A股暂未被纳入MSCI指数

 　　News of Morgan Stanley's decision had an immediate¹ impact on the Chinese markets on Wednesday, with both the CSI300 and the Shanghai Stock Exchange both dropping over 1-percent in value.

　　The markets did recover after the initial sell-off.

　　While Morgan Stanley has decided² to pass on listing Chinese A-shares for the time being, it says it is working with the China Securities Regulatory Commission on resolving the three main concerns it has.

　　They include the quota³ allocation process, restrictions⁴ on capital mobility⁵ and beneficial ownership.

　　Observers are suggesting the working group may make enough headway on these issues for Morgan Stanley to list Chinese A-shares on its indices by late-Summer or early Fall.

　　A股暂未被纳入MSCI指数

　　Xu Yuqin with Sinolink Securities says once that happens, it should help create more global recognition of China's A-share market.

　　"Foreign capital will help reform the market and build a bridge to international markets. If you look at H shares and A-shares for example, H shares value dividends⁶, profitability and sustainable company performances more, but innovative⁷ industries have a high profile and a high market value on the A-share market. They are different."

　　H-Shares are stocks from companies listed in Hong Kong.

　　Once A-share issues become listed on Morgan Stanley's Emerging Market index, funds that track those indexes will automatically buy into a certain amount of A-share stocks when they are included in the index.

　　It's estimated this could see an additional 40-billion yuan worth of foreign capital moving into mainland stocks.

　　Jin Shanghao, the president of ChinaHedge Fund Service, is warning investors⁸ not to be overly excited by the prospect⁹ of A-shares being listed by Morgan Stanley.

　　"150 billion US dollars cannot flow into the market in just one day. Even if the market is included next time, it will definitely not be given a 100 percent weighting. Foreign investors, as an example, could start investing in December. But it would take a couple of months for the markets to start registering that. Even if A-shares were 100 percent included in the next two years, 150 billion US dollars might not have that much influence, with Shanghai stocks hitting a daily turnover¹⁰ of 1 trillion yuan."

　　The Shanghai Stock Exchange has seen its value surge almost 50 percent so far this year.

　　However, the markets have been volatile¹¹.

　　Shanghai dropped 6.5-percent in just one-day last month.

　　Still, foreign investment in the mainland markets is growing.

　　The State Administration of Foreign Exchange says Qualified¹² Foreign Institutional Investors, foreign companies which have been authorized¹³ to trade on the A-share market, pumped in 845 billion yuan into the markets in May.

　　For CRI, I'm Qian Shanming

1 immediate   

adj.立即的；直接的，最接近的；紧靠的

参考例句：

• His immediate neighbours felt it their duty to call.他的近邻认为他们有责任去拜访。
• We declared ourselves for the immediate convocation of the meeting.我们主张立即召开这个会议。

2 decided   

adj.决定了的，坚决的；明显的，明确的

参考例句：

• This gave them a decided advantage over their opponents.这使他们比对手具有明显的优势。
• There is a decided difference between British and Chinese way of greeting.英国人和中国人打招呼的方式有很明显的区别。

3 quota   

n.（生产、进出口等的）配额，（移民的）限额

参考例句：

• A restricted import quota was set for meat products.肉类产品设定了进口配额。
• He overfulfilled his production quota for two months running.他一连两个月超额完成生产指标。

4 restrictions   

约束( restriction的名词复数 )； 管制； 制约因素； 带限制性的条件（或规则）

参考例句：

• I found the restrictions irksome. 我对那些限制感到很烦。
• a snaggle of restrictions 杂乱无章的种种限制

5 mobility   

n.可动性，变动性，情感不定

参考例句：

• The difference in regional house prices acts as an obstacle to mobility of labour.不同地区房价的差异阻碍了劳动力的流动。
• Mobility is very important in guerrilla warfare.机动性在游击战中至关重要。

6 dividends   

红利( dividend的名词复数 )； 股息； 被除数； （足球彩票的）彩金

参考例句：

• Nothing pays richer dividends than magnanimity. 没有什么比宽宏大量更能得到厚报。
• Their decision five years ago to computerise the company is now paying dividends. 五年前他们作出的使公司电脑化的决定现在正产生出效益。

7 innovative   

adj.革新的，新颖的，富有革新精神的

参考例句：

• Discover an innovative way of marketing.发现一个创新的营销方式。
• He was one of the most creative and innovative engineers of his generation.他是他那代人当中最富创造性与革新精神的工程师之一。

8 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

9 prospect   

n.前景，前途；景色，视野

参考例句：

• This state of things holds out a cheerful prospect.事态呈现出可喜的前景。
• The prospect became more evident.前景变得更加明朗了。

10 turnover   

n.人员流动率，人事变动率；营业额，成交量

参考例句：

• The store greatly reduced the prices to make a quick turnover.这家商店实行大减价以迅速周转资金。
• Our turnover actually increased last year.去年我们的营业额竟然增加了。

11 volatile   

adj.反复无常的，挥发性的，稍纵即逝的，脾气火爆的；n.挥发性物质

参考例句：

• With the markets being so volatile,investments are at great risk.由于市场那么变化不定，投资冒着很大的风险。
• His character was weak and volatile.他这个人意志薄弱，喜怒无常。

12 qualified   

adj.合格的，有资格的，胜任的，有限制的

参考例句：

• He is qualified as a complete man of letters.他有资格当真正的文学家。
• We must note that we still lack qualified specialists.我们必须看到我们还缺乏有资质的专家。

13 authorized   

a.委任的，许可的

参考例句：

• An administrative order is valid if authorized by a statute.如果一个行政命令得到一个法规的认可那么这个命令就是有效的。