FTSE Russell is not included in Chinese bonds for the time being

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      According to the latest commentary report of Societe Generale Securities of China, the FTSE Russell WGBI Index has declared that it will not be included in China's onshore RMB bonds for the time being, but will keep China on the watch list. At present, the main gap lies in the depth of the foreign exchange market and the opening of capital account. With the opening of China's bond market and the loosening of global liquidity, foreign capital inflows are expected to further improve.
The report points out that WGBI is the oldest and most influential international bond index and the most transparent and stringent index among the three international indexes. The developed market is the main component of the index. At present, only Mexico, South Africa and Malaysia are included in the emerging market countries, and Malaysia is on the watch list of moving out of the WGBI index.
The Bloomberg Barclays BBGA index includes Russia, Indonesia, Thailand, Turkey, Chile and other emerging market countries. The "gold content" of inclusion in the WGBI index is undoubtedly higher. China's failure to be included in this index shows that it faces certain twists and turns.
Index provider FTSE Russell said Thursday that it would keep China's onshore government bonds on the watch list for possible upgrades. If the ratings are upgraded, Chinese bonds could be included in the company's widely tracked bond index.
Societe Generale Securities reports that China is currently in Level 1 in the FTSE Russell National Classification System, and the main gap between Level 2 and Level 2 is in the depth of foreign exchange market and the opening of capital account, which can be said to be the "last mile" of China's financial reform.
Although the institutional opening of China's bond market has made tremendous achievements, there is still room for improvement in many aspects. Fushi Russell's keeping China on the watch list is conducive to pushing China's financial reform to deepen. From this point of view, it is not a bad thing that China's access to wealth is blocked.


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