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THE DEATH OF WAHG JIAN AND THE TRUTH BEHIND HNA GROUP

PRESS BRIEFING BY MILES GUO

INTRODUCTION TO BRIEFING BY STEVEN K. BANNON

MILES GUO TO ANNOUNCE RETAINING ALEX SPIRO OF QUINN EMANUEL

TO COMMENCE ACTION AGAINST HNA GROUP AND RELATED PARTIES

INVITATION

Dear Mr. Mrs.

You are cordially invited to attend this Press Briefing on Tuesday November 20. 2018

at the Pierre, a Taj Hotel (New York) in the Cotillion Room. We thank you in advance

for your support. Everything is just beginning!

LOCATION

COTILLION ROOM

2nd Floor

The Pierre a Taj Hotel)

2 E 61st St & 5th Ave, New York

PROGRAM

8.30 am Security Check (free Continental Breakfast in the Regency Room)

10:00 10:15 am Steve Bannon introduction to briefing

10.15 10:45 am Miles Guo briefing

10.45 12:00 pm Q & A

12:00 pm End of conference (free lunch in Regency Room)

PLEASE NOTE

To thank all supporters around the world. refreshments will be provided

Bring your press pass and other relevant documents, to register at reception desk.

In order to Facilitate the event arrangement. please respond by 5:00 pm on November 18th

providing your information and contact to one of the following media platforms:

EMAIL pressconference@guo.media

GUO MEDIA: @PressConference

TEL/WHATSAPP/ TELEGRAM SIGNAL: +1 (3321203-1589

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凯尔·巴斯：特朗普对中国的谈判立场是“我们有史以来最强硬的”

在乌云笼罩的两年之后，海曼资本管理公司(Hayman Capital Management)及其创始人凯尔-巴斯(Kyle Bass)终于守得云开，因为该基金主打的人民币短线投资已有盈利，自2018年之后，基金已开始恢复10％以上的正收益，而该基金去年曾录得20％的亏损。自2016年首次公开做空以来，巴斯一直坚持自己的观点，即迫在眉睫的资本外流危机最终将导致人民币兑美元汇率下跌30%。对他来说幸运的是，特朗普出现了，并决定通过发动经济破坏性的贸易战来加速这一进程。

因此，在接受CNBC采访时，巴斯表示，自金融危机以来，中国正面临着“最糟糕的财政状况”，此前国内生产总值同比增长6.5％，这使特朗普拥有更大优势来展开贸易谈判。巴斯在他的观点中指出，第一季度数据显示中国17年来首次出现经常账户赤字，这意味着它进���的商品和服务多于出口数量，即使它与美国仍存在巨额的贸易顺差。虽然这符合中国向服务型经济转型的目标，但外资短缺将在短期内造成严重的经济逆风。

“因此，美国今天处于一个非常有利的谈判地位。我们的谈判立场是有史以来对中国最强硬的。在过去的15到17年里，他们通过颠覆WTO规则，窃取知识产权，以及几乎所有能利用的手段，使他们在与美国的竞争中占尽了便宜。”

巴斯说，特朗普政府需要在贸易方面创造公平的环境，“看起来他们正在这样做。”特朗普推动贸易的努力，虽然最初遭到两党全球主义者的痛斥，但自那以来赢得了民主党和共和党不情愿的支持，因为美国经济迄今基本上没有受到任何严重影响。但归根结底，决定政府资金和对国内经济影响的是人民币兑美元汇率。随着人民币贬值，外国对中国资产的所有权也在下降，因为随着美国继续设置贸易壁垒，中国央行对世界其它地区的经常项目赤字“结构性且更持久”。

“因此，他们可以在国内改变很多事情。但中国计划的仲裁者是中国与世界其他国家的汇率。中国企业的营运资本账户目前正在下降，因为它们的经常账户存在我们认为的结构性、更持久的赤字。因此，也就是说，他们的营运资本，他们的账户余额无论是美元，欧元，日元还是英镑，但大部分都是以美元来结算。”

所有这些不稳定因素，都有可能使中国近年来所依赖巨额坏账而获得的经济增长成果付诸东流。2018年，企业违约率已经飙升至有记录以来的最高水平。

在所有这些因素发挥作用的情况下，中国正在实施巴斯所说的“世界上最大的金融���验”。

“你知道，在一个只有区区几万亿美元资产的系统中，他们的信贷规模已达到价值40万亿美元，大概在40万亿到50万亿之间，可能还不止。因此，中国正在进行有史以来规模最大的金融实验，目前对于他们来说，经济形势已经变得不乐观。如果你注意到美国的诉求，你会发现这实际上是一个两党合作的诉求，你会看到两党都在反对中国利用美国。”

由于人民币有望跌破7美元的技术性关口，巴斯和海曼可能最终能够弥补人民币空头的损失，因为跌破7可能会引发大规模的投机性攻击。

观看以下完整视频：

观看CNBC的采访全文与海曼资本的凯尔·巴斯来自CNBC。

原文链接：

原文附加的语音朗读视频：

中文翻译较对：@新火

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President Donald J. Trump has legal authority to deal with China’s pre -1949 debt

TREASURY HAS LEGALAUTHORITY UNILATERALLY TO REDEEMUSSECURITES HELDBY CHINA USING CHINA’S SOVEREIGN DEBT

President Donald J. Trump has legal authority to deal with China’s pre -1949 debt terms far more favorable than the UK negotiated with China in 1987. That is because China hpurchased US bonds worth approximately $1.2 tillion that the US has the right to redeem witChina’s own obligations. Exercising existing Tegal authority, the President may direct Treasuto issuc new US debt to acquire China gold bonds from ABF for the purpose of financing, atdiscount, the repayment of US debt to China using China’s debt as payment. The existing legauthority for this deal consists of Treasury’s statutory power to trade in gold and foreign bondto finance the redemption of US obligations, and to issue new US debt to redeem older debt.

