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e乐彩彩票平台可信吗:Hong Kong Stock Connect and A share internationalization

时间:2018/1/24 19:53:51  作者:  来源:  浏览:0  评论:0
内容摘要: Recently, both the Hong Kong and A shares markets welcomed a good start in the market.The Hang Seng Indexmade several new record highs. One...

Recently, both the Hong Kong and A shares markets welcomed a good start in the market. The Hang Seng Index made several new record highs. One of the important factors affecting the markets in the two places is that the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, which promote the linkage between the two markets, have also become a boost to the internationalization of the A-share market. As the preparatory work for "Shanghai-London Stock Exchange" progresses steadily, A-shares will be included in the MSCI Emerging Markets Index and the Global Benchmark Index. These major events will further promote the A-share market further opening up.

Recalling the impact of the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect, the most obvious effect is that incremental capital has been brought to both markets. Data show that as of January 19 this year, the total amount of funds southbound under the Hong Kong Stock Connect reached a total of net inflow of reached 669 billion yuan, north of 377.2 billion yuan of funds, both more than doubled in early 2017. On the one hand, as of September 2017, the domestic Renminbi equities held by overseas institutions and individuals exceeded 1 trillion yuan (central bank data) for the first time and the impact of overseas funds on A shares will continue to rise. On the other hand, The impact on the Hong Kong market has been very significant. At the end of 2014, the daily turnover of the Hong Kong Stock Connect accounted for less than 2% of the total Hong Kong stock turnover and rose to 23% by the end of 2017.

Another manifestation of the market linkage between the Mainland and Hong Kong is the convergence of turnover rates. According to HKEx data, the vast majority of mainland investors in the Hong Kong market are individual investors (at least 62%), as opposed to the United States, the United Kingdom, the European continent and Australia. Meanwhile, the turnover of the Hong Kong stock market rose from 0.11% in 2015 to 0.20% in 2017. The A-share market, which is dominated by retail investors, also started to exhibit the characteristics of institutionalization and low turnover rate, which is also seen as a shift to a mature market.

Talking about international standards, we have to mention the investor structure. The experience of mature foreign markets shows that the higher proportion of individual investors tends to bring chase, sell-off, volatility and other phenomena in the market, while institutional investors can play a role in reducing market noise and stabilizing the market. According to the statistics, general institutional investors in the United States and Hong Kong held 89.6% and 45.9% of the market capitalization respectively in 2017 and only 19.5% in the A-share market. The U.S. securities market has also undergone a process of gradually strengthening the trust of individual investors in institutions such as mutual funds. In fact, market linkage is not only affected by the flow of capital, but also the interdependence of economic and trade and economic fundamentals, the psychological expectations and behavioral characteristics of various regions are also the decisive factors affecting market linkage. Before the opening of the Shanghai-Hong Kong Stock Connect and the opening of the Shenzhen-Hong Kong Stock Connect, Hong Kong has become the most important window for A shares to accept the transmission of information in the international market. However, this acceptance does not take the initiative. The influence of A shares on the international market has also been in a weak position. Professor Wu Xiaoqiu, vice president of Renmin University of China, once proposed that "one core factor that must be possessed by" big power finance "is" a developed, transparent, open and liquid capital market. " Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect will bring substantial progress in the internationalization of A shares. Future opening up and market linkage will be both challenges and expectations.


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