Full weight of MSCI's A shares decision will depend on Beijing

It is not quite like waiting for white smoke over the Vatican but, for anyone investing in emerging markets, it comes close. Next Tuesday we will find out the results of the latest reshuffle of the MSCI Emerging Markets index and so will know whether Chinese A shares have been added.

This does not sound like a momentous event. MSCI, like other index providers, aims to reflect the markets it benchmarks, not lead them. And China's domestic stock market is already enormous - this year, its stock index futures overtook S&P 500 futures to become the planet's most heavily traded.

Financial Times