中国a股纳入msci新兴市场指数 -资产配置与组合构建的考量

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1、中国A股纳入MSCI新兴市场指数-资产配置与组合构建的考量msci4>>与招商证券共同探索今日中国的投资机会2017年4月25日中国A股纳入MSCI新兴市场指数资产配置与组合构建的考量魏震，博士MSCI>2AGENDA??ChinaA-sharesInclusion:TheInvestmentChallenge??AccessingChinaA-shares:WhatInvestorsNeedtoKnow??TheAccessPath??UniqueCharacteristicsofChinaA-Shares??TheMSCIChinaIndexFamily??Investorsw

2、ithoutA-sharesExposure??TheRoleofEmergingMarketsinthePolicyAllocation??ActiveBenchmarkRiskofPotentialA-sharesInclusion??InvestorsWhoAlreadyAllocatedtoChinaA-shares??BenchmarkMisalignmentRisk??MarketTimingRiskandManagerActiveRisk??CommonlyAskedQuestioninImplementingA-sharesExposuresMSCI>1Potent

3、ialChinaA-shareinclusion:AnUpdateMSCI>42016RECAPAND2017CONSULTATION??InJune2016,MSCIannounceditwouldnotincludeChinaA-SharesintotheMSCIEmergingMarketsIndexcitingthreeremainingobstacles:??EffectiveimplementationofQFIIpolicychangesandremove20%monthlyrepatriationlimit??Effectiveimplementationofnew

4、tradingsuspensiontreatment??Resolutionofpre-approvalrequirementsbythelocalexchangesonfinancialproducts??WhathavechangedsinceJune2016??TheShenzhenConnectwaslaunchedinDecember2016??Theimplementationofthenewtradingsuspensionpoliciesbylocalexchangeshasbroughtthenumberofvoluntarytradingsuspensionsb

5、acktopre-crisislevel??ThenumberoftradingsuspensionsintheChinaA-sharesmarketremainsthehighestintheworld??The20%QFIIrepatriationrestrictionremainsunchanged??MSCIisindiscussionwithChinaexchangesandishopefultoreacharesolutionontheremovalofpre-approvalrequirementsonnewandpre-existingfinancialproduc

6、tslinkedtoChinaA-shares??ThebreadthoftherestrictionsisuniqueinEmergingMarkets,asisthepossibilitythatexistingfinancialproductsbasedontheMSCIEmergingMarketsIndexwouldbeindangerofhavingtheirtradingdisruptedMSCI>5TRADINGSUSPENSION–ISITGOODENOUGH?050100150200250300350Jan-15Apr-15Jul-15Oct-15Jan-16A

7、pr-16Jul-16Oct-16Jan-17Apr-17>10days>1month>3month>5monthMay27,2016ChinesestockexchangesannouncedsuspensionpoliciesMSCI>6WHATISNEWINOURPROPOSAL448securities(OriginalProposal)270Securities209securities169securities(RefreshedP