China's top regulator pledges reforms after MSCI decision

China's top regulator pledges reforms after MSCI decision

China's top regulator pledges reforms after MSCI decision

The decision could be rather considered as a compromise as the weight of 222 China A Large Cap stocks in the MSCI Emerging Markets Index would be just 0.73 percent, much smaller than the market capitalisation in China would suggest.

MSCI has been in discussions with Chinese regulators and global investors for four years over whether to add yuan-denominated shares to the Emerging Markets Index - tracked by around US$1.6 trillion (S$2.2 trillion) in assets - but excluded them because of restricted access to China's equity markets.

The benchmark Shanghai Composite Index was up 0.52 percent to close at 3,156.21 points.

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It's an important step for China's communist leaders, who have been pushing to more closely integrate their country's markets and currency with the global financial system.

To address those concerns, it's only adding shares available through two cross-border trading links that have opened up since 2014 between Hong Kong's stock market and exchanges in Shanghai and Shenzhen on the mainland.

MSCI said the move has "broad support" from worldwide institutional investors, and was the result of the loosening of restrictions enacted by China on foreign ownership of "A" shares - yuan-denominated stock in mainland China-based companies.

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Chinese shares are to be listed on a leading global index for the first time, marking a victory for Beijing as it tries to open its financial markets to foreign investors. "In future they may be asked to promote globally to persuade more good companies to remain in the "A" share market, and when conditions are ripe, to attract global companies to list on the "A" share market", he said.

In the stock market, foreign investors sold 181.7 billion won (US$159.11 million) worth of stocks for the first time in three days, and institutional investors also sold 188.6 billion won (US$165.15 million).

"We are happy to see it", Zhang Xiaojun, a spokesman for the China Securities Regulatory Commission, said in a statement on the agency's website.

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