http://wallstreetcn.com/node/218564 富时将A股纳入全球基准过渡指数 初始权重5% 文 / 潘凌飞 2015年05月26日 17:00:38 英国指数公司富时集团（FTSE）今天在新闻发布会上宣布，启动将中国A股纳入全球基准的过渡计划，富时的2个新兴市场指数都将纳入中国A股。彭博称，A股将被纳入富时罗素（FTSE Russell）指数。 富时称，A股在新指数中的初始权重约为5%。国际投资者可全面进入A股后，权重将增至32%。 富时称，A股在指数中的权重将与R/QFII的总额度挂钩。新的指数是过渡性指数，当A股完全满足FTSE对于新兴市场分类的标准时，这两个包含A股的指数将与标准的富时新兴市场指数进行无缝对接。 除了富时，美国的摩根士丹利资本国际（MSCI）也正在积极酝酿将A股纳入其指数。摩根士丹利资本国际公司本月发表声明称，该公司将于纽约时间6月9日17点（北京时间6月10日5点）过后不久在其网站上公布是否将A股纳入MSCI新兴市场指数的决定。 今年3月，证监会国际部主任祁斌近日在哈佛公开演讲时表示，证监会奔赴美国，正与30家全球大型机构投资者交流，希望他们能够进入中国市场，能够把A股纳入MSCI和FTSE指数。 百亿美元潜在资金或进入A股 FTSE和MSCI两大指数公司为全球制定基金基准的龙头，旗下主要指数成分股的变动增减，影响上亿计的资金“换马”。 去年富时就发布一份把A股纳入其环球指数的研究白皮书。其中假设合格境外机构投资者 （Qualified Foreign Institutional Investor，简称QFII）配额增至500亿美元的话，就会有1,425只A股股票可被纳入富时环球（大中小型股）指数，令中资股于该指数占比由 2.02%增至2.17%。以市场估计追踪该指数资产约3万亿美元计，涉资就约350亿港元。 fushi 根据国家外汇管理局公布的数据，截至2014年12月30日，外汇局累计审批QFII额度增至669.23亿美元，获批机构增至261家；累计审批RQFII额度为2997亿元人民币。 MSCI新兴市场指数拥有来自全球投资者的1.5万亿美元投资规模。摩根士丹利资本国际公司（MSCI）去年初曾表示，如果A股纳入MSCI新兴市场指数，可能会吸引120亿美元资金进入A股市场。 高盛在最新报告中指出MSCI有50%概率在6月份宣布将A股纳入其基准指数，如果今年无法加入，明年纳入指数的概率接近100%。 附：FTSE新闻稿 FTSE starts transition to include China A Shares in global benchmarks − FTSE announces transition to include China A Shares in global indexes − Two new transitional emerging markets indexes launched − Approximately 5% initial A Shares weighting in the FTSE Emerging inclusion indexes, rising to 32% when China A Shares become fully available to international investors Following further increases in R/QFII allocations and improvements in the R/QFII application process, FTSE announces the start of its transition to include China A Shares in its widely followed global benchmarks with the launch of two transitional indexes for Emerging Markets. The two new Emerging Markets indexes include China A Shares at a weighting equivalent to total R/QFII allocations. The A Share weighting will increase as total R/QFII allocations increase and the China A Shares inclusion indexes will merge seamlessly with the standard FTSE Emerging Markets indexes when China A Shares fully meet FTSE's country classification criteria for emerging markets. FTSE expects institutional investors benchmarked to its global indexes to adopt the new FTSE Emerging Markets China A Inclusion Indexes as they receive or increase their R/QFII allocations. Emerging Markets funds are expected to begin adopting the new inclusion indexes starting this year with most funds converting prior to the inclusion of A Shares in FTSE's standard indexes. The initial weighting of China A Shares in the FTSE Emerging inclusion indexes will be approximately 5%. This is expected to increase to 32% (at 31-March 2015 market values) when China A Shares are fully available to international investors, and hence resulting in Chinese stocks (including B-Share, H-Share, P Chips and Red Chips) to make up 50% of FTSE Emerging Index. As part of its transition programme, FTSE is working with CSRC and SAFE to ensure that FTSE's country classification criteria is included in China's capital markets development plan and China A Shares are included in FTSE's standard global benchmarks in a timely manner. FTSE will work together with various parties to assist institutional investors transition their global portfolios to include A Shares and FTSE will consult widely with institutional investors prior to determining the timing of the inclusion of A Shares in its standard global indexes. FTSE is the most active and successful benchmark provider supporting international investment in China. Over 70% of A Share ETF AUMs listed in Hong Kong are based on FTSE China indexes. In addition, FTSE recently launched China offshore and onshore bond indexes on which ETFs are expected to be listed later in 2015. FTSE is now working with China-based fund managers to adopt FTSE benchmarks and to list ETFs and mutual funds on its China and international indexes in mainland China. Mark Makepeace, Chief Executive of FTSE Russell said: "The inclusion of China A Shares is the most significant challenge today facing global benchmark providers. The China domestic market is opening up to international investors but it will take several years for all of these investors to gain access to China's capital markets. Our customers have been telling us that they want greater access to the world's second largest economy, but they lacked an appropriate and flexible benchmark which would allow them to achieve this aim. The new FTSE Emerging Markets China A Inclusion Indexes provide the solution. "The transition to include A Shares in global portfolios is now beginning and we will support this transition while ensuring that all users of our global benchmarks have sufficient time to manage the change." Xiao Gang, Chairman of CSRC, expressed that we are committed to continuing our development of China's capital markets, increasing R/QFII allocations to international investors and simplifying the R/QFII applications process. We support FTSE's initiative and encourage all global benchmark providers to develop transitional plans to include A Shares in their global benchmarks.