Master Xu's embarrassing look now is particularly like a poor relative of a senior official on earth. He wants to get rich overnight by inquiring about some "insider information".

Lu Yang was also curious about how these monks at the bottom of the cultivation world viewed the current monetary system, so he asked with interest: "Where do these rumors come from?"

Master Xu stroked his gray beard and said, "Isn't this the extraterritorial battlefield going to open again in three months! Every time the extraterritorial battlefield is opened, the exchange ratio of spirit stone coupons and spirit stones will fluctuate significantly. On the one hand, in dangerous places like extraterritorial battlefields, objects that quickly restore spiritual energy are crucial; on the other hand, extraterritorial battlefields are also an important place for ordinary qi-refining cultivators in various continents to trade with each other. After all, regular cross-continental travel is not something that qi-refining cultivators can do."

The core of the Jiuzhou Monetary Alliance system is to manually set up obstacles to the exchange of spirit stone coupons. Therefore, the extraterritorial battlefield trials that bring together the monks of Jiuzhou provide a rare arbitrage opportunity.

Monks usually exchange spirit stone vouchers that cannot be directly exchanged for spirit stones in this state to monks from other major states.

However, according to the rules of the Jiuzhou Monetary Alliance, exchanging spirit stone coupons on extraterritorial battlefields is also a cross-state foreign exchange transaction. The foreign spirit stone coupons that each Qi Refining Cultivator who participates in extraterritorial battlefields cannot carry more than a certain amount.

Some time ago, the Jiuzhou Monetary Union once again lowered the carrying limit of this spirit stone coupon, which led to a certain depreciation of various spirit stone coupons compared to the spirit stones.

Ordinary monks like Xu Xianshi may not know the economic principles behind monetary policy, but the appreciation of spirit stones and depreciation of spirit stone bonds can still be observed. For a moment, rumors spread in Zhongzhou mainland.

"I'm mainly in my hand now. I'm also blaming myself for being greedy for cheapness. Seeing that the Feng Ling Stone Certificate is the lowest value compared to the standard spirit stone, I deliberately collected a lot of Feng Ling Stone Certificate. After all, the legal effect of the Feng Ling Stone Certificate is completely equivalent to the standard spirit stone in Borneo. Unexpectedly, after the recent depreciation of the spirit stone coupon, the Feng Ling Stone Certificate depreciated the most, causing me to suffer heavy losses and my years of savings to disappear in an instant!" Master Xu continued to pull the beard under his chin with a frown, completely immersed in the pain of shrinking assets, and pulled off several without knowing it.

Seeing Master Xu’s indignation, Lu Yang couldn’t help but sigh: Even a cultivator would suffer the loss of being uneducated.

From this point of view, the leeks in the cultivation world are not much better than those in the Chinese stock market.

The exchange rate of major spirit stone vouchers and standard spirit stones in Zhongzhou mainland is basically determined by the difficulty of redemption.

The Borazhou Fengyu Sect, which produces the wind spirit stones, is the most far away from the Zhongzhou continent. Therefore, for the monks in Zhongzhou, it is the most difficult to exchange the Feng Ling Stone coupon for standard Feng Ling Stones. Therefore, in Zhongzhou, the value of the Feng Ling Stone coupon is always at the bottom of the major spiritual stone coupons.

But similarly, because the exchange of Feng Ling Stone Coupons is the most difficult, the monks who signed up for extraterritorial battlefield trials in Zhongzhou especially like to bring Feng Ling Stone Coupons to trade with monks from other major states.

If there is no extraterritorial battlefield, I am afraid that the current redemption ratio of Feng Ling Stone Coupon will be difficult to maintain.

After all, the distance from Borneo to Zhongzhou is more than five times farther than the closest Xijizhou, which produces thunder spirit stones. However, the exchange ratio of Feng Ling Stone Certificates and thunder spirit stone coupons is almost only about 1.2:1.

In the Jiuzhou Monetary Alliance system, the initial issuance locations of spirit stone coupons of various major sects are often chosen in the farthest distance of the state. Therefore, among the spirit stone coupons circulated in the mainland of Zhongzhou, Feng Ling Stone coupons are the most.

There are so many Feng Ling Stone Certificates in Zhongzhou. Even if there are 100,000 Qi Refining Cultivators in Zhongzhou every time, they will sign up for extraterritorial battlefield trials. Even if everyone brings a sufficient Feng Ling Stone Certificate, the Feng Ling Stone Certificates that can be brought are only one percent of the stock.

When the Jiuzhou Monetary Alliance tightened its foreign exchange policy again, the number of Feng Ling Stone Coupons that can be traded in this extraterritorial battlefield trial has been less than one-percent of the Zhongzhou Feng Ling Stone Coupons stock.

