Chapter 378: 378

The phrase "or equivalent to colonial currency" was first removed from the new model of Hong Kong dollar in the high string version. It was not a clever test, and the results also proved that the Hong Kong government respected the strength of high string.

Of course, Gao Xian gave a high sounding explanation on this issue when he talked with governor MacLehose.

"Before 1973, as a member of the sterling area, Xiangjiang's foreign exchange market was only a regional market. With the great changes in the international economic order caused by the collapse of the Bretton Woods system, this stable situation no longer exists."

"Fortunately, under the wise leadership of the constitutional governor and the pragmatic work of the financial secretary, the government has the courage to innovate, abolished the long-standing control of Xiangjiang's foreign exchange market, promoted the vigorous development of Xiangjiang's foreign exchange market, and virtually improved the international status of the Hong Kong dollar. In the past 1975 alone, the forward foreign exchange purchased by Xiangjiang's banking industry reached about 6 billion."

"The change of the new style of Hong Kong dollar issued by favorable banks is not only to reduce the difficulty of design and printing, but also to adapt to the internationalization of Hong Kong dollar."

Governor Mai Lihao glanced at the Hong Kong Financial Secretary Xia Dingxin, who was accompanying him next to him, and then laughed and said, "Sir Gao is in his prime and bold. It is a blessing for the development of Xiangjiang."

In this way, in your words, the removal of "or equivalent to colonial currency" from the new style of Hong Kong dollar in the high string version is the beginning.

Continuing to focus on the topic of Hong Kong dollar, Gao Xian said: "in order to maximize the value and position of Hong Kong dollar in international trade activities, I have a proposal to launch the Hong Kong dollar exchange rate index."

Governor MacLehose asked with great interest, "how does Sir Gao's Hong Kong dollar exchange rate index work?"

High chord slow down track: "The formulation principle of the Hong Kong dollar exchange rate index is to select the currencies of 15 major trading partners of Xiangjiang as the calculation basis according to the bilateral trade relations between each country or region and Xiangjiang and their proportion in world trade, and determine their respective currencies in the Hong Kong dollar by referring to the total value of bilateral trade between these 15 major trading partners and Xiangjiang in 1972 The weight proportion in the exchange rate index. "

"Specifically, the basic date is December 18, 1971, and the Hong Kong dollar exchange rate index is 100 on that day."

"According to Gao Yi's analysis, in the past 1975, the Hong Kong dollar exchange rate index should be 104.8." Gao Xian handed over the prepared document. "The above content elaborated all aspects of the Hong Kong dollar exchange rate index."

Governor MacLehose carefully looked through the documents. In fact, although he felt that the Hong Kong dollar exchange rate index proposed by Gao Xian should be useful, he did not charge himself diligently in the professional field like Gao Xian, so he didn't understand much of the above contents.

Fortunately, there were professionals from the Hong Kong government at the scene. Governor Mai Lihao casually gave the document to financial secretary Xia Dingji, and then asked Gao Xian curiously, "what impact will the Hong Kong dollar exchange rate index have on the Hong Kong dollar? At present, the exchange rate of the Hong Kong dollar with a free floating exchange rate continues to decline against the US dollar. Can the Hong Kong dollar exchange rate index reverse this trend and help stabilize the prices in Xiangjiang?"

Gao Xian replied carefully: "at present, the role of the Hong Kong dollar exchange rate index is mainly to reflect the price of goods and services in Xiangjiang. Relative to the changes of Xiangjiang's main trading partners, it can be regarded as a main indicator of Xiangjiang's price competitiveness."

"Duxian, compared with the maturity and perfection of world financial centers such as New York and London, Xiangjiang still has a long way to go. For example, there is no futures market in Xiangjiang."

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"I believe that when Xiangjiang's financial mechanism gradually matures and improves to the level of New York and London, the means of Hong Kong dollar exchange rate regulation will become much more effective."

Governor Mai Lihao nodded and then joked, "David said that Xiangjiang still lacks a futures market. Don't you intend to take the lead in creating it?"

"I do have this idea." Gao Xian said in a responsible manner: "In recent years, I have been investigating the operation of futures markets in New York, Chicago, London and other places. At present, Xiangjiang's gold and foreign exchange transactions have reached new highs year after year, especially gold. In the past 1975, the import volume reached 100 tons, making Xiangjiang a world gold market second only to New York and London, and it is fully mature as a trading variety of futures market Conditions. "

Hong Kong Governor Mai Lihao understood Gao Xian's analysis, because Xiangjiang gold market is indeed famous all over the world.

It must be pointed out that for a long time, gold has been the subject of strict supervision all over the world. Private individuals are not allowed to invest in gold. It was not until recent years that the control was gradually relaxed. Xiangjiang is a pioneer, and the United States has abolished the gold control in the past 1975.

You know, after the collapse of the Bretton Woods system, the dollar depreciated sharply. Accordingly, the global desire to preserve assets is very strong, and gold has naturally become the best choice.

Before the collapse of the Bretton Woods system, the official price of gold was US $35 per ounce. After the Nixon government of the United States decided to stop the obligation of US dollars to be directly convertible into gold, the price of gold soared all the way, exceeding US $100 in 1973 and US $200 in 1974. At present, it fluctuates roughly in the range of US $130 to US $180.

Of course, the reason for the high global gold price is not only the strong desire to preserve assets, but also the crazy speculation of big players behind it. Gao Xian has identified some secrets that are not humane.

In short, in the current era, the gold market is extremely hot, and Xiangjiang gold market has established its world status, which has been widely recognized. Governor Mai Lihao also knows clearly, and then he has no doubt that gold can become a local futures trading variety in Xiangjiang.

Governor Mai Lihao took a sip of his coffee cup and couldn't help thinking a little erratic.

When Li Fuzhao and others founded the Far East Exchange, the first Chinese stock exchange in Xiangjiang, they quietly avoided the eyes of the British; Now Gao Xian dares to express his plan to establish Xiangjiang's first futures market in person. Is he convinced that no one has enough ability to compete with him?

Gao Xian continued: "there are still many places where Xiangjiang's financial system needs to develop and keep pace with the world financial center. Please governor the constitution, the financial secretary and the government to adopt and support my suggestions."

Financial Secretary Xia Dingji said: "the Hong Kong dollar exchange rate index is indeed feasible, but for the sake of prudence, it is advisable for Gaoyi to produce and publish the Hong Kong dollar exchange rate index this year, which will be officially adopted by the government next year."

After listening to financial secretary Xia Dingji's expert opinion, governor MacLehose knew that Gao Xian lobbied himself just to give the Hong Kong dollar exchange rate index an official identity. If rejected, Gao Yi would still promote it. Anyway, this is not illegal, and the data sources can also be obtained through official channels such as the Hong Kong Government Gazette.

Aware of these, governor MacLehose also made it clear: "Sir Gao's idea of the Hong Kong dollar exchange rate index and the first futures market has undoubtedly injected vitality into Xiangjiang's financial system. Of course, Zhengfu is happy to see its success."

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