每日新闻更新 - 中国A股纳入MSCI指数 The Daily Update - China receives MSCI approval

正如广泛期望的,MSCI宣布将中国A股纳入其全球新兴市场指数,这对中国来说是象征性胜利。根据声明,中国的222支大盘股将从明年五月到八月期间分两步纳入MSCI新兴市场指数,这主要由于中国内地与香港互联互通机制的正面发展,以及中国交易所放宽了对涉及A股的全球金融产品进行预先审批的限制。此两项进展对提升中国A股市场的准入水平起到了积极的影响。

尽管中国最初在该指数内将只占约0.73%的权重,资金流约110亿美元,但这在人民币国际化以及将中国金融体系进一步全球化的道路上迈出了一大步。随着中国的国际影响越来越大,加之庞大的7万亿股市,中国在该指数内的比重将从声明的5%不断提高。这家全球指数供应商表示“MSCI热切希望中国在过去几年里积极改善市场准入水平的这种政策势头继续加速向前。”

纳入密切监控和广泛国际投资的指数,也能提高对中国在岸政府债券(CGB)以及政策金融债券的需求,尤其考虑到中国已经采取措施将这些工具推向国际。类似机构Citigroup Inc、Bloomberg Barclays和JP Morgan,可能会在各自主要的债券指数中增加或纳入CGB,其中前两者宣布将在今年和明年分别纳入。预计未来五年将有约1万亿资金流入这些金融工具。

同时让市场很惊讶的是,MSCI继续将阿根廷保留在新兴市场审核名单上,尽管后者推出并改善了多项市场友好政策。在MSCI这项决定之前,阿根廷在本周早些时候成功发行了100年期债券,且需求旺盛,据称超购量达3倍。在MSCI在声明中指出,“尽管阿根廷股票市场现已满足新兴市场的大部分准入标准,但最近实施的市场准入改善措施仍要保持更长的时间以确保相关政策能有效保持并且不可逆转。”因此,阿根廷不得不再等一年才能接受新兴市场准入的审核。十月阿根廷中期大选很让市场期待,届时被视为阿根廷远见者的马克里(Mauricio Macri)将获得大量支持来推动亟需的改革项目,到目前为止也受到了国际认可和投资支持。

另外,沙特阿拉伯证券交易所(Tadawul)被纳入MSCI的新兴市场指数观察名单,并将向一些关键投资者征询意见。作为海合会国家中最大的股票市场,沙特近些年经历了很大的变化,例如,推行了更加友好的投资模式,包括T+2交割周期,这无疑对国外投资者形成了很大的吸引。该指数提供商表示,“随着这一系列旨在改善沙特阿拉伯股票市场准入状况的制度出台,MSCI将向国际机构投资者开展咨询并收集反馈。反馈的内容主要包括对投资沙特阿拉伯股票市场的实际操作经验,特别是关于近来实施的一系列改善措施的有效性的意见。”

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