It is precisely because the lowest value Feng Ling Stone Certificates and Earth Ling Stone Certificates rely the most on the exchange channel of extraterritorial battlefields that their price elasticity is naturally the greatest and are most susceptible to the impact of foreign exchange control policies.

Therefore, the tightening of foreign exchange controls has caused the biggest damage to the Feng Ling Stone Coupon and the Earth Ling Stone Coupon. Since Xiji Prefecture is adjacent to Zhongzhou, the Thunder Ling Stone Coupon, which is already the most valuable, has depreciated the smallest this time.

Seeing Master Xu's humble look, Lu Yang couldn't help but see the green leek land in the Chinese capital market. He replied unbearably: "I suggest you cut your flesh. The Jiuzhou Currency Alliance is already in turmoil. The worse the credit, the faster the depreciation will be. The best choice is to exchange the Fengling Stone Coupon for Thunder Stone Coupon or Standard Water Spirit Stone as soon as possible."

After hearing this, Master Xu's face twitched: "The purchasing power of the 100 yuan Feng Ling Stone coupon in Borneo is equivalent to a standard spirit stone. I am now cutting my flesh. The 300 yuan Feng Ling Stone coupon can only be exchanged for two standard spirit stones, and it will cost at least 30% of the loss!"

Haha, it turns out that the idea of ​​leeks in any world is the same.

The operation of cutting off the flesh and stopping the loss is inherently anti-human. Those who can overcome human weaknesses and look at things objectively are all investment masters in thousands.

Seeing that Master Xu was pitiful, Lu Yang was preparing to rescue him again: "The Jiuzhou Monetary Alliance system is gradually collapsing, which is obvious. The currency hyperissuance is originally the core function of this Jiuzhou Monetary Alliance system. For the currency that is overissued, the most core is the credit of the currency. Once the Lingshi financial crisis breaks out, the credit will collapse from the weakest link, and everyone is forced to chase the safest assets and sell the most dangerous assets..."

Seeing Master Xu's eyes gradually losing focus, Lu Yang thought about it and decided to go straight: "The Fengling Stone Coupons only look cheap. Once a crisis occurs, it must be the first thing that collapses in credit. Although I don't know how many Fengling Stone Coupons are exchanged and issued every year, I'm sure that the Fengling Stone Coupons that can be exchanged every year, even if they are not more than the newly-haired Fengling Stone Coupons, they will at least be equal to the newly issued Fengling Stone Coupons, because the currency is super-issued is the core function of this Jiuzhou Monetary Alliance system. The so-called Fengling Stone Coupons can be exchanged for Fengling Stone in Borneo, but it is just a cake for monks of other major states. It is a means to enhance the credit of Fengling Stone Coupons. Even if this credit is just an illusory thought, as long as everyone believes it."

Speaking of this, Lu Yang couldn't help but think of Bitcoin on Earth. Bitcoin itself has no value, but once everyone forms a valuable consensus, this consensus itself is value, and it does not even require any means of credit enhancement to become a valuable asset.

Thinking of this, he continued to explain: "Sir Xu, you are the best example. You can't exchange the Feng Ling Stone coupon for Feng Ling Stone, but you still believe in his value! Why? It is because the Jiuzhou Monetary Alliance has drawn you a cake that is impossible to achieve from the law of large numbers, which gives you the illusion that Feng Ling Stone coupons can be exchanged for Feng Ling Stone in Borneo. And the price of Feng Ling Stone coupons is precisely this collective illusion. If it sounds nice, it can also be said to be credit. Unless you also want to participate in the extraterritorial battlefield this time, I do not recommend that you continue to hold Feng Ling Stone coupons!"

To be honest, Mr. Xu, who had not received systematic finance education, did not fully understand Lu Yang's lots of rhetoric, but he understood one thing, that is, the official disciple of the Wuliang Sword Sect in front of him actually told him such a rebellious word that the Jiuzhou Monetary Alliance system was collapsing.

Master Xu was very moved, which shows that the other party was really heart-to-heart about him!

Of course, Lu Yang had just come to this world for more than ten days and did not know that criticizing the Jiuzhou Monetary Alliance was a ruthless thing. After all, he had just criticized the Jiuzhou Monetary Alliance for a round of Jiuzhou Monetary Alliance in the Spirit Stone Monetary Science class. Not only did he not cause any consequences, he also received a reward of 100 sect contribution points issued by Mo Yunlan himself...

Master Xu gritted his teeth and said, "Thank you, fellow Daoist Lu, for speaking out to Xu, I will exchange all the Fengling Stone Coupons! Although I don't understand those big principles, I see that foreign exchange policies have been tightened more and more frequently in recent hundreds of years, and I can also feel that there is a problem with the Jiuzhou Monetary Union."

Seeing Master Xu's performance, Lu Yang patted his shoulder with gratitude, showing a sensible expression.
Chapter completed!