貝萊德支持將A股納入MSCI基準指數

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.

貝萊德(BlackRock)首次支持在MSCI明晟全球指數中納入中國內地股票，從而對這家指數提供商將A股納入基準指數的第四次嘗試予以了支持。

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.

中國擁有全球第二大股市和第三大債市。然而，圍繞是否要在全球指數中納入中國內地資產（此舉會迫使跟蹤投資指數的基金投資於中國國內市場），各基金管理公司卻爭論不休。

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.

目前，跟蹤投資MSCI最主要的新興市場股指的資金規模估計爲1.5萬億美元。上個月，這家指數供應商曾提出一種納入A股股票的方案，該方案只關注經由股票市場交易互聯互通(Stock Connect)系統提供的大盤股。這種互聯互通系統令國際投資者能通過香港交易滬市和深市股票，而不必在中國內地登記。

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

該提案是MSCI多年來提出的第四個類似方案。

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.”

貝萊德是全球最大的資產管理公司，該公司並未具體支持目前的方案，不過該公司表示：“貝萊德支持將中國A股納入全球指數。”

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.

貝萊德的支持表態最先由《華爾街日報》(WSJ)報道，它標誌着業內的態度可能發生了轉變，原因是業內人士一直普遍認爲，該基金在這次表態之前對MSCI的建議持抵制態度。

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.”

貝萊德表示：“我們有逾十年的爲客戶管理A股投資的經驗，還有多種途徑提供這類敞口，其中包括在中國國內市場開展投資的配額，以及使用滬港通和深港通的能力。”

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.

在MSCI的新興市場基準指數中，中國在內地以外股市上市的股票佔了27%。不過，不論是股票還是債券，對中國國內股票和債券的國際投資佔比依然不到2%。

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.

多年來，對於如何最好地啓動將中國內地股票納入全球股指的漫長過程，一直處於激烈的爭論之中。MSCI最大的股指對手富時羅素(FTSE Russell)曾率先採取了一種“平行宇宙”方式。在這種方式下，該公司除了現有的不含中國股票的旗艦指數，還打造了一系列包括中國內地股票的基準指數。

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

首個納入中國債券的大型債券指數供應商彭博(Bloomberg)，在今年早些時候採取了類似方法。

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.

去年MSCI提出的方案未能通過，原因是基金管理公司擔心中國的資金管制（自那以來中國的資金管制一直在收緊）、監管上的治外法權、以及部分獨一無二的國內市場行爲。

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.

與去年相比，該集團這一最新方案大大縮水。分析師表示，新方案通過的可能性大於50%。因爲，使用經由股市互聯互通機制提供的股票，令基金管理公司能夠繞開中國嚴密資金管制引發的問題，而這是這家指數供應商的股東提到的決定推遲納入A股的主要原因。

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.

股市交易互聯互通機制是一種閉環，這意味着國際基金管理公司會用港元通過港交所(Hong Kong Exchange)買入內地股票，並會用同樣的貨幣將其賣出。

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.

如果今年6月A股被納入，被納入股票佔整個指數的比重會只有不到0.5%，需要的投資或在100億美元左右。最初的資金流動被認爲不太可能改變市場動向，尤其是考慮到納入MSCI指數雖然是在6月份決定，卻只會在一年後啓動。