First, with the President’s approval, the Secretary of the Treasury has long had brodiscretionary authority to buy and sell gold in the way he deems advantageous to the publinterest. SectionS116of Title 31, United States Code, provides thus:

(a)(1) With the approval of the President, the Secretary ofthe Treasury may-

(A)buy and sell gold in the way, in amounts, at rates, and on conditions the Secreta

considers most advantageous to the public interest; and

(B)buy the gold with any direct obligations of the United States Government

United States coins and currency authorized by law, or with amounts in

Treasury not otherwise appropriated

(2) Amounts eceived from the purchase of gold are an asset of the general fund of t

Treasury. Amounts received fom the sale of gold shall be deposited by the Secretary

the general fund of the Treasury and shall be used for the sole purpose of reducing

national debt.

As the Secretary of the Treasury may “buy and sell gold in the way  the Secretanconsiders most advantageous to the pubtic interest[.]” id, he may buy gold in an indirect “wayoy buying financial instruments that afford the bearer the right to be Paid in gold, and pay for thgol  "with any direct obligations of the United States Government or United States Coins an  ived  currency authorizedby taw.J ld As the Treasury Secretary may buy gold with "amountsithe Treasury not otherwise appropriated[.J” id, this statute dispenses with any need for thSecretary to use only  money appropriated by Congress to buy gold The Treasury holdappropriated and unappropriated funds because it is. after all n treasury and, like other treasurieit is authorized to trade on its holdings. in this case in gold

Treasury’s autherity tobuy and sellin gold originatesins s of the Gold Rescrve Acto1934.  Pub L No. 73-87. 73N  Congress H R  6976. Jan 30. 1934

http://fraser.stlouisfed.org/title/1085 accessed on Febriary 22. 2018) The Gold Reserve Act

EXECUTIVE SUMMARY

China owes Americans a national debt of over SI trillion for gold bonds issued before the

1949 Communist takeover. In 1987, in order to clear the way for China to raise capital in London.

China agreed with the uK to pay UK nationals for the same pre-1949 bonds Americans own. The

US, on the other hand, has allowed Chinese companies full access to US markets while China

remains in default to about 20,000 US families. As recently as November 12, 2006, China issued

a letter to the US Embassy in Beijing admitting that Americans hold legitimate gold certificates

of 1913. issued by the Kuomintang Government[, but refused to pay giving as the sole reason

that the present Chinese Government is not obligated to pay the debts of its predecessor. Today

unlike in 1987, China can easily pay 100% of its debt, but it is allowed to pay nothing

The 1987 China-UK debt deal was for the face value of the bonds excluding default

interest. It was a bad deal. Default interest is a standard legal calculation of compound interest, at

a rate that reflects the credit risk which is designed to compensate creditors for the foregone use

of their money since the date of default. Under the bond agreement, Chinas gold bonds promise

interest twice a year in gold as well as repayment of principal in gold. As China defaulted in 1938

and as its credit risk was extremely poor from 1938 until recent years, a conservative calculation

of Chinas default rate of compound interest would be achieved by using the average annual return

of the S&P 500 since 1938of I 1.01%o. Although credit risk would justify

higher interest, when the

amount of gold the bonds represent is compounded this way twice a year, the correct and just

amount China conservatively owes Americans(based on 22,425 bonds)is $1, 013, 000,000, 000

The American Bondholders Foundation

C(ABF)was founded in 2001 to obtain

Just ice for China’s American bondholders. AB F received legally binding powers of attorney from

American holders of pre-1949 Chinese sovereign gold bonds and today has physical possession of

a total of 22 425 China-issued bearer gold bonds stored in secure locations. For 17 years, ABF

has participated in congressional hearings, gat hered a team of prominent expert advisors and

received support from Members of Congress. It is only now, thanks to President Donald J. Trump,

that the US is finally standing up to China and demanding reciprocity and fairness to Americans

ABF proposes to sell to the US Government what China owes Americans, consisting of

the 22, 425 China sovereign gold bonds ABF holds from about 20,000 American families. to

$3039 billion(3o cents on the dollar) payable to ABF in US securities, so that the US Government

can redeem from China $1.013 trillion in US debt and net a trade profit of s713 billion (plus tax

receipts from Us capital gains) The US wouid pay ofr its national debt to China with Chinas

own debt to Americans. This deal falls within Treasury s existing legal aut hority lo deal in gold

nd foreign instruments. to redeem debt using property, and to Issue new us debt for redemptions

Benefit s to the Us include retiring the us debt to China, making a largeswrade profit, and injecting

over $200 billion (after tax)into the US prvate sector without need for congressional action

s structure allows for up to 25% to go to ABF Charities, which can build the Border Wall