Capital controls, regulatory extraterritoriality and unique local market practices. Listed that way, the reasons mainland Chinese shares failed to win MSCI inclusion make the decision look less close-run than many had thought it would be.
Underlying it was a message from the index provider and international investors to Chinese authorities: we want proof you will do what you say you will.
MSCI’s decision to hold off adding the world’s second-largest market to its globally followed indices also highlights something of a split between investors based in or near China who were expecting inclusion, and the global managers whose reservations swayed the index provider’s thinking.
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