White smoke can at last be seen above MSCI. The indexer of emerging market equities has decided to include domestic Chinese A-shares in its main global indices, starting in 12 months’ time.
MSCI is by far the most followed indexer by EM investors, both passive and active, so this will guide more investment dollars towards China. The A-shares market is the world’s second largest by capitalisation, behind only the US, so its gradual opening to global investors is a big deal.
But this is perhaps not what matters most about the decision.
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