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中国A股将被纳入MSCI新兴市场指数

更新时间:2017-6-21 18:36:19 来源:纽约时报中文网 作者:佚名

China Will Be Part of a Popular Stock Index, Opening the Door to Foreign Money
中国A股将被纳入MSCI新兴市场指数

HONG KONG — Chinese stocks will join an important global benchmark in a decision that opens the door for foreign money to flow into the China’s markets.

香港——中国股市将加入一个重要的全球基准,该决定为外国资金流入中国市场敞开了大门。

The global stock index provider MSCI announced on Tuesday that the stocks of companies that trade in China’s stock markets would be included in its influential emerging markets benchmark. For several years, money managers have anticipated the move, which will would make it more important to invest in China.

全球指数供应商MSCI周二宣布,将把在中国股市交易的企业股票纳入其重要的新兴市场指数。几年来,资金管理者都料到会有这么一天,投资中国从此将变得更加重要。

The MSCI decision on Tuesday represents a mostly symbolic victory for China. The Chinese government had lobbied MSCI for years to include in its indexes the so-called A shares traded on the Shanghai and Shenzhen stock markets. MSCI has added 222 large capitalization stocks on both exchanges.

MSCI周二的决定对中国来说主要是一个象征性的胜利。中国政府多年来一直在游说MSCI,希望能将上海和深圳股市交易的A股纳入该指数。MSCI决定增加两个股市的222支大盘股。

Many investors measure the performance of money managers, like mutual fund and hedge fund managers, against MSCI indexes. That puts pressure on active managers to buy the shares in the index, and then add or subtract a few stocks in an effort to beat the index.

很多投资者以MSCI指数为标准来衡量资金经理的表现,比如共同基金经理和对冲基金经理。这迫使很多积极的资金经理会购买该指数中的股票,然后再增加或减少几支股票,以便跑赢该指数。

China’s inclusion, even on a limited scale, means that money managers will find the indexes more attractive. Many investors have also gravitated toward index funds that try to match the indexes directly, by buying all or nearly all of the stocks in them.

这次中国A股加入MSCI,即使规模有限,也意味着资金经理会觉得这些股指的吸引力变得更大了。很多投资者也倾向于购买指数基金,通过直接购买指数中的所有或几乎所有股票,来反应指数的涨跌。

The Chinese government long sought MSCI inclusion because it could help establish Shanghai and Shenzhen as global financial centers.

中国政府多年来一直在寻求将A股纳入MSCI,因为这有助于把上海和深圳打造成为全球金融中心。

It could also push international money managers to pay more attention to corporate governance in China and demand that Chinese executives improve business practices, such as providing greater financial disclosure and limiting insider transactions.

这么做可能还会促使国际资金管理者更加关注中国的公司治理,并要求中国的高管改善商务实践,如提供更详细的财务状况信息和限制内幕交易。

“MSCI inclusion not only mandated global investors to allocate more funding into the Chinese A share market, but also provided a much-needed impetus to move Chinese stock markets closer to global standards,” said Shen Jianguang, a China economist at Mizhuho Securities.

“纳入MSCI不仅使得全球投资者把更多资金投入中国A股市场,还为中国股市向全球标准进一步靠拢提供了急需的动力,”瑞穗证券(Mizhuho Securities)的中国经济学家沈建光说。

At the Lujiazui Forum, an annual gathering of top Chinese economic and financial policy makers in Shanghai, Chinese officials underlined on Tuesday their desire for foreign participation in the country’s financial markets.

周二,一年一度的中国最高经济和金融政策制定者会议“陆家嘴论坛”在上海举行。在会上,中国官员强调了他们对外国参与中国金融市场的渴望。

“The financial service industry is a competitive service industry which benefits from opening up, and will continue to expand its opening up,” said Zhou Xiaochuan, the governor of the country’s central bank, the People’s Bank of China.

“金融服务业是竞争性服务业,受益于对外开放,还要进一步扩大对外开放,”中国央行中国人民银行行长周小川说。

Yet a variety of restrictive measures that China has taken in the past had prompted MSCI to decide on three previous occasions not to include China in its global indexes. These restrictions have included weekslong suspensions in the trading of shares in companies that encounter financial difficulties, and the increased limits on moving money out of the country.

但中国过去采取的各种限制措施促使MSCI此前三次决定不把中国纳入其全球指数。这些限制包括遭遇资金困难的公司的股票交易停止数周,以及对把资金转移出境的限制增加。

But international companies have to some extent been exempted from those restrictions, particularly since the start of this year, in an effort to convince them that if they put more money into China, they will be able to take it out someday. Limits on the repatriation of dividends have been removed, and limits on foreign trading of Chinese bonds have been lightened.

跨国公司在一定程度上不受这些限制的影响,尤其是从今年年初开始。这是为了让它们相信,即便让更多资金进入中国,有一天也能够把资金撤出。对收益流回本国的限制已取消,对外国买卖中国债券的限制也放松了。

On the previous occasions that MSCI chose not to include Chinese shares, it was also considering whether to include them as a sizable percentage of its emerging markets index. The index company disclosed in a draft paper this year that it was considering a much smaller percentage role for Chinese shares in its emerging market index than in previous years, notably by reducing by two-thirds the number of Chinese stocks that would be tracked in the index.

以前几次MSCI决定不纳入中国股票的时候,它也在考虑是否将它们作为一个相当大的百分比纳入其新兴市场指数。这家指数公司在今年的一份草案中披露,它考虑的把中国股票纳入新兴市场指数的比例比往年要小得多,尤其是把该指数打算追踪的中国股票的数量减少了三分之二。

Chinese shares traded on markets outside mainland China, such as in Hong Kong, already represent the largest concentration of companies from a single country in the MSCI emerging markets index, fluctuating at about a quarter of the entire index.

中国股票也在中国大陆之外的市场上交易,比如在香港,因此中国已经是MSCI新兴市场指数中股票的最大来源国,大概占整个指数的四分之一左右。

While China received a greenlight from MSCI, another emerging market hopeful, Argentina, was not so lucky.

虽然MSCI对中国开了绿灯,但另一个希望加入新兴市场指数的国家阿根廷却没有这么走运。

Despite Argentina’s successful sale of a 100-year government bond on Monday, the index company said it was not ready to upgrade the country to its emerging markets index because recent market reforms “needed to remain in place for a longer time period to be deemed irreversible.”

尽管阿根廷本周一成功售出了一种为期100年的政府债券,但该指数公司表示,由于该国近期的市场改革“需要更长的时间才能被视为不可逆”,因此尚未准备好将该国股票纳入新兴市场指数。

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