Chapter 155 The heavy responsibility is on your shoulders

Regarding the specific numbers, the reporter interviewed many banking industry insiders but did not get an answer. Some academics with political backgrounds were even more silent. Some people told the reporter: "It is difficult for outsiders to explain this issue clearly, and it is not ruled out that China and the United States resolved it through an agreement."

However, Americans have another view on this. An unofficial institution established by former American politicians believes that the money of American taxpayers should not be used to subsidize foreign capital. If China makes unwise investments, it should bear the consequences rather than be paid by American taxpayers. Since the bonds of these two companies are "non-government guaranteed bonds", investors should no longer benefit from the government's rescue policy.

The agency's remarks caused an uproar around the world as soon as it was released. However, it is obvious that the losses of these creditors who hold large amounts of bonds of Fannie Mae and Freddie Mae, represented by China, are inevitable. China is the largest creditor of foreign-funded institutions of Freddie Mae and Fannie Mae, and holds nearly $500 billion in bonds of Fannie Mae and Freddie Mae.

Whether these two companies raise funds through bonds or equity, they must increase their yields in order to attract investors, which will inevitably suppress the prices of secondary market bonds, causing the value of these institutional bonds held in their hands to decline and the value of Freddie's stocks. They are forced to issue new bonds at higher interest rates, which will inevitably cause the market value of bonds they issued in the past to decline, thereby causing book losses to bondholders.

Currently, global investors hold about $5.2 trillion in bonds issued by Fannie Mae and Freddie Mae, which have a market value of up to $5.2 trillion. Although the US government promises to support it, it is still unwilling to bear such a large amount of debt. These two companies are in crisis and will cause some loss to the value of China's foreign exchange reserve assets, but the specific losses are difficult to estimate.

In fact, the most concerned issue for Chinese people is not the delisting of two-bedroom companies, but the concern that the US government will completely close two-bedroom companies. If these two companies really withdraw from the bond market, the capital of each creditor will greatly shrink, especially in China, which is the largest creditor, the losses will be the greatest.

And corresponding to this is the ambiguous attitude of American politics.

Since the outbreak of the subprime mortgage crisis, the US government has spent $150 billion in rescuing the "two houses", but not only failed to make a profit, the two companies have been forced to delist. According to a report by the rating agency Standard & Poor's in November 2009, if the "two houses" are to be completely rescued, the US government may have to invest as much as $700 billion in huge relief funds. Analysts believe that once the efforts to support the government weaken, the borrowing costs of home buyers will increase, which will make the already fragile real estate market worse.

At the same time, the controversy over the "two houses" between the Republican and the Democratic Party of the United States has put this issue in a political light. Whether to continue to use taxpayers' money to save the "two houses" or let them "fend themselves" has become a major problem facing Obama's politics.

As the rescue of two houses has not been effective, all parties are extremely concerned about what measures will be taken by the two houses that account for nearly 60 in the US mortgage market. The ambiguous language and attitude of the US government means that there are too many variables in whether the bonds of two houses can be effectively protected.

The cases of Fannie Mae and Freddie Mae fully demonstrate that China's huge foreign exchange reserves not only face the exchange rate risk of the depreciation of the US dollar, but also the risk of the decline in the market value of US Treasury and institutional bond products. How to alleviate the potential impact of the above risks through the diversification of foreign exchange reserve assets is a arduous task facing China's foreign exchange reserve management institutions.

On January 20, 2010, just two weeks after the two-bedroom company announced its delisting, the Political Bureau of the Central Committee held an emergency meeting temporarily, and the meeting topics were strictly kept confidential. However, insiders said that just the day after the United States announced the delisting of the two-bedroom company, China's Deputy Prime Minister Tu Chenglin had secretly flew to the United States and returned to Beijing for a full week.

Two days later, China Political Bureau announced a major personnel change. Comrade Tu Chenglin, former member of the Political Bureau of the Central Committee and Deputy Prime Minister of the Political Bureau, had been exhausted for a long time due to work and had sudden illness. After urgent discussions, the Political Bureau made a decision to "resign and recuperate" on him.

At the same time, it was announced that Comrade Zeng Chuipu, member of the Political Bureau of the Central Committee and Secretary of the Sichuan Provincial Party Committee, would take over the post of Deputy Premier Tu Chenglin, and would no longer serve as Secretary of the Sichuan Provincial Party Committee.

Zeng Chuipu's mood was obviously not high when he returned to Chengdu from the capital.

Logically speaking, he entered Sichuan for six years and served as governor, and the other party secretary was not satisfied. He developed Sichuan, a not-developed region in the west, into the top five provinces and cities in the country, with a per capita level of upstream, and reached the height of a member of the Politburo. Now he is also promoted to vice premier, and has retired after success.

