富時羅素將A股納入新興市場指數
FTSE Russell has paved the way for the inclusion of domestic Chinese shares in global benchmarks with the launch of two new emerging market indices, marking a further step in the opening of China’s financial markets.
富時羅素(FTSE Russell)爲將中國A股納入全球基準鋪平道路，推出兩個新的新興市場指數，標誌着中國金融市場開放邁出又一步。China’s two stock markets, in the middle of a vast bull market, are currently more than twice the size of the London market, giving an indication of how large a share of global benchmarks mainland stocks could become if Chinese markets were opened fully. The Shanghai market rose another 2 per cent yesterday, taking its gain this year to 50 per cent. Over the same period, the Shenzhen market has doubled.
中國兩個股票市場正處於巨大牛市，目前的規模是倫敦股市的兩倍多，這表明如果中國A股全面開放，其佔全球基準的權重可能會很高。上海股市昨日再上漲2%，使今年累計漲幅達到50%。同期深圳市場股價已翻番。
The question of whether to add Shanghai and Shenzhen-listed stocks, known as A shares, to global indices has been a challenge for index providers. A-share inclusion could force investors to allocate billions of dollars into Chinese stocks, potentially drawing large sums away from other, smaller emerging markets.
要不要把在上海和深圳上市的股票（即中國A股）納入全球指數？這個問題一直是指數供應商面臨的一項挑戰。納入A股可能會迫使投資者將數十億美元資金配置到中國股票上，這可能導致大量資金撤離其他規模較小的新興市場。
MSCI is due to announce its own decision on A-share inclusion on June 9, having decided not to add the stocks to its emerging markets indices last year following pushback from investors.
摩根士丹利資本國際(MSCI)將於6月9日宣佈有關納入中國A股的決定，去年，在投資者提出反對後，該公司決定不將中國A股納入其新興市場指數。Since then Chinese authorities have taken steps to open the domestic share market, such as increasing investment allocations through its twin quota system, and with the launch of the Shanghai-Hong Kong Stock Connect.
此後，中國當局採取措施放開中國國內股市，例如通過兩個配額制度增加投資額度，並推出滬港通。Yesterday, FTSE Russell announced the launch of two emerging markets indices in which A shares will have a 5 per cent weighting, up from nothing currently. That would give domestic Chinese shares a larger weighting than Russia and a similar weighting to Mexico in the FTSE emerging markets index. Chinese companies listed offshore, either in Hong Kong or New York, currently account for 26 per cent of the index.
富時羅素昨日宣佈將推出兩個新的新興市場指數，中國A股將獲得5%的權重，而目前爲零。這將令中國A股在富時新興市場指數中的權重超過俄羅斯，與墨西哥相近。在海外（要麼香港要麼紐約）上市的中國公司目前在該指數中的權重爲26%。
