exchange rate is also huge. For example, Chinese export companies make money in currencies other than RMB. However, the RMB has been appreciating in recent years. It is said that export companies have no hedging concept. , that is of course impossible.

What should export companies do? I spend money to produce things in RMB and earn in dollars and other currencies. I need to avoid exchange rate risks, but it will take at least a while for my dollars to be credited, so I need to hedge.

I will earn 100 million U.S. dollars in one month. Then I will buy 1,000 contracts, long the RMB and short the U.S. dollar. It will cost 8,000 yuan in handling fees and one month's interest of 100 million U.S. dollars.

If the RMB appreciates and the U.S. dollar depreciates, the company's commercial profits will be reduced because its income is U.S. dollars. However, it has a bullish contract on the RMB, so it makes money in the foreign exchange market.

As the world's second largest economy and an export-oriented economy, China will undoubtedly have many hedging contracts, but the hedging ratio of most companies is not 100%. Therefore, when the RMB depreciates to a certain level, these companies will definitely have to Increase the hedging ratio and even enter the market for securities investment.

At 6.9, there may not be any movement, but at 6.95, Lei Hao does not need to shout, a bunch of people will come in and do long on the RMB, which means that retreating a little can get a lot of help.

"The problem is, if you retreat a little, you may not dare to enter the market." Lei Hao thought silently in his heart, but he kept using strategic space and energy to fool this group of people.

It makes perfect sense as to why 6.9 is enough to grab enough energy, and why 6.95 is too close to the 7.0 mark.

But at this moment, Lei Hao only had one thought floating in his mind: to fool these people into lameness.