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BlackRock backs mainland China shares for MSCI benchmarks

2017-4-20 17:20| 发布者: 忘忧草| 查看: 62| 评论: 0

摘要: BlackRock has for the first time backed the inclusion of mainland Chinese shares in MSCI’s global indices, bolstering the index provider’s fourth attempt to have A-shares included in its benchmarks. ...
BlackRock has for the first time backed the inclusion of mainland Chinese shares in MSCI’s global indices, bolstering the index provider’s fourth attempt to have A-shares included in its benchmarks.

China hosts the world’s second-largest stock market and the third-largest bond market, but fund managers have argued over whether, and how, to include mainland assets in global indices — a move that would force index tracking funds to invest onshore.

An estimated $1.5tn follows MSCI’s flagship emerging markets stock index. Last month the index provider put forward a proposal for including A-shares that focused only on large-cap stocks available through the Stock Connect system, which allows international investors to trade stocks in Shanghai and Shenzhen through Hong Kong without having to register onshore.

The proposal was MSCI’s fourth in as many years.

BlackRock, the world’s largest asset manager, avoided specifically backing the current proposal but said: “BlackRock is supportive of China A-share inclusion in global indices.”

BlackRock’s support, first reported by the Wall Street Journal, marks a potential shift in industry sentiment because the fund has been widely thought by industry insiders to have resisted MSCI’s suggestions up to this point.

BlackRock said: “We have over a decade’s experience managing A-share investments for our clients and multiple ways to provide these exposures, including onshore Chinese investment quota and the capacity to use the Shanghai and Shenzhen stock connect programmes.”

Chinese stocks listed outside the mainland make up 27 per cent of the MSCI’s EM benchmark, but international investment in onshore stocks and bonds still amount to less than 2 per cent of either asset class.

How best to begin the long process of including the Chinese mainland in global indices has been hotly debated for years. FTSE Russell, MSCI’s biggest equity index rival, pioneered a “parallel universe” approach where it created a series of its benchmarks that included mainland shares alongside its existing China-free flagships.

Bloomberg, the first of the big bond index providers to include China, adopted a similar approach earlier this year.

Last year’s proposal by MSCI was shot down by fund managers’ concerns about China’s capital controls — which have since been tightened — regulatory extraterritoriality and some unique local market practices.

Analysts have said that the index group’s latest proposal, which is a dramatic slimming down from last year, has a greater than 50 per cent probability of getting through since using shares available via Stock Connect allows fund managers to skirt issues about China’s tight capital controls — a major reason cited by stakeholders in the index provider’s decision to hold off.

The Stock Connect works as a closed loop, meaning that international fund managers would buy mainland shares through the Hong Kong Exchange using Hong Kong dollars, and would cash out in the same currency.

If A-shares make it through in June, the shares included would make up just under 0.5 per cent of the total index and would require about $10bn of investment. The initial flows are thought unlikely to move the market, particularly since inclusion by MSCI — to be decided in June — will only begin a year later.



目前,跟踪投资MSCI最主要的新兴市场股指的资金规模估计为1.5万亿美元。上个月,这家指数供应商曾提出一种纳入A股股票的方案,该方案只关注经由股票市场交易互联互通(Stock Connect)系统提供的大盘股。这种互联互通系统令国际投资者能通过香港交易沪市和深市股票,而不必在中国内地登记。






多年来,对于如何最好地启动将中国内地股票纳入全球股指的漫长过程,一直处于激烈的争论之中。MSCI最大的股指对手富时罗素(FTSE Russell)曾率先采取了一种“平行宇宙”方式。在这种方式下,该公司除了现有的不含中国股票的旗舰指数,还打造了一系列包括中国内地股票的基准指数。




股市交易互联互通机制是一种闭环,这意味着国际基金管理公司会用港元通过港交所(Hong Kong Exchange)买入内地股票,并会用同样的货币将其卖出。








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