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Chapter 572 Financial Crisis

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    "Compared with the Japanese's high-profile acquisition of treasury bills, the Northeast Finance Department, the General Finance Department, and the Northeast Bank seem to be unaware of it.

    They are too careless, thinking that Japan has too much to take care of itself. How could they give Northeastern's fragile finances a blow at this time?  As long as no one stirs up trouble, treasury bills remain in good standing, and banks maintain normal deposit-taking and lending operations, everything will be safe.

    But suddenly, there was an overwhelming wave of people redeeming the 1921 and 1922 treasury bills from inside the customs to outside the customs. Starting from October 1, many people flocked to the business offices of major banks in the Northeast both inside and outside the customs, asking to exchange treasury bills.

    Just redeem it, it is already due, and I have reserved cash waiting to be exchanged in various places. It has been two years and there has never been a problem.  Not only that, after many people got their principal and interest back, they bought the next year's treasury bills with the temporarily unused principal. In addition to the portion sold at the same time, banks basically don't need to withdraw too much cash.

    This time is different.

    Every day, many people came to redeem it, and later it became an institution.  In the past few days, branches in Tianjin, Tangshan, Changchun, and Qiqihar have been in panic: the exchange amount for several consecutive days has far exceeded the limit they can bear, and this trend is getting worse. It is obvious that there is a run!

    They asked the head office to transfer cash and make early preparations, because in theory there could be a large sales of treasury bills, but the people who were waiting and watching ignored them!

    This surprise is no small matter.

    Governments and banking institutions in various places are alert and they send manpower to find out the cause.  At this time, they may not have thought that this was a premeditated and large-scale financial crisis.

    As the central bank, Tohoku Bank felt the pressure a few days ago: due to the purchase of Japanese assets in China, the remaining liquidity of major banks was exhausted, and the head office reserve was only 400 million, which was all the assets of Tohoku.  To cope with the upcoming maturity of 670 million treasury bills.

    Yu Aozhou held urgent consultations with the presidents of major banks, provincial governors, and directors of the General Department of Finance and the General Department of Finance, and established several emergency measures: requiring all localities to ensure that bank depositors do not have large-scale withdrawals; local governments  Government officials should take the lead in purchasing treasury bills, which is a political task; all branches and sub-branches are not allowed to lend from now on.

    Northeast Bank also proposed to send 100 million yuan in cash to branches in Tianjin, and 100 million yuan in cash to be circulated to various places in the customs.  These may seem like a lot, but when divided into various places, they seem to be a drop in the bucket.  In one day, they were all sold out!

    By October 5, a larger-scale sell-off began: Japanese institutions took out their backlog of various types of treasury bills to banks and asked for cash.  Since it was an institutional action, all banks were ordered to inform: Because there was no appointment, according to regulations, you need to apply three days in advance before you can withdraw money.

    The Japanese are very proud. Three days is all. What do you do?  In order to prevent Chinese banks from using high interest rates to absorb deposits, major Japanese banks in the Northeast, such as Zhengjin Bank, Chosun Bank, Manchuria Bank, and Zhenglong Bank, have listed their policies to attract deposits from major institutions and business outlets: the annual interest rate is agreed to be 10%.  , which is twice the interest rate on one-year Treasury bills!

    This made the plan agreed by Yu Aozhou and others to use the word "drag" to give the major banks in the Northeast time to vigorously absorb deposits, so as to prepare to absorb deposits at an interest rate of 8%.

    What makes people feel even more desperate is that because the banks refused to redeem money, violent rumors started in various places: the major banks in the Northeast were empty of funds and their deposits were likely to be wiped out. So from that day onwards, many ordinary people gathered around various business offices.  I asked to withdraw money in advance at the counter, and ignored the interest loss repeatedly informed by the bank

    Since there is no money to be attracted from the market and there is not enough money to redeem treasury bills, what about borrowing money from foreign countries?

    ??The Tianjin Branch of HSBC, the largest British-funded institution in China, said: "No!" The financial market in Northeast China is in chaos, and they still want to get involved. Besides, they still have an agreement between the governments, right?

    Shanghai is China¡¯s largest financial center and there is a lot of hot money there. How about withdrawing funds from there?  Slowness will not help, and the results will be ineffective.  This is the disadvantage of not burning incense on a regular basis and just improvising: I have never contacted you and suddenly you have to borrow such a huge amount of capital. Are you kidding me?  Anyone with a discerning eye can see that what happened in the Northeast this time was a complete financial crisis!

    Although the People¡¯s Party government has mobilized party members and cadres from all over the country to promote the need to work together to overcome difficulties, there are not many people who dare to buy treasury bills, but not many people go to Japanese financial institutions to deposit money.

    Most of them withdraw their deposits or treasury bills in cash, and then carefully hide them at home, or if they have "experience", they simply sell them at a low price and turn them into cash, which makes the actual price comparison between "Fengyang dollar" banknotes and silver dollars on the black market change from  The previous situation was almost equal to the current ratio of 3:2 or even more

      For several days in a row, the stocks of several major Northeastern banks in the Harbin Securities Market have fallen one after another. The most powerful Northeast Industrial Bank once fell below 15%. This hopeless scene has increased the atmosphere of selling. The Harbin Securities Market cannot be tolerated at the weekend.  Do not suspend trading one hour in advance.

    This is the fault of several major Japanese banks, and it is also the highlight of the financial turmoil: the four Japanese banks, led by Zhengjin Bank, have previously purchased stocks worth about 400 million yuan in various banks, and are now selling the Manchuria Railway subsidiary.  A total of 800 million yuan was realized from the assets, which were also obtained in various ways.

    The four largest banks in Northeast China have a total share capital of 10.5 billion, and they account for more than 10%. The selling in this storm has dealt a fatal blow to each bank. If trading had not been suspended in advance, the losses would have been even greater.

    The tension outside the wall seemed to have an impact on the Marshal's Mansion: some family members with private savings were looking for ways to exchange cash. Even the girl Chunni tried to test Yu Fengzhi several times. She had 400 yuan in the Northeast Agricultural Bank of China.  Should money savings be withdrawn or withdrawn?

    Yu Fengzhi's health is not very good, but it does not affect her hard work.  At this critical moment, she dragged her sick body and took the lead in liquidating a lot of valuable jewelry and real estate, and deposited them in the endangered Northeast Agricultural Bank.

    Although the huge financial difference seemed insignificant, her determination to work together with her father-in-law and husband was unanimously recognized by the commander-in-chief.

    She also often told people in the Marshal's Mansion: "'Where the skin is gone, the hair will be attached.' If something happens to the bank in the end, ordinary people will suffer the loss. What's the use of the big guy just exchanging the money?"  ?¡±

    A nation thrives in times of crisis, and times of crisis reveal the people¡¯s hearts the most.  The military and political officials of the Feng clan, headed by Zhang Zuolin, donated gold and silver, exchanged them for cash, and deposited them in major banks in Northeast China for emergency relief.

    Some people here are tied up in banks because of their larger assets - their property has become the shares of various banks - and they invest regardless of the cost when it is possible to win back the situation; the other part  It is being carried along to join.

    At the same time, the People's Party promptly launched the massive "Love Fengtian Bonds" campaign to reject the artificial devaluation of banknotes caused by black market transactions, which put the once rampant foreign bond transactions at a disadvantage.  But all this will not help the deterioration of the financial situation (Remember the website address: www.hlnovel.com
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