A passive benchmark has been left unchanged — and yet it is a big event for world markets.
MSCI, the leading indexer of emerging stock markets, has decided not yet to go through with a proposal to start a partial admission of China’s domestic A-share market into its flagship emerging market index. As funds with assets worth $1.7tn are benchmarked against this index, the effect is profound.
The earliest that A-shares can now be added is May 2017 — at a point when the current rally in A-shares, which has seen them more than double inside 12 months, may well have gone into reverse.
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