Last week, MSCI, the world’s top equity indexing provider, announced that it was raising the Chinese share of its emerging markets index. This was just the latest of a string of recent measures to open up China’s financial markets to foreign portfolio capital. But while this may boost domestic liquidity and prices, it does so at the cost of undermining banking stability and increasing Chinese susceptibility to financial disruptions from abroad.
上週,全球最大股指供應商MSCI宣佈,將提高中國在其新興市場指數中的權重。這只是近期一系列向境外投資組合資本開放中國金融市場舉措的最新一例。然而,儘管這可能會提振中國國內流動性和價格,但代價是削弱銀行業穩定,導致中國更容易受到境外金融擾動的影響。
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