This stock market history will show you are feeling the stones slowly traversed 20 years of history,
Turbulent ups and downs for you reveal the movement of the back story of convergence of those hidden secret … …
Shenzhen black fever caused great attention in Beijing, “People’s Daily” published an article entitled “The Shenzhen stock market frenzy, potential problems worrying” situation compilation. National Audit Office sit still. The concept of planned economy is this: chaotic price rise, after we have audited Mody? The Audit Commission and the People’s Bank were jointly engaged in an “investigation report”, on July 3, 1990 release. “Investigation report” pointed out: The stock price and the actual value of a serious departure from the venue of stock turnover growth too fast, off the illegal trade is thriving, the situation is abnormal. Leadership instruction, puma running shoes the Audit Commission sent south to the investigation. To people of the Central Advisory Board Zhou Jiannan. But too late, and already in 1990 the 12-month 7.
May 17, 1990, the Shenzhen Municipal Government issued “to strengthen the securities market management, and to ban illegal trade off,” the announcement the next day or 18, the “Shenzhen Special Zone Daily” in a prominent position in bold type on the full text of this announcement. This is often brought by shareholders at the time, “5.18″ announcement.
Notice the core is “determined to stamp out illegal trading OTC securities activities”, notice clearly pointed out: “Where the Securities and counter the illicit trade in persons, an investigation has revealed that the municipal industrial and commercial municipal administration departments, depending on the severity, respectively (1) Warning education; ( 2) By Bank of China Shenzhen Branch provided the closing price the day before the class, a fine of 50% or less; (3) forfeiture of securities. ”
After the announcement, the securities department immediately issued a notice requiring the transfer of shares previously specified date must be within the retroactive transfer procedures. puma shoes Public security police, such as scavenging like cleaning off the black market. Ban off the black market is just one aspect of the more important one is how to stop the madness of stock prices rise, so the experts thought of the “Price Limit system.”
Said the system was made in the United States in 1929 after the Wall Street crash. The 1929 stock market crash the U.S. economy collapsed in the October 24 “a tragic Thursday,” This day, the U.S. bankers to commit suicide one after another, including the then world’s largest banks – National City Bank’s president, Charles Michel Er, he jumped on the Morgan Bank building down. Painful as the experience, “Price Limit System” was put on the agenda of the United States Congress. After the system has become a national government should abnormal fluctuations in the stock market means.
May 29, 1990, the Shenzhen Municipal Government in China’s stock market was first introduced, “Price Limit System” which requires companies listed in Shenzhen stock market ups and downs of the stock that day shall not exceed the rate of 10% of the previous day’s closing price. The implementation of this system, for I do not know Price Limit of the mass of investors, resulting in a kind of extreme panic. People have the convergence from the street since the stock and money and let us wait and see. June 18, Shenzhen, the quiet streets of the basic with the past, off-trading activities have calmed down and the South China Sea coast of Sao 1:00 discontinuation syndrome, died down, Shenzhen resumed during the day and night.
However, circuit breakers will not stop the transaction prices of every day inside the top grid up, a few days later, the black market began to quietly take hold.
June 20, the Shenzhen Municipal Government had to put up a 10% decline was revised to 5%. Less than a week, that is, June 26, the city government again revised up decreases, the current amendments only gains, that is, or should not exceed 1% per day, and the decline does not move, is still 5%. The intention of this amendment is very clear: hope or do not want up. The next day, June 27, the Shenzhen municipal government has launched the “transfer of shares on the stock returns and individual tax holding Interim Provisions”, provides for year-end (middle), dividend payout, the holders of shares of personal income of more than part of the one-year bank deposit rate, required to pay 10% of the personal adjustment tax, and provided from July 1 onwards, those who sell the stock price by selling paid stamp duty of 6%. November 20, the Shenzhen Municipal Government asked party cadres to take the lead sells stocks.
In a series of municipal government to curb stock speculation crazy enthusiasm measures, stocks finally ebb of enthusiasm.pum December 8, 1990, that is, Zhou Jian-nan arrived in Shenzhen the next day, all the way up the stock for the first time down there, deep down the development of the lead and began to decline as long as 9 months, Shenzhen Development Bank dropped to 17 from 23 yuan yuan, down more than 30%.