To be honest, Pu Shougeng, the largest profiteer in the 13th century, is not too crazy. Chi Yue, who is worth 2 million yuan, only dares to pledge 1 million yuan in cash. Since the money bank could not monitor Pu Shougeng's "security fund account" at this time, such a pledge financing ratio is approximately equivalent to one-to-one financing in later generations. Pu Shougeng dares not think about the one-to-three, one-to-four, or even one-to-five allocation, and even if he proposes, the shopkeepers of the money bank in front of him will not agree.

Even if it was one-to-one financing, the shopkeepers present seemed a little hesitant. Although the money-making industry in Jiangnan had already begun to provide financing for Chi Yue hype, it was all "small" financing, only a few thousand chunks of mortgage loans and tens of thousands of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chunks of chun

These millions of guan were astronomical in the Song Dynasty! Moreover, the financial industry in the Song Dynasty was not developed, and the strength of the money shop was even worse than that of the big grain merchants. After all, the big grain merchants were all public property of various Jiangnan clans, and there were tens of thousands or even hundreds of thousands of acres of land behind them. The land in Jiangnan was very expensive, and the value of the high-quality irrigated land was often as high as dozens of guan per mu. The land owned by a big clan is often worth millions or even tens of millions of guan!

In contrast, the strength and background of the Song Dynasty money shop were a little worse. In the Song Dynasty, most of the backstage bosses of the money shop were temples and Taoist temples!

That’s right, it’s these monks! The monks of the Song Dynasty and Taoist priests are much more awesome than those of the 21st century later, and they also play the role of bankers.

All famous temples and Taoist temples are rich and have large areas of land, and they also have large amounts of incense money and certain tax exemption privileges. Moreover, the reputation of temples and Taoist temples is not as rare as that of ordinary merchants, but it is rare to see a thousand-year-old temples. These bankrupt merchants are found every year. But there are very few temples that go bankrupt.

In the eyes of the Song people, placing money in temples is far more insured than having merchants! Therefore, the ability of money shops opened by merchants to absorb deposits and loans is far inferior to that of temples. Over time, the business business has attached to the temple and has become a window for the temple to lend money to merchants.

If there was an annual banker meeting held in the Song Dynasty, the attendees would definitely not be the returnee elites in suits and ties, but the monks wearing cassocks and slim heads. Therefore, Chen Dexing placed the bank he opened under the name of Tiandaoism because of the convention of this era.

However, monk EO would not come to Fenglelou to meet the Pu brothers. The monks also recite scriptures and burn incense. Moreover, the business credit is relatively complicated and cannot be figured out by monks. So they will arrange some business-owned money houses and let them act as agents to deal with merchants.

But even the experienced banker of the money shop is only a little sensible about financial derivatives such as "chiyou", and hesitated when lending large amounts.

Pu Shougeng seemed to have guessed their thoughts a long time ago, and said, "The price of Chiyou has changed a lot. Why not do this? Write it on the borrowing document. As long as the Chiyou transaction price falls below 150 knots, you can immediately cash out the Chiyou sale mortgaged in your hands and get back your principal and interest. Then return the excess to me. How about it?"

This is "forced liquidation", which is one of the most common risk control methods in securities financing. However, it was a financial innovation in the Song Dynasty. At least before Pu Shougeng proposed, there was a money shop or pawnshop with no such precedent. Only when the borrower did not redeem the mortgaged property when it expired, the mortgaged property could not be cashed back. Before the repayment period reached, the mortgaged property was cashed back due to changes in the price of the mortgaged property.

The shopkeepers of several banks immediately thought about it. Chiyou pledged 100 guan cash for a pledge worth 200 guan, and when the price of Chiyou fell below 150 guan, the bank could sell Chiyou... as if there was no risk!

"Okay! Just do it!" The shopkeepers didn't think for too long and all nodded. Since there was no risk, this was a good deal. Compared with the interest given by Pu Shougeng, it was quite high. The profit of five cents is a month and five cents, and a year is 60%. It is equivalent to an annual interest rate of 60%! It can almost meet the standard of usury.

Pu Shougeng smiled and said, "But what if the late appointments rose sharply during the mortgage period? Now the market has seen a 300 guan, 400 guan..."

One of the shopkeepers asked in confusion: "So what if you have risen? Could it be that Pu Guanren (Pu Shougeng is also an official, and Dayuan official) wants to borrow more money?"

"That's true!" Pu Shougeng said. "Why don't you give me a loan amount? How about 50% of the market price of the middle-rated market? If the middle-rated price increases to 300 guan, you will be deducted 150 guan. If 400 guan, you will be deducted 200 guan... Of course, it is not that Pu will definitely borrow, it is just a guan. If Pu needs money, you will go to your shop to withdraw it. As for the interest, it is also calculated by five cents, daily."

