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Chapter 11 – Treasury Bonds
It’s only four o’clock in the afternoon, but it’s getting dark. Fortunately, they are driving and Feng Yu is able to reach Teacher Sun’s house before dinner time. Teacher Sun is very happy that Feng Yu could come and visit him.
To Teacher Sun, Feng Yu is usually a little quiet but he studied very hard. Only his grades for Russian and math are poor, and most likely will not be admitted into high schools in the city. But he should still be able to enter other high schools in the district.
After politely declining teacher Sun’s dinner offer, Feng Yu returned to Li Shiqiang’s house. After dinner, Li Shiqiang went out to look for those people who wanted foreign currencies. Feng Yu will only return to the farm in the afternoon. Who knows, they might be able to get more RMB to exchange for foreign currencies at International Hotel tomorrow morning.
It was about ten o’clock at night when Li Shiqiang came back. He had brought out some foreign currencies and return with more than 50,000 RMB.
“Brother Li, do you think it is easy to make money?” Feng Yu asked.
Li Shiqiang nodded: “You are smart unlike me. I did not study much and is not highly educated. If we continue doing this for a month, the amount we earn in a month will be more than my annual salary.”
“There is a more profitable business. You interested?” Feng Yu asked.
“More profitable?” Li Shiqiang’s breathing becomes more rapid.
“Xiaoyu, you kept telling me about Treasury bonds. But I understand more about Treasury bonds than you. You can’t make money out of Treasury bonds and these bills cannot be used as cash. You also have to wait till the maturity to get back your money.” Li Shiqiang replied disappointingly.”
Everyone working for the government was forced to buy Treasury bonds. They were promised that there will be interest for these bills in the future. But who knows what will happen in the future.
“Brother Li, don’t you read the newspaper? Treasury bonds will be tradeable soon and it will be like commodities. Ten dollars’ worth of Treasury bonds could turn into 11 dollars.”
Li Shiqiang shook his head: “I still think changing foreign currency is more profitable.”
Feng Yu said angrily: “You really think that it is so easy to earn from trading foreign currencies? This is illegal. Although there is no one catching us now, how long more can we earn doing this? Also, you don’t know any foreign language. What are you going to do when I go back to the farm? Besides, the employees at the International hotel have noticed us. They will be chasing us away tomorrow if we are there again.”
Li Shiqiang froze. This is so profitable and we can’t do it anymore?
Seeing Li Shiqiang stop talking, Feng Yu continued: “Is the Treasury bill interest rates higher than the bank?”
“Yes, it’s higher than fix deposits, but you can’t withdraw it.” Li Shiqiang replied.
“I told you that it will be tradeable soon. Think about this, if I offer you 9 RMB for your 10 RMB Treasury bonds now, will you sell it?” Feng Yu asked.
“Of course, I will sell the Treasury bill. I don’t want to wait so long.” Li Shiqiang replied.
“That’s right. There are a lot of people that think the same way like you. That is when the price of the Treasury bill drops and 10 dollars will turn into nine dollars. But there will be people who have spare cash and wants to own Treasure bills but are no Treasure bills in the market. So, they will offer a higher price for it and the price of a 10 RMB Treasury bill will become 11 RMB.” Feng Yu explained.
“Impossible. Who will be so stupid to spend 11 RMB for 10 RMB? The Treasury bill interest rates might not be so high.” Li Shiqiang can never believe that anyone will offer such high prices for Treasury bonds?”
“That was just an example. But if it is 10.1 RMB? Do you think there will be people buying it?” Feng Yu asked.
“That’s more like it, but there will really be people who want to buy it? And the government really will allow the trading of Treasury bonds?” Li Shiqiang asked.
“Teacher Sun told me. His student from capital gave him this internal information. When that happens, we will earn from the price difference. 10 RMB will become 11 RMB and 100,000 RMB will turn into 110,000!” His Teacher once again is used as a shield by Feng Yu.
Li Shiqiang eyes shine. 100,000 RMB become 110,000 RMB, this is really profitable. His salary is less than 100 RMB a month.
“Xiaoyu, then what am I supposed to do?” Li Shiqiang asked excitedly.
“Buy Treasury bonds! Buy from co-workers and friends. Offer them 9.5 RMB for 10 RMB Treasury bonds. Most of them are forced to buy these bills and they will be willing to exchange these bills for cash. Remember, Treasury bonds will be tradeable in two months’ time. In the meantime, buy as many Treasury bonds as you can! No one will be willing to sell these bills two months later.” Feng Yu said.
“You mean we are using all our money to buy Treasury bonds? We have over 100,000 RMB on hand now. What if the news is fake? Why not we just use 10,000 RMB first?” Li Shiqiang asked.
He dares not take the risk. If the news is fake, all their money will be held in these bills and unable to liquidate till several years later.
“Even you don’t believe me, you should trust my teacher. What he said is definitely true. This foreign currency exchange method of making money is taught by him So just tell me, how much money did we make? If you are able to borrow money, you should borrow to buy more Treasury bonds!”
Feng Yu again Teacher Sun’s name to convince Li Shiqiang.
Early the next morning, Li Shiqiang dropped Feng Yu at the International Hotel and left. He wants to exchange these foreign currencies as soon as possible.
Through word of mouth, many people now know that Li Shiqiang have the ability to get foreign currencies and they even take the initiative to find him.
Feng Yu continued to exchange foreign currency in front of International Hotel. With his persuasive skills, he exchanged more than 40,000 RMB for Rubles and USD.
Feng Yu is afraid that something bad might happen to him as he was alone and carrying so much cash, he stayed in front of International Hotel’s main entrance. The doorman noticed him and reported him to the manager, Yu Chunyuan.
Just when Yu Chunyuan came out, he saw Feng Yu exchanging foreign currency for some foreign guests. He is very angry. The guests at International Hotel often approach him to exchange foreign currencies for RMB and then he will change these currencies with some government officials privately.
Yu Chunyuan grabbed Feng Yu’s sleeve: “Who allowed you to exchange foreign currency with foreign guests here? I am going to get you arrested!”
Feng Yu smiled awkwardly: “Manager Yu, I am helping cousin change. His leader will be going aboard next month and wanted to get some foreign currency to buy some souvenirs back. I got enough and will leave now. I promise you I will not be back.”
Yu Chunyuan looked at Feng Yu’s bag. It seems full of cash. But Yu Chunyuan can only warn Feng Yu as he did not want to have a bad reputation for bullying children.
Yu Chunyuan warned Feng Yu: “I will let you off this time. If I ever see you hara.s.sing my guests again, I will call the police! You should go to the bank and make an application to exchange currency.”
Feng Yu nodded and left. One hour later, Li Shiqiang came and pick him up. Knowing that they are not allowed to hara.s.s the foreign guests at the International Hotel, he felt very disappointed. This is an easy and fast way to make money.
“Brother Li, don’t be demoralized. We can trade Treasury bonds for a year or two. After you have changed these foreign currencies to RMB, you can start to buy Treasury bonds. Once it is officially legalized to trade Treasury bonds, we will be rich! You won’t disappoint my sister and my dad, are you?”
Li Shiqiang replied firmly: “I will not let them down! Starting tomorrow, I will start to collect Treasury bonds!”
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