Many people will regard 1990 as the origin of the development of the domestic financial market.
On October 26, 1990, the Shanghai Stock Exchange was established; on December 1 of the same year, the Shenzhen Stock Exchange also opened for business; since then, Yang Wanwan and the old stereotypes have become the eternal imprint of that turbulent time. But if we go back to the origin, during the same period from 1980 to 1990, many foreign exchange brokers in Hong Kong also opened the prelude to domestic foreign exchange transactions by setting up offices in Shanghai.
It's just that thirty years have passed,
and compared with the stock market, the domestic foreign exchange market is still in its infancy. Where is the divergence of fate? What stages must the development of China's foreign exchange market go through? 1. Looking at the foreign exchange market from the development of the stock market When talking about China's investment market, the stock market cannot be avoided. But the development of China's stock market did not happen overnight.
In 1984, when China's first stock, Feilo Audio, was born, many people had no idea what a stock was. Some people bought it here and there, and they also used it as a collection of stamps. But later that year, the Jing'an branch of the Industrial and Commercial Bank of China Haitrust Investment Company directly opened a counter to buy and sell Feilo Audio's stock as an agent, and later added Yanzhong Industrial.
After a long time, everyone knows that stocks can pay dividends, and the enthusiasm for buying has gradually increased. When the Shanghai Stock Exchange was established in 1990, stock trading finally became a logical investment method.
In July 1991, the Shanghai Stock Exchange launched a stock account, which finally solved the problem of being unable to directly buy and sell stocks outside of Shenzhen and Shanghai. In 1992, after the Southern Tour speech was published, the Chinese stock market also ushered in an expansion.
Throughout the history of China's stock market development, it is actually a process of constantly discovering and solving problems. Investors have never learned to understand gradually, and then to using stocks as a daily investment method, it is also gradual and gradual.
2. The foreign exchange market is the epitome of the stock market 15 years ago
The foreign exchange market, which started at the same time as the stock market, had the same process at the beginning.
In the 1980s and 1990s, the first batch of foreign exchange brokerage companies that entered Shanghai were able to provide users with a complete set of account opening and transaction procedures. Even for a period of time, foreign exchange and the stock market went hand in hand and became very active investment markets.
However, because domestic traders did not understand the foreign exchange market and foreign exchange transactions at that time, coupled with the fact that the financial market had just started at that time, there was a lack of foreign exchange professionals, and the regulatory system was still in the groping stage. As a result, foreign exchange margin trading came to an abrupt end in 1994, which also brought a sudden brake on the development of the foreign exchange market.
During the period from 1994 to 2006, the domestic foreign exchange margin market was basically in a blank stage, which invisibly caused a 10-15-year generation gap between the foreign exchange market and the stock market.
However, with the maturity of domestic financial supervision, especially the establishment of the State Administration of Financial Supervision, the active foreign exchange market is on the eve of explosive development.
3. A group of influential traders will be born in the foreign exchange market
. In the early stage of the development of the domestic stock market, a group of large traders were born. They have played a very good role in demonstrating and promoting the development of the domestic stock market. For example, we are familiar with Yang Wanwan, Jiang Yiqun and so on.
At this time overseas, Bill Lipschutz earned US$300 million in the foreign exchange department of Salomon Brothers; Andrew Craig earned US$300 million because he accurately predicted the fall of the New Zealand dollar; A $2,000 investment became $200 million.
But in contrast, due to the relative lack of channels in the domestic foreign exchange market, there are very few charismatic figures.
The development of any market is inseparable from the precipitation of time. I believe that the foreign exchange market in China will definitely usher in an outbreak! Is foreign exchange legal? Why is there an advantage in foreign exchange speculation in China?
According to reports, Professor Huang Zemin, director of the Institute of International Finance of East China Normal University, submitted a proposal on listing foreign exchange margin products as soon as possible at the Fifth Session of the Twelfth National Committee of the Chinese People's Political Consultative Conference.
Foreign exchange margin trading refers to a leveraged transaction in the foreign exchange market, also known as "foreign exchange leveraged transaction". This trading method allows investors to participate in larger transactions with a smaller amount of funds by providing a certain percentage of margin to the broker.
For example, if a trader wants to make a trade of $100,000, he only needs to pay the broker a certain percentage of margin, such as 1%, which is $1,000, to make the trade. This trading method allows traders to obtain greater capital leverage and thus have the opportunity to obtain higher profits. Foreign exchange margin trading is a common trading method in the foreign exchange market, which is usually used for short-term speculative trading.
Foreign exchange margin is a unique foreign exchange derivative product. It adopts the margin system for spot foreign exchange transactions, mainly over-the-counter transactions. It is a mainstream and mature product in the international foreign exchange market.
Foreign exchange margin trading in my country began in the early 1990s. At that time, individual foreign exchange speculation rose internationally, and some foreign currency brokers entered China to engage in illegal foreign exchange margin trading.
In August 1994, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, the State Administration for Industry and Commerce and the Ministry of Public Security jointly issued the "Notice on Strictly Investigating and Punishing Illegal Foreign Exchange Futures and Foreign Exchange Margin Trading Activities", prohibiting foreign exchange margin trading in the mainland.
For more than 20 years, my country has had a large group of foreign exchange margin investors, who have risk awareness, risk tolerance, and rich experience in foreign exchange investment.
The survey results show that more than 80% of the current foreign exchange margin traders in mainland China have a certain degree of understanding of foreign exchange margin trading. Investors' first deposits are concentrated in a small amount of 1,000-5,000 US dollars, and the proportion of their foreign exchange margin investment in financial investment and financial investment in total assets is relatively low. Although there are brokers who provide up to 400 or 500 times leverage, most investors still choose about 100 times. The above all reflect that the current foreign exchange margin investors in our country are still relatively cautious.
According to the survey, both investors and brokers expressed strong interest in opening foreign exchange margin trading in China. Most investors are worried about safety issues such as fraudulent companies, transaction slippage, or fund embezzlement in overseas transactions. They believe that after the opening of domestic transactions, the supervision will be complete and the safety of funds will be guaranteed.
Brokers said that domestic individual investors currently have limited investment channels, especially the lack of short-term, flat and fast products. The foreign exchange market has various advantages that other markets cannot match, and it is hugely attractive to investors. The investment demand for foreign exchange margin exists objectively.
The sunshine of foreign exchange margin trading can improve the disorderly development of the industry, and the improvement of laws and regulations will reduce disputes between investors and brokers due to unclear trading rules, which will better protect investors and reduce Broker's operating costs. According to the survey, 80% of the interviewed investors have investors who are interested but have not yet participated in the transaction, and 87% expressed their willingness to participate in domestic foreign exchange margin transactions.
In my opinion, the listing of foreign exchange margin products will have the following benefits:
First, enrich the products in the field of foreign exchange investment to meet the needs of investors;
second, guide the orderly flow of foreign exchange investors' funds and prevent illegal capital outflows;
third, the sunshine of foreign exchange margin business can not only crack down on the The black platform in the field can reduce investment disputes, increase employment opportunities, and increase tax revenue;
fourth, because foreign exchange margins are in a gray area in China, among the many tradable currency pairs, there is no currency pair between RMB and other currencies. , which is also contrary to the marketization goals of RMB internationalization and RMB exchange rate formation mechanism. Of course, whether to adopt the off-exchange trading mode, the on-exchange trading mode, or both in our country is a question that can be studied.
To sum up, I suggest listing foreign exchange margin products in our country as soon as possible.
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