China Securities Regulatory Commission's responseMSCI"Three rejections"AStocks: Any without ChinaAThe international indices of stocks are incomplete

The Chinese stock market failed to meet on Wednesday（6month15Japan has reached a historic milestone. Just like a year ago,MSCIAnnounced that after extensive and in-depth consultations with global market participants, it has been decided to delay the transfer of ChinaAStock inclusionMSCIEmerging market index. The China Securities Regulatory Commission responded by stating that any company without ChinaAThe international indices of stocks are incomplete.


[blockquote]
The China Securities Regulatory Commission stated that forMSCIMingsheng Company is considering integratingAThe inclusion of stocks in this index is agreed and supported, and whether it is included or not isMSCIThe business decision of Mingsheng Company.


thisMSCIThe decision to delay the inclusion of Mingsheng Company will not affect the process of China's capital market reform and opening up, as well as the direction of marketization and rule of law. Building a long-term, stable and healthy capital market is our own need.[/blockquote]

Including this time,MSCIWe have rejected China for the third timeAStock up. This result is not only consistent with the previous high of investment bank Goldman Sachs70%The inclusion probability goes against the norm, which surprised observers including UBS strategists.


MSCIEarly morning Beijing time05:00Publish a notice on its website stating that,


[blockquote]
ChinaAStocks will be retained in2017To be included in the audit list of emerging markets for the year, awaiting international investors' approvalQFIIFeedback on the practical effects of institutional reform and new regulations on suspension of trading, as well as effective resolution of pre-approval restrictions.


We are getting closer and closer to integrating ChinaAStocks are included in emerging market indices. If Chinese regulatory authorities accelerate their actions, there is no need to wait until next year6The month will decide whether to proceedAStock inclusionMSCIEmerging market index.


QFIIMonthly capital redemption limit ratio (currently20%）The lower the better, it's best to lift it20%ofQFIIRedemption restrictions, but specific decisions depend on China. It cannot be ruled out that there may be future consequencesAStocks cannot be includedMSCIOther issues related to.


MSCIManaging Director and Global Research DirectorRemy BriandIn the announcement, it was stated that "international institutional investors hope to invest in China"AStocks includedMSCII saw before that the emerging market indexAThe stock market access situation has been further and effectively improved.MSCIWe will adhere to standard practices, closely monitor the implementation progress of the recently announced new policies, and collect feedback from market participants[/blockquote]

Expected inclusion possibility exceeds50%UBS Securities（UBS Securities）Boston based Chief Emerging Market StrategistGeoffrey DennisIn a telephone interview with Bloomberg, he said, "This result was beyond our expectations." However, when predicting future performance, he believed that "compared to a year ago, the Shanghai Composite Index has already fallen."44%"So although the Chinese stock market may fall due to this decision, the downward space is much more limited."Foreign exchange gold


The Shanghai Composite Index has performed at the bottom in the past year:



stayMSCIAnnouncing a delay willAAfter the inclusion of stocks, the decline of offshore RMB against the US dollar has expanded by more than100Point. Today, the central parity rate of the Chinese yuan has significantly decreased210Point, to6.6001, for2011year1New low since the beginning of the month; The offshore RMB is currently falling to6.6157Yuan is a four month low.






AStock clearanceMSCIAfter the failure, Deutsche Bank listed in the United StatesX-trackersJiashi Shanghai and Shenzhen300ChinaAthighETF（ASHR）Falling more than2%. On Tuesday,ASHRClosing up1.3%。
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