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Chapter 1315: Chapter 1170: Exchange Tide (Please Subscribe!)
The previous one.
Lang Cai found it hard to pass judgment.
But he felt uneasy inside.
However,
concerning the establishment of the Stock market,
he wholeheartedly supported it. At present, Myanmar’s finance Industry could be considered ’primitive,’ with only banks. Any somewhat ambitious nation would not allow free currency exchange.
But they would certainly find a way to establish a Stock market.
He had considered this before, but at the time, Myanmar was an agricultural country with virtually no industrial presence; opening it would likely not result in many companies Going public. If there were only a few stocks, it would have been embarrassing.
Now,
there were more than enough qualified companies.
Not to mention the numerous high-quality enterprises in the Myanmar series, just the newly rising competent companies alone were many, plus the restructuring of Myanmar’s state-owned companies led by Ling, optimizing management and gradually turning them into high-quality assets.
It could be said,
now was the right time to open.
"Stock market? Father, should our company also go public?" Lang Cai’s eldest daughter was somewhat interested; Going public was much better than bank loans, as bank loans had to be repaid, but financing through Going public did not.
"If there’s a need, go public; if not, then don’t," Lang Cai said.
"Oh."
At this moment, Lang Cai seemed to understand why Ling wanted to open the Stock market—to stabilize the Asia Dollar’s Currency Value after replacing the Myanmar Kyat, ensuring a smooth transition between the Asia Dollar and Myanmar Kyat.
He also discerned something else.
Ling might be planning to expand the scale of money printing.
The Stock market.
Or rather, the financial market, was like a capital pool that could absorb the excess Currency issued, reducing the risk of Inflation. Money circulated within the financial market and would not randomly lead to significant price increases.
The more developed the finance Industry.
The better the effects.
If he were Ling, having obtained the Transcription Fluid and owning a commodity the whole world couldn’t refuse, his Currency would have appeal because, at the very least, it could buy Medicine.
If so,
Ling would definitely expand the Issuance scale of Asia Dollars, print his own money, and exchange whatever he needed on the international market. Thinking about this, Lang Cai couldn’t help but feel envious; during his term, very few countries recognized the Myanmar Kyat.
It was only used on a small scale in Southeast Asia, and major Trade still relied on the US Dollar and Yen for settlements. Now, the position of the Asia Dollar in regional Trade settlements was something he had never even dared to dream of before.
Asia Dollar.
Ling’s ambition.
It was evident from the name.
He aimed to make a mark in Asia, not just in one country or location. The Myanmar Kyat indeed had limitations, but what he didn’t know was that Tang Qing’s goal was to dethrone the US Dollar.
...
The broadcast of the News.
Some rejoiced, some grieved.
Those who rejoiced were
common people happy to have more Investment channels, otherwise, keeping their money in the bank would earn them very little interest. Companies were also happy, as they could go public and expand their Influence.
Those who grieved,
many could no longer hide their Property.
Previously,
a lot of problematic money was kept hidden, seeing the significant depreciation of the Myanmar Kyat, they dared not Exchange it. For example, some of Myanmar’s government Employees, and others who acquired funds through illegal channels.
If they exchanged it for Asia Dollars,
it would definitely leave a trace. Now, although Ling had not restricted them and their families from doing business, he was quite strict about the regulation of illicit money.
Your family doing business,
earning money,
spending it on you wasn’t an issue, but if the money came from kickbacks, that was a different matter. Ling was not lenient, even if it involved using one’s position to secure benefits for one’s family or Projects.
However,
taking money for services.
It was absolutely not allowed.
Some said, wasn’t this just a change in form but not in substance? It was all private use of public power, but there is no perfect system or person in the world. As long as it wasn’t too excessive and didn’t increase government expenditure, it wasn’t considered a big deal.
A one million Project.
If you can do it well with one million,
no problem.
But if it turned into one million one hundred thousand, then no one can be blamed. Therefore, although many people were biased towards their own, as long as it wasn’t too excessive, it didn’t count as undermining the system; fairness has always been relative.
Otherwise,
the first one to be apprehended would be Ling,
due to the Myanmar Bank Group,
an unavoidable behemoth. Currently, they were profiting wildly; everyone could see Ling getting rotund from devouring profits, while others were left to scrape by, which was quite an unsightly scene.
Morale dissipated.
Leading the team became difficult.
Just one hour after the news broadcast,
the Myanmar Central Bank’s official website processed nearly one hundred thousand currency exchange requests.
In less than an hour,
the Myanmar Central Bank received approximately four hundred billion Asia Dollars in Myanmar Kyat, all digital currency, not cash. Their ultimate fate was to be erased by a Myanmar Central Bank keystroke... reset to zero.
Currency.
That is how it functions.
Value derives from national sovereignty credit.
Abandoned currency.
Worthless, all the exchanged Myanmar Kyat would undergo such a reset, transferring the settlement rights of Myanmar’s sovereign currency to Myanmar Bank henceforth.
And the collected paper Myanmar Kyat,
had only one destiny.
Complete destruction.
This replacement of Myanmar Kyat with Asia Dollars,
except for a few sentimental people,
pleased the employees of the Myanmar Central Bank.
As they were not unemployed and received undiminished wages, there was nothing to grieve about. And power? The Central Bank is not just any financial institution, devoid of real economic power.
No matter how much money is printed,
it’s for the commercial banks below.
It has nothing to do with them. When it comes to real power, or say, benefits, even Ke Xiao, the chairman of the Myanmar Central Bank, might not rival a small bank chairman in a county branch of a lower bank.
Given that,
why mourn?
Even the former chairman, Ke Xiao, remained chairman, only henceforth, the Myanmar Central Bank’s role would shift to policy research and a publicity department for Myanmar Bank, doing much the same as before.
The next day,
as soon as day broke,
outside the Myanmar Economic Zone,
queues formed outside banks in major cities; not everyone used the internet, and with low computer prevalence, most people could only go to the banks to process their exchange applications.
Logically speaking,
why not convert all the money in people’s bank cards to Asia Dollars all at once? This way, the matter would be resolved overnight and the remaining paper money would gradually be exchanged.
However,
thinking this way,
somewhat overlooked another aim of this exchange,
---cleaning up problematic accounts.
This time, Myanmar Kyat in the bank cards, when applied for exchange, required identity documents. This would expose numerous illegal and dormant accounts.
For instance,
one’s illegal gains.
These funds,
might not be kept in their own account but perhaps in someone else’s, considering banks only require identity documents at the time of opening accounts, not thereafter.
Now,
if one wished to exchange the money, they had to use their ID card once more; yes, many could provide identity documents, but inevitably, a part of the illegal gains would become frozen in this manner.
Regarding the frozen funds and money in dormant accounts,
well,
they were of no practical use.
For an institution capable of printing money, their significance was merely to help stabilize the economic order, combat economic crimes, streamline internal accounts, and refine account classification for better management.
As for spending them?
Forget it.
Just print new money.
It’s merely about typing a one on the computer, and then considering how many zeros to type afterwards.
