It was a year ago that index provider MSCI contemplated including Chinese domestic-listed A shares in its emerging market indices. The Chinese market was charging ahead, with the Shanghai Composite index peaking on June 12, two days after MSCI opted not to include the shares.
Officials in Beijing sat on the sidelines encouraging the rise, much of it based on borrowed money, while the local media took the euphoria as further confirmation of the ascent of China itself.
The mood would quickly shift. After last summer’s crash when more than half of all A shares were suspended at one point — and big listed brokerages spent money supporting the market at the request of regulators — the market sits 40 per cent below its peak of last June.
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