However, this is really not what he wants to see. If he exchanged the loss of hundreds of billions or even trillions of state assets for the position of the vice premier, Zeng Chuipu would rather stay in this corner forever. Because it was the blood and sweat of hundreds of millions of people. Thinking of his position as the vice premier, the huge amount of national property that was lost would appear in front of him.

Zeng Lingfeng sat opposite Zeng Chuipu, and wanted to say a few words to comfort his father, but he didn't know how to speak. Boss Zeng is a kind person. His father's rise to power after suffering major losses in the country this time was not what he wanted to see. Otherwise, before this, Zeng Lingfeng would not have warned the senior management again and again, and he also actively offered suggestions to recover the losses.

In Zeng Lingfeng's view, fighting between each other is possible, but there must be a prerequisite, that is, not touching the security and interests of the country. This is Zeng Lingfeng's principle.

However, Zeng Chuipu's rise to power this time was based on the large loss of state property. Although the Zeng family and his son had no responsibility in it, there is an old saying that if I don't kill Boren, Boren died because of me, which also made the Zeng family and his son feel deeply saddened.

The father and son just sat silently in the secretary's office of the provincial party committee compound, and the atmosphere seemed a bit dull.

"Dad, I have a suggestion." Zeng Lingfeng observed his father's face and said slowly.

He did not come to the door today, but took the initiative to come. He knew that at this time, his father might need to find someone to talk to. His son is undoubtedly the best candidate. Looking within Sichuan Province, Zeng Chuipu may only have no scruples if he talks to him.

Zeng Chuipu looked at him and said with a smile: "If you have something to say, don't look at it, you are not that fragile."

Boss Zeng blushed with a rare smile and gave a thumbs up: "Chief Gao is the leader, and his iōng is extraordinary. I think you should spend some time, go to all parts of the country to have a good time to inspect the situation in the countryside. This is a big deal."

Zeng Lingfeng meant that he wanted me to pay close attention to the grassroots situation. In recent years, the country has indeed become rich, otherwise there would not be so much spare money to buy bonds from two-bedroom companies, causing heavy losses and passiveness now. However, except for a few provinces and cities like the basin that attach great importance to people's livelihood projects, most provinces and cities have not paid enough attention to this aspect.

However, such things have risen to the national policy level. Although Zeng Lingfeng has a great influence in the top management, he can only beat the edge and try his best to solve the problem within the scope he can influence.

Now that my father has been promoted to the central government, he has to stand at the national level, Zeng Lingfeng feels it is necessary to give a good reminder.

"According to the situation reported by various provinces and cities, there is no big problem," Zeng Chuipu said.

Zeng Lingfeng smiled. How could he believe this official article? Perhaps, Zeng Chuipu's province can guarantee a certain credibility. Other places, it's better not to say anything. Zeng Lingfeng, who once experienced this, is not clear about these situations?

Zeng Lingfeng shook his head and said, "What are the situations reported by various provinces and cities?"

Zeng Chuipu glared at his eyes and pretended to be angry: "What, are you criticizing my bureaucrat?"

Zeng Chuipu's secretary Xiao Mu smiled secretly, feeling that the eldest son of the Zeng family was becoming more and more arrogant, and openly "accusing" the prime minister and bureaucrats, with extraordinary courage.

Xiao Mu is the secretary after Zeng Cipp took office as secretary of the provincial party committee, and is also Zeng Cipp's third secretary on his career. He is 32 years old this year.

Zeng Chuipu is about to go to Beijing to take office, and Xiao Mu knows that he is already worried secretly. He is not worried about his work. Xiao Mu is not very eager to make progress in his career. He is young and is enough to support his family. If he doesn’t have any "ambitions", his life will be easy. What he is worried about is that he should follow Zeng Chuipu to Beijing and continue to stay in Shu.

Zeng Lingfeng smiled, then became serious and said, "Dad, it's not that I believe the situation in these provinces and cities. It's really too important to be careful. In recent years, the country has indeed become rich, but the people are still rich. Now, the most urgent task of the central government is to let the people truly feel the benefits of the country's prosperity and the happiness brought by material prosperity. The purpose of our economy is to achieve the improvement of people's living standards, otherwise everything will lose its meaning. I think you should not only go down and take a look, but also bring relevant experts to the grassroots level and check it carefully. Either nothing happens, or something happens is a big deal."

Zeng Chuipu couldn't help but be infected, his eyebrows frowned slightly, and he nodded slightly. T
Chapter completed!