"So how much does it take for us to sell after the late price fall?"

"Just count based on the total amount of the loan, as long as the late price of the mortgage falls below one and a half times the total amount of the loan, you can sell it!"

A 2-to-1 mortgage loan can be closed if the price falls below one and a half times the mortgage amount. With such conditions, the money bank seems to have no risk at all.

"Yes, let's make a statement according to this... However, our money houses have limited capital, and the amount of loans needs to be upper limit. Why not double the amount of loans according to the initial amount."

"Well, one word is certain!" Pu Shougen nodded with satisfaction, but felt a little disappointed in his heart.

He knew why these money banks had to limit the loan amount, not because they were afraid of risks, but because they really didn’t have enough cash turnover!

Although the interbank lending of the money-maker industry has always been prosperous, Tiandaozhuang stopped interbank lending after the hype has begun. Without the participation of the issuer of the Tiandaozhuang Fei Money, the Tiandaozhuang Fei Money that the money-maker industry in Jiangnan can provide is relatively limited. After all, Tiandaozhuang Fei Money must be exchanged with gold, silver and copper.

Moreover, in addition to the hype of the Chiao Village, it also avoided a major disaster, and might make a profit from other people's disasters. After the Chiao Village plummeted, Tianao Village may be the richest money house in Jiangnan. At that time, their reputation for flying money will really rise...

...

"General Manager, this is the standard document for pledge loans in Chiao."

On the fifth day after Pu Shougeng negotiated a mortgage loan with several bank shop owners, a standard mortgage document was taken to Qifu Inn by Deng Qiuzhong and handed over to Qu Huajie, the head of Tiandaozhuang manager.

Of course, this document was not signed by Pu Shougeng. It was a late mortgage loan document signed by Jinguxing and Yunlin Jinyin Shop opened by Lingyin Temple. However, the conditions displayed above are exactly the same as those signed by Pu Shougeng.

Both are 2 to 1 loan quotas, and are forced closing lines with pledge about one and a half times the market price, and the interest rates are also five cents (every month). Pu Shougeng accidentally completed another small financial innovation and formulated the rules of the game for securities pledge loans.

Now all the money shops in Lin'an have lended to the participants who have made hype according to this set of rules.

"Ten Chi Yue prosecutions have been issued 1,500 stagnants. This monk from Lingyin Temple is really bold!" Qu Huajie took the document and glanced at it, sneering coldly. In his opinion, this Chi Yue was really the same as waste paper!

"It's not just the monk who is bold, who is not like this in the money shop in Lin'an now?" Deng Qiuzhong said with a smile. "Now Chi Yue has risen every day, and it has risen by more than 300 coins in a blink of an eye. Only 150 coins are bet out, and no one will think there is a risk."

"You can sell it by yourself if you fall below one and a half times?" Fatty Qu asked suddenly.

"Yes, it's one and a half times. If it's calculated at 300 guan, it's possible to sell it if it falls below 225 guan."

"225 guan..." Fatty Qu snorted, "I can't throw it out at that time! The money-making business in Jiangnan is over, maybe even a few temples will be dumped! Zonglian, does your Jinguxing have money in the temple?"

"No, all the money from Jinguxing is stored in the Tiandao Village account."

"That's good." Fatty Qu looked up at Deng Qiuzhong, "Just listen to this, don't spread it everywhere."

Deng Qiuzhong was stunned, "Don't you talk about those Mi Shangs who join forces with us?"

"Not to say it!" said Fatty Qu, "If they truly believe in the way of heaven, they will transfer their money to the way of heaven. If they don't believe it... they will lose to death!"

Deng Qiuzhong sighed, "I really don't know how many people are going to lose to death this time!"

Financial risks never exist only in exchanges! Transferring to the entire financial system through credit is the norm. If there is no effective supervision, it is often a very destructive financial crisis!

However, crisis is a danger and an opportunity at the same time. If the financial structure of the Southern Song Dynasty controlled by the temple is not broken, a new bank like Tiandaozhuang would not be able to develop rapidly.

"One can only make money if someone loses his life. Those temples do not fall. How can our Tiandaozhuang replace them?"

Fatty Qu said it very slowly, and it was very imposing, and it had a little bit of a reactionary big bear sold abroad.

He paused for a moment, took a note from the desk, handed it to Deng Qiuzhong, and said, "This was sent by Liu Mingjing. It turned out to be put in a wax ball. Look."

The note is only two fingers wide, with a few words written on it: on the first day of May, 550 jin. Obviously, it is the date and time of late appointment!

"Five hundred and fifty cents!" Deng Qiuzhong took a breath in disbelief. Now he had 11,000 chi promises in his hand, and at this price it was 5.65 million!

It's simply rich and can rival a country!

"Master, when will we leave?" Deng Qiuzhong asked in a low voice.
Chapter completed!