A股能否被納入MSCI指數
MSCI, the index provider, will announce next week whether it plans to include Chinese A shares — those listed in Shanghai and Shenzhen — in its emerging markets index from May 2016.
指數提供商摩根士丹利資本國際(MSCI)將於下週宣佈是否計劃從2016年5月起將中國A股納入其新興市場指數。中國A股是指在上海和深圳市場上市的股票。The group says that Tuesday’s decision will not be its own but a “reflection” of the views of its clients, and follows a year-long consultation. MSCI did not include A shares last June after a pushback from investors.
MSCI表示，下週二的決定將不是它一己的決定，而是將“反映”其客戶的意見，因在此之前它進行了長達一年的意見諮詢活動。去年6月，在受到投資者抵制後，MSCI沒有將中國A股納入其指數。What are the possible outcomes on June 9?
6月9日可能會出現什麼結果？
A simple Yes or No on whether A shares will be added to the index, which is tracked by funds worth close to $1.7tn. At the moment only Chinese stocks listed in Hong Kong are included in the index, although New York-listed Chinese companies, including Alibaba and Baidu, will join in November.
關於中國A股是否會被納入近1.7萬億美元資金追蹤着的MSCI新興市場指數的問題，MSCI只會簡單地回答“會”或者“不會”。就目前而言，只有在香港上市的中國公司被納入該指數，不過該指數將在今年11月納入在紐約上市的中國公司，包括阿里巴巴(Alibaba)和百度(Baidu)。Has much changed in the past year?
過去一年裏變化大嗎？The launch of the Shanghai-Hong Kong Stock Connect has revolutionised the way foreign funds access China, sidestepping longstanding quota and licence systems.
“滬港通”的推出讓境外資金進入中國的方式發生了革命性的變化，繞過了長期存在的配額和牌照機制。However, many issues remain with Stock Connect, largely concerning legal ownership rights and settlement. A Shenzhen link is in the works for this year.
然而，“滬港通”依然存在許多問題，主要與法律所有權和結算事宜有關。“深港通”仍在籌備之中，有望今年啓動。Chinese authorities have been doling out investment quotas, giving investors improved access through the traditional routes.
中國有關部門近年一直在發放投資配額，讓投資者更容易通過傳統渠道進入中國市場。What difference would inclusion make?
將A股納入MSCI指數將會帶來什麼影響？Passive global funds would have to buy shares right away to match the index, while active managers would probably add them over time to reposition against the altered benchmark.
被動型全球基金將不得不立即買入A股來匹配該指數，而主動型基金公司很可能會逐步配置A股，根據變更後的基準指數調整持倉情況。An initial estimate is that $20bn of foreign money would go into Chinese stocks to meet the MSCI target of a 1 per cent weighting in the EM index. That compares with the $23.8bn that has gone into China via Stock Connect since November.
初步估計是，由於MSCI計劃讓A股佔到MSCI新興市場指數權重的1%，因此將會有200億美元的海外資金進入A股。而自去年11月以來已經有238億美元的資金借道“滬港通”進入中國內地市場。
