Chapter 1069: 1069

The outside world is not surprised and even expected that Sir Gao will burn three fires and cut three hatchets after he takes office as president of Xiangjiang financial authority.

Because Xiangjiang has suffered from financial turmoil for a long time. For example, every time there is a bank crisis, ordinary depositors are afraid of their deposits.

It is not that there is no voice calling for the establishment of central bank supervision, but the ghosts of the Hong Kong government have no motivation to engage in it. The vested interest groups headquartered here are greedy for privileges, and international forces prefer to do whatever they want. With the strength of some people of insight in academic circles and ordinary people, they can't even stir up waves.

There may even be a more bullying phenomenon. The powerful ghost who has mastered the Wulin secret script of Finance seems to throw out the difficulties and costs of establishing the central bank in a rational, neutral and objective way. Do you have a solution? Do you have any experience in governance? Since there is no, then be content with the status quo!

Therefore, the performance of Xiangjiang financial authority after its formal establishment has attracted considerable attention.

However, the outside world did not expect that the result would be so magnificent, turn the tide, be bold and resolute!

Less than a month after the formal establishment of Xiangjiang financial authority, the global stock market disaster broke out on Black Monday.

In the face of this sudden financial earthquake, Xiangjiang financial authority decisively rescued the market and even bought stocks directly without fear of disputes. As a result, it really turned the tide, gained unanimous praise from Xiangjiang media and established the authority of Xiangjiang financial authority.

Then, sir Gao cut the first axe after the new official took office and established a discount window for Xiangjiang financial authority.

The move was interpreted by the media as that Xiangjiang financial authority, as the Central Bank of Xiangjiang, must form a powerful regulatory tool, which can be described as accurate.

You know, the central bank's control tools are nothing more than open market operation, discount rate, deposit reserve ratio, basic interest rate and so on.

However, in the special environment like Xiangjiang, the deposit interest rate has been decentralized to the Xiangjiang Banking Association, and the Xiangjiang financial authority can only strive for the authority to approve or disapprove the interest rate; The mechanism of the deposit reserve ratio is unpopular. Fortunately, through the Xiangjiang banking industry regulations and the indicator of the minimum current asset ratio, a similar regulatory effect has been achieved.

Besides the open market operation, the special case of Xiangjiang, the most creditworthy securities such as treasury bonds and treasury bills, must not be said, which makes the open market operation a castle in the air.

However, sir Gao wisely launched exchange fund bonds and exchange fund bills as early as the period of Xiangjiang exchange fund authority. With the excellent performance of Xiangjiang exchange fund now among the top 10 foreign exchange reserves in the world, exchange fund bonds and exchange fund bills are the most reputable securities in Xiangjiang, which makes Xiangjiang Monetary Authority have the same effect, In fact, open market operation is a powerful regulatory tool.

After the stock market crash broke out on Black Monday, the Xiangjiang monetary authority used the tools of open market operation to carry out reverse repurchase in the rescue plan launched.

Now, based on exchange fund bonds and exchange fund bills, Xiangjiang monetary authority has established a discount window for the banking industry, which has supplemented the regulatory tools of Xiangjiang central bank.

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It has to be said that the foundation laid by the Xiangjiang exchange fund administration is too strong. With the abundant balance of Xiangjiang exchange fund and the triumph of turning the tide in the stock disaster, the discount window mechanism of the Central Bank of Xiangjiang is almost natural, and even a little relaxed, so that the media began to operate before they had time to fully report.

Maybe the first axe is really easy. Sir Gao's second axe was cut out at an unexpected speed, and it is more difficult than expected. Establish a Xiangjiang real-time payment and settlement system matching Xiangjiang international financial center to replace the old secondary settlement system of Xiangjiang banking industry with a more reasonable and effective central settlement mechanism.

What makes the outside world even more stunned is that Huifeng has been stripped of the privilege of Xiangjiang banking settlement management bank. Although it has seats in the Central Clearing Company, Gaoyi, Standard Chartered and Bank of China also have seats. How can it offset the loss of monopoly of power? But why did Huifeng obediently and have no objection?

With the cooperation of even Huifeng, on July 1 next year, Xiangjiang banking industry will be officially switched to the central settlement system with Xiangjiang foreign exchange fund as the core. The Xiangjiang financial authority under the leadership of Sir Gao can be really efficient!

Around the discussion of Xiangjiang real-time payment and settlement system, Xiangjiang financial authority held a press conference.

Sir Gao announced that in view of the vigorous development of Xiangjiang insurance industry, especially the potential risks of insurance companies participating in investment can not be ignored. For example, in order to standardize the industry, Xiangjiang financial authority has set up a corresponding regulatory institution - Xiangjiang insurance supervision office.

It has to be said that Sir Gao once again accurately aimed at the disadvantages of the industry and observed the pain of the people.

The current great development momentum of Xiangjiang insurance industry began in the late 1970s.

Although the insurance company is a financial institution, it is very simple to set up in Xiangjiang. As long as it handles business registration and pays the registration fee to the company registry, it can officially operate and deceive people's insurance money.

It is not hard to imagine that insurance companies have sprung up. Not only banks and financial companies have established insurance companies, but also commercial banks and real estate companies have established insurance companies.

In order to protect the interests of policyholders, the Hong Kong government has made mandatory provisions on the capital of insurance companies in the Xiangjiang insurance industry Ordinance, with a minimum capital of 5 million; 5 million for general insurance business or life insurance business; At the same time, it operates general insurance business and life insurance business, accounting for 10 million; Operate legal insurance business for 10 million, etc.

However, with the proliferation of finance, these Regulations are certainly not enough. In order to make profits, insurance companies also need to invest and have countless connections with private equity funds and junk bonds. They must and can only be supervised by the more professional Xiangjiang financial administration.

Sir Gao carefully explained that Xiangjiang insurance supervision office is responsible for approving the registration application of insurance companies, "The criteria for the approval of Xiangjiang insurance company is that, in addition to the applicant meeting the minimum capital amount, compensation, reinsurance arrangement and other requirements, the applicant's business plan in Hong Kong, whether the applicant has sufficient management and technical personnel and capital sources to provide appropriate protection for policy holders or potential policy holders are also factors that can not be ignored."

Finally, sir Gao stressed that "after the formal amendment of Xiangjiang insurance Ordinance, the office of the Commissioner of insurance will be given the power to intervene in the insurance industry under specific circumstances."

Financial reporters secretly speculated that this is the third axe cut by Sir Gao? It feels a lot simpler than the first two axes.

But as time goes on, the media found that it is indeed simple, not the third axe. As the central bank, Xiangjiang financial authority naturally seeks to expand the scope of supervision!

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