The latest news shows that Zhou Daojiong, the second chairman of the China Securities Regulatory Commission, who had disposed of the "327 Treasury Futures Incident", died in Beijing on January 11, 2024 at the age of 90.

Public information shows that Zhou Daojiong was born in December 1933.

From December 1984 to April 1994, he served as the president of China Construction Bank and the chairman of China Investment Bank.

In October 1992, he was also the executive deputy director of the State Council's Securities Committee.

From April 1994-March 1995, he served as the Vice President of the State Development Bank and the chairman of the Supervisory Board of China Construction Bank.

March 1995-June 1997, chairman of the China Securities Regulatory Commission and chairman of the Supervisory Board of China Construction Bank.

The "327 Treasury Treasury Incident" of the History of China's Capital Market

As the second chairman of the China Securities Regulatory Commission, Zhou Daojiong is a fiscal expert and has experience in the experience of Da Bank. On March 31, 1995, at the age of 62, he was in danger and was ordered to serve as the chairman of the CSRC.The follow -up processing of the "327" incident that broke out on the daily outbreak.

It is reported that the "327" incident in February 1995 was at that time in China ’s largest brokerage securities in the country’ s illegal operation caused a huge storm in the national bond futures market.

327 Treasury bonds are codenamed national bond futures contracts, corresponding to the issuance of three -year treasury coupons that have been paid in June 1995 in 1995. The total amount of this coupon is 24 billion yuan.At that time, the ticket rate of the 327 voucher was agreed at 9.5%. Under normal circumstances, the principal and interest of the Treasury bond should be 128.5 yuan after expiration.

By the beginning of 1995, the market rumors that in order to ensure the increase in inflation rates, the Ministry of Finance will increase the "327 Treasury Bonds" value -preserving subsidy rate in order to ensure the increase in inflation rates and the interests of people holding debts.Based on the value -preserving interest rate of 8%, 327 Treasury bonds will be paid at a price of 132 yuan.

Therefore, when the market price of Treasury bonds rose to around 147, IWC and Liaoning Guofa Group began to short.But then, the "preservation and supplement rate" later increased to 12.98%.On February 23, 1995, the Ministry of Finance officially issued an announcement of increasing the 327 national bond interest rates. The 327 national bonds with a face value of 100 yuan will be paid at 148.5 yuan.

As soon as the news was announced, the long and short sides launched a deadly fight. After the opening, the multi -party was under the leadership of China. With a 3 million mouthful of multiple orders, the closing price of 148.21 yuan the previous day was pushed to 151.98 yuan.

Starting at 16:22 pm on the same day, in order to reverse the defeat of the defeat, Wan Guo Securities broke out 327 national bonds, broke the number of orders to sell, and sold national bond futures.Without sufficient margin, two self -employed seats were continuously entered into 23 empty orders with two self -employed seats. In less than eight minutes, Wanuo Securities used the face value of 10.56 million yuan to smash the disk by 21.2 billion yuan.The 7.3 million vested list, the corresponding face value was 146 billion yuan, and the price was killed at 147.50 yuan.

In the end, all the bulls burst out, and the short nations made a profit of 4.2 billion yuan.At that time, in order to maintain the market order, the Shanghai Stock Exchange announced that the last eight -minute transaction was invalid.The market believes that this is a correct decision, but if it is closed at 151.30 yuan, the country will lose 5.6 billion yuan.This not only caught the huge financial crisis, but also caused heavy losses to some futures investors who followed IWC.

In the face of investors' "discussion" to protect their rights, Zhou Daojiong spent a lot of energy to deal with it.However, the market rectification was decisive. From May of that year, it was announced to suspend government bond futures transactions to a series of derivative problems arising from the closure of the market.Disclosively, and eventually dealt with this crisis properly.The name of the "Captain Fire" has also come since then.

Multiple fires during the two -year office

According to Caixin.com, in 1996, Zhou Daojiong also disposed of many incidents such as Qiong Minyuan, Changhong's shares, and Huatian, and he personally instructed more than 90 cases.

In addition, Zhou Daojiong also introduced a series of regulatory documents such as self -operating management, foreign -funded business qualification management, and securities market risk management, which were called "twelve gold medals" by the market.The 10%increase limit of Shanghai -Shenzhen -Shenzhen transactions so far is also from his tenure.

In just two years, Zhou Daojiong rose 82.5%in his term of office. He once said with emotion: "During my tenure, he experienced a lot of sweet and bitter, ironic me, scolded me, and even threatened to kill me who wanted to kill me.There are all, saying that I am the captain of the fire savings, and I am also a deputy. Now when I look back, I feel very excited. I am happy for the fate I have formed with the Chinese capital market. "

(Reporter Yan Jun, Caixian News Agency)