Reborn Capital Madman

Gao Xian's new version of the Hong Kong dollar was the first to remove the phrase "or equivalent to colonial currency". It was a clever test, and the result also proved that the Hong Kong government respects Gao Xian's strength.

Of course, Gao Xian also gave a high-sounding explanation on this issue when he met with Hong Kong Governor MacLehose.

"Before 1973, as a member of the Sterling Area, Hong Kong's foreign exchange market was only a regional market. However, with the dramatic changes in the international economic order caused by the collapse of the Bretton Woods system, this stable situation no longer exists.

"

"Fortunately, with the wise leadership of the Governor and the pragmatic work of the Financial Secretary, the Government has the courage to innovate and has abolished the long-term controls on the Hong Kong foreign exchange market, which has promoted the vigorous development of the Hong Kong foreign exchange market and invisibly improved the international reputation of the Hong Kong dollar.

In the past 1975 alone, the forward foreign exchange purchased by the Hong Kong banking industry reached approximately 6 billion."

"The change in the new style of Hong Kong dollars issued by favorable banks is on the one hand to reduce the difficulty of design and printing, and on the other hand it is also to adapt to the internationalization of the Hong Kong dollar."

Hong Kong Governor MacLehose glanced at the Hong Kong Financial Secretary Xia Dingxin who was accompanying him, and then laughed and said: "Sir Gao is in his prime, daring and courageous, which is a blessing to the development of Hong Kong."

In this way, among everyone's chatter, the issue of removing "or equivalent to colonial currency" from the new format of the Hong Kong dollar in Gao Xian's version has become a chapter.

Continuing to focus on the topic of the Hong Kong dollar, Gao Xian turned to say: "In order to maintain the value and status of the Hong Kong dollar in international trade activities to the greatest extent, I have a suggestion to launch a Hong Kong dollar exchange rate index."

Hong Kong Governor MacLehose asked with great interest: "How does the Hong Kong dollar exchange rate index mentioned by Sir Gao actually work?"

Gao Xian slowed down and said: "The principle of formulating the Hong Kong dollar exchange rate index is to select the 15 major trading partners of Hong Kong based on the bilateral trade relations between each country or region and Hong Kong and its proportion in world trade.

Currency is used as the basis for calculation, and the total bilateral trade value between these fifteen major trading partners and Hong Kong in 1972 is used to determine the weight ratio of their respective currencies in the Hong Kong dollar exchange rate index."

"To be specific, the basic date is December 18, 1971, and the Hong Kong dollar exchange rate index was one hundred on this day."

"Based on Gao Yi's analysis, in the past 1975, the Hong Kong dollar exchange rate index should have been 104.8." Gao Xian handed over the prepared document, "The content above elaborates on the Hong Kong dollar

All aspects of exchange rate indices.”

Hong Kong Governor MacLehose carefully read the documents. In fact, although he felt that the Hong Kong dollar exchange rate index proposed by Gao Xian should be useful, he was not like Gao Xian who diligently recharged himself in the professional field, so that the above

I don't quite understand a lot of the content.

Fortunately, there were professionals from the Hong Kong government present. Hong Kong Governor MacLehose casually handed the document to Financial Secretary Xia Dingji, and then curiously asked Gao Xian, "What impact will the Hong Kong dollar exchange rate have on the Hong Kong dollar after the launch of the Hong Kong dollar exchange rate index? The current exchange rate

The freely floating Hong Kong dollar continues to fall against the US dollar. Can the Hong Kong dollar exchange rate index reverse this trend and help stabilize prices in Hong Kong?"

Gao Xian replied carefully: "At present, the role of the Hong Kong dollar exchange rate index is mainly to reflect the prices of goods and services in Hong Kong. Compared with the changes in Hong Kong's major trading partners, it can be regarded as a reflection of Hong Kong's price competitiveness.

main indicators.”

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

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

Hong Kong Governor MacLehose nodded, and then joked: "David mentioned that Hong Kong currently lacks a futures market. Are you interested in taking the lead in creating one?"

"I do have this idea." Gao Xian said without hesitation: "In the past few years, I have been inspecting the operations of the futures markets in New York, Chicago, London and other places, and the current trading of gold, foreign exchange, etc. in Xiangjiang has hit new highs year after year.

Especially gold, in the past 1975, the import volume reached 100 tons, making Xiangjiang the world's gold market after New York and London, fully equipped with the mature conditions for trading in the futures market."

Hong Kong Governor MacLehose understood Gao Xian's analysis, because the Hong Kong gold market was indeed prosperous and well-known around the world.

It must be pointed out that for a long time, gold has been subject to strict supervision around the world. Private individuals were not allowed to invest in gold. It was only in recent years that regulations were gradually relaxed. Xiangjiang was a pioneer, and the United States had already done so in 1975.

Gold controls were lifted.

You know, after the collapse of the Bretton Woods system, the dollar depreciated sharply. Correspondingly, the global desire to preserve asset value was very strong, and gold naturally became the best choice.

Before the collapse of the Bretton Woods system, the official price of gold was US$35 per ounce; after President Nixon of the United States decided to terminate the obligation to directly convert the US dollar into gold, the price of gold soared, exceeding one hundred dollars in 1973.

The U.S. dollar; it exceeded 200 U.S. dollars in 1974; currently it fluctuates in the range of 130 U.S. dollars to 180 U.S. dollars.

Of course, the reason for the high global gold price is not only the strong desire to preserve the value of assets, but also the crazy speculation by big players behind the scenes. Gao Xian identified some secrets that are not common knowledge to outsiders.

In short, in the current era, the gold market is extremely hot, and the Hong Kong Gold Market has established a global status. This is already widely recognized. Hong Kong Governor MacLehose also clearly knows, and furthermore has no doubt, that gold can become a Hong Kong gold market.

Local futures trading varieties.

Hong Kong Governor MacLehose took a sip from his coffee cup, and his thoughts couldn't help but wander a little.

When Li Fuzhao and others established the Far East Exchange, the first Chinese stock exchange in Hong Kong, they did so quietly while avoiding the eyes of the British; now Gao Xian dares to express his plan to establish the first futures market in Hong Kong in person.

Are you sure no one is capable enough to compete with it?

Gao Xian continued: "Xiangjiang's financial system needs to be developed, and there are still many places where it can be aligned with the world's financial centers. I ask the Governor, 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 safety, it may be produced and released by Gaoyi this year, and the government will officially adopt it next year."

After listening to Financial Secretary Xia Dingji's expert opinions, Hong Kong Governor MacLehose became convinced. Gao Xian lobbied himself just to give the Hong Kong dollar exchange rate index an official status. If rejected, Gao Yi would still push forward. Anyway, this move

It is not illegal, and the data source can also be obtained through official channels such as the Hong Kong Government Gazette.

After realizing this, Hong Kong Governor MacLehose also made it clear: "Sir Gao's ideas about the Hong Kong dollar exchange rate index and the first futures market have undoubtedly injected vitality into Hong Kong's financial system, and the government is certainly happy to see its success.

."