The whole story of "327 national debt incident"

China government bond futures trading started on February 28th, 1992. 327 is the code name of treasury bond futures contract, corresponding to the 3-year treasury bonds issued in June of 1992 and 1995. The total amount of bonds issued is 24 billion yuan.

After 1994 and 10, the People's Bank of China raised the interest rate of savings deposits with a term of more than three years, and resumed the deposit preservation subsidy, and treasury bill rate also raised it. The uncertainty of the value-added subsidy rate provides speculative space for treasury bond futures, and the treasury bond futures market is becoming increasingly popular.

Treasury futures 327 incident-after?

During the period of 1995, Guan Jinsheng, the godfather of China Securities (general manager of IWC), predicted that the discount rate of 327 national debt could not be increased, even if it was not reduced, it would remain at 8%. ?

1February 23, 1995, the Ministry of Finance announced that 327 Treasury bonds 148.50 yuan were paid, and the short judgment was completely wrong, resulting in a huge loss of 6 billion yuan. Eight minutes before the close, Guan Jinsheng took crazy measures to avoid huge losses: selling treasury bonds futures on a large scale and shorting treasury bonds. All the parties that opened on the same day were broken, and the long and short strangulation ended in the profit of all countries. The bulls represented by CDB suffered a huge loss of about 4 billion yuan. ?

On the evening of February 23rd, at 10, the Shanghai Stock Exchange, after an emergency meeting, announced that all transactions after 16: 22 and 13 seconds on February 23rd were abnormally invalid, and all orders of bulls within 8 minutes before the closing of that day were invalid, and the redemption price of 327 products was determined by the membership agreement. ? The income from IWC's late trading operation vanished in an instant. Global losses of 5.6 billion, on the verge of bankruptcy.

Treasury bond futures 327 incident-ending?

On May 17, China Securities Regulatory Commission issued the Emergency Notice on Suspending the Pilot Trading of Treasury Bond Futures, ending the treasury bond futures that only opened for two years and six months. China's first financial futures product died. ?

After the "327 Storm", the exchange adopted measures such as increasing the margin ratio and setting up a price limit board to curb the speculative atmosphere of treasury bonds futures. However, due to the particularity of treasury bond futures and the economic situation at that time, the transaction was still turbulent, and a 3 19 storm was brewing on May 10 of that year. ? Global Securities Company was reorganized, and Chairman Xu Qingxiong and Vice Chairman and President Guan Jinsheng resigned at the same time. Guan Jinsheng was jailed.

Expand the standardized terms of treasury bond futures contracts?

1. trading unit: also called contract size, it refers to the trading quantity specified by the exchange for each futures contract. ?

2. Price quotation: refers to the expression of futures prices. Short-term treasury bond futures contracts are quoted by index, that is, 100 MINUS last year's yield. ?

3. Minimum price change: refers to the minimum range of price change in futures trading. ?

4. Daily price fluctuation limit: refers to the price limit system established to limit the excessive rise and fall of futures prices.

5. Contract month: refers to the month when the futures contract is due for delivery. ?

6. Trading time: refers to the specific time when various contracts stipulated by the exchange can be traded on each trading day. ?

7. Last trading day: In futures trading, most contracts are closed by reverse trading, but such reverse trading must be carried out within the specified time. This stipulated time is the last trading day. ?

8. Delivery arrangement: including delivery time, delivery place, delivery method and the level of the subject matter that can be delivered. ?

9. Position limit: refers to the maximum number of futures contracts that traders can hold in a certain period of time as stipulated by the exchange. ?

References:

China Economic Net-Treasury bond futures are back in the rivers and lakes