Index heavyweight MSCI will announce on Tuesday whether it will open up its flagship emerging market benchmark to China’s $9tn onshore A-shares market, a decision that could usher in an avalanche of foreign money.
But whatever MSCI’s immediate decision, the direction of travel is clear; the Shanghai and Shenzhen markets — two of the few worldwide to still be dominated by domestic investors — will become more international.
Beijing is steadily opening the door to outsiders by granting foreign institutions ever larger quotas, while its Shanghai-Hong Kong Stock Connect programme has opened another conduit for overseas money.
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