842 New Joint Reserve (1/2)
On the morning of September 25, the Statistics Bureau of New Nation released data on the GDP and economic aggregates of the country for the first half of 2018 and suggested that the growing domestic market of the country was enough to support the issuance of domestic currency.
In order to cope with the fluctuations in the international exchange rate market, Xin must use its own currency to price its own products.
When this report came out, the wise people immediately sensed the wind, which was the government rallying for the release of the national currency!
Sure enough, shortly after the publication of this report, Future Group expressed its support for the initiative.
At the same time, Future Bank, in conjunction with a number of domestic banks in the country, announced the establishment of the ”New Joint Reserve Bureau” and the issuance of a currency called ”Xin New Dollar” or ”XND”. The plan was to completely get rid of the domestic use of foreign currency by the end of 2019.
The issued currency was in denominations of 1, 5, 10, 20, 50, and 100 XND.
The initial issuance of a total of 50 billion XND was guaranteed by precious metals and foreign exchange with a total value of 54.1 billion USD. It was put on the market mainly in the form of loans, and at the same time, it was open to foreign citizens to exchange money. In the future, an additional 50 billion XND would be put into the market for a total amount of 100 billion.
Based on the consideration that the currency was just issued and that Future Bank's foreign reserve was still adequate, the New Reserve temporarily adopted a fixed exchange rate system, which stipulated that 1 XND would be exchanged for 1 USD, and the foreign reserve would be used to float the XND around the current exchange rate.
After waiting for the currency to stabilize, the New Reserve would gradually loosen its monetary policy and make a transition from a floating exchange rate to pricing based on supply and demand of the market.
As the largest shareholder of the New Reserve, the first president of the New Reserve would be headed by David Smith, president of Future Bank, and the vice president would be elected by votes of other banks in Xin.
Financing was rather troublesome to execute. In the spirit of specialization, Jiang Chen handed over the details of the New Reserve to Mr. Smith. He had faith that the former Citibank executive would certainly live up to his expectations.
In a small country in Pacific, the issuance of currency did not cause many waves in the international market.
However, compared with the indifference of the international media, under the influence of the local media, Xin has set off a wave of support for its own currency. Driven by Future Group, many shopping malls had affixed XND labels on their shelves and offered 10% discounts to customers who use XND to purchase goods.
Penglai added XND to the personal electronic accounts of urban residents and provided a ”one-click exchange” button.
In order to reduce the cost of tourism, many tourists also chose to exchange their currencies for XND. However, many foreigners were quite confused.
”Xin New Dollar? Guaranteed with coconuts?”
”Maybe it's with rubber or shellfish or something.”
”Why can't we just use USD? A small country with a population of no more than one million has to issue its own currency. I don't see any benefit other than when it becomes more troublesome to pay.”
”Perhaps it is because the president of Future Group wants to put his head on the banknote. To achieve this goal, it seems that he couldn't think of a better way.”
Ridicules could occasionally be seen in the comment section of the news.Find authorized novels in Webnovel，faster updates, better experience，Please clickfor visiting.
Although people did not care about the New Reserve and Xin New Dollar, they were still very interested in Future Group itself.
A self-made businessman could achieve this. Not only did he establish a trust mode monopoly in an offshore country, but he also issued his own currency.
Numerous capitalists and businessmen had made Jiang Chen a target and countless aspiring young people have used him as a beacon to inspire their own life. Fortunately, Jiang Chen did not know these things. If he knew, he might laugh out loud.
[Is my success easily replicated?]
[If you want to copy it, you must first make an interdimensional bracelet!]
...
There was no work on Saturdays.
At eight in the morning, Natasha walked out of her bedroom rubbing her sleepy eyes. She bumped into Jiang Chen coming out of his bathroom.
”Morning.”
”Ha...ah, morning.”
Yawning, Natasha greeted Jiang Chen and walked around him to go into the bathroom.
After washing up, she went into the dining room.
There were sandwiches and milk on the table. Jiang Chen, who was already dressed, was enjoying breakfast.
The Freemasonry was pinned down by Russia on the Ukrainian issue. They temporarily stopped their plan against Jiang Chen and he had a rare period of free time. Although both parties still were fighting in Madagascar, Africa was, after all, far away from Asia.
Picking up a sandwich, Natasha's arms rested lazily on the table. With one hand holding the side of her face, her blue eyes suspiciously examined Jiang Chen from head to toe.
”What a surprise, how are you up so early today?”
And dressed up.