BlackRock has for the first time backed the inclusion of mainland Chinese shares in MSCI’s global indices, bolstering the index provider’s fourth attempt to have A-shares included in its benchmarks.
贝莱德(BlackRock)首次支持在MSCI明晟全球指数中纳入中国内地股票，从而对这家指数提供商将A股纳入基准指数的第四次尝试予以了支持。
China hosts the world’s second-largest stock market and the third-largest bond market, but fund managers have argued over whether, and how, to include mainland assets in global indices — a move that would force index tracking funds to invest onshore.中国拥有全球第二大股市和第三大债市。然而，围绕是否要在全球指数中纳入中国内地资产（此举会迫使跟踪投资指数的基金投资于中国国内市场），各基金管理公司却争论不休。An estimated $1.5tn follows MSCI’s flagship emerging markets stock index. Last month the index provider put forward a proposal for including A-shares that focused only on large-cap stocks available through the Stock Connect system, which allows international investors to trade stocks in Shanghai and Shenzhen through Hong Kong without having to register onshore.目前，跟踪投资MSCI最主要的新兴市场股指的资金规模估计为1.5万亿美元。上个月，这家指数供应商曾提出一种纳入A股股票的方案，该方案只关注经由股票市场交易互联互通(Stock Connect)系统提供的大盘股。这种互联互通系统令国际投资者能通过香港交易沪市和深市股票，而不必在中国内地登记。The proposal was MSCI’s fourth in as many years.该提案是MSCI多年来提出的第四个类似方案。BlackRock, the world’s largest asset manager, avoided specifically backing the current proposal but said: “BlackRock is supportive of China A-share inclusion in global indices.”贝莱德是全球最大的资产管理公司，该公司并未具体支持目前的方案，不过该公司表示：“贝莱德支持将中国A股纳入全球指数。”BlackRock’s support, first reported by the Wall Street Journal, marks a potential shift in industry sentiment because the fund has been widely thought by industry insiders to have resisted MSCI’s suggestions up to this point.贝莱德的支持表态最先由《华尔街日报》(WSJ)报道，它标志着业内的态度可能发生了转变，原因是业内人士一直普遍认为，该基金在这次表态之前对MSCI的建议持抵制态度。BlackRock said: “We have over a decade’s experience managing A-share investments for our clients and multiple ways to provide these exposures, including onshore Chinese investment quota and the capacity to use the Shanghai and Shenzhen stock connect programmes.”贝莱德表示：“我们有逾十年的为客户管理A股投资的经验，还有多种途径提供这类敞口，其中包括在中国国内市场开展投资的配额，以及使用沪港通和深港通的能力。”Chinese stocks listed outside the mainland make up 27 per cent of the MSCI’s EM benchmark, but international investment in onshore stocks and bonds still amount to less than 2 per cent of either asset class.在MSCI的新兴市场基准指数中，中国在内地以外股市上市的股票占了27%。不过，不论是股票还是债券，对中国国内股票和债券的国际投资占比依然不到2%。How best to begin the long process of including the Chinese mainland in global indices has been hotly debated for years. FTSE Russell, MSCI’s biggest equity index rival, pioneered a “parallel universe” approach where it created a series of its benchmarks that included mainland shares alongside its existing China-free flagships.多年来，对于如何最好地启动将中国内地股票纳入全球股指的漫长过程，一直处于激烈的争论之中。MSCI最大的股指对手富时罗素(FTSE Russell)曾率先采取了一种“平行宇宙”方式。在这种方式下，该公司除了现有的不含中国股票的旗舰指数，还打造了一系列包括中国内地股票的基准指数。Bloomberg, the first of the big bond index providers to include China, adopted a similar approach earlier this year.首个纳入中国债券的大型债券指数供应商彭博(Bloomberg)，在今年早些时候采取了类似方法。Last year’s proposal by MSCI was shot down by fund managers’ concerns about China’s capital controls — which have since been tightened — regulatory extraterritoriality and some unique local market practices.去年MSCI提出的方案未能通过，原因是基金管理公司担心中国的资金管制（自那以来中国的资金管制一直在收紧）、监管上的治外法权、以及部分独一无二的国内市场行为。Analysts have said that the index group’s latest proposal, which is a dramatic slimming down from last year, has a greater than 50 per cent probability of getting through since using shares available via Stock Connect allows fund managers to skirt issues about China’s tight capital controls — a major reason cited by stakeholders in the index provider’s decision to hold off.
与去年相比，该集团这一最新方案大大缩水。分析师表示，新方案通过的可能性大于50%。因为，使用经由股市互联互通机制提供的股票，令基金管理公司能够绕开中国严密资金管制引发的问题，而这是这家指数供应商的股东提到的决定推迟纳入A股的主要原因。The Stock Connect works as a closed loop, meaning that international fund managers would buy mainland shares through the Hong Kong Exchange using Hong Kong dollars, and would cash out in the same currency.股市交易互联互通机制是一种闭环，这意味着国际基金管理公司会用港元通过港交所(Hong Kong Exchange)买入内地股票，并会用同样的货币将其卖出。If A-shares make it through in June, the shares included would make up just under 0.5 per cent of the total index and would require about $10bn of investment. The initial flows are thought unlikely to move the market, particularly since inclusion by MSCI — to be decided in June — will only begin a year later.如果今年6月A股被纳入，被纳入股票占整个指数的比重会只有不到0.5%，需要的投资或在100亿美元左右。最初的资金流动被认为不太可能改变市场动向，尤其是考虑到纳入MSCI指数虽然是在6月份决定，却只会在一年后启动。