雅加达/东京 -- 全球金融服务公司MSCI宣布正考虑将MSCI印尼指数从新兴市场降级为独立市场地位，印尼股市周五随即暴跌，这对印尼近期为维持其新兴市场地位所作的努力构成重大挫折。
JAKARTA/TOKYO -- Indonesian stocks plummeted on Friday after global financial services company MSCI announced that it is considering downgrading the MSCI Indonesia Index from emerging market to standalone market status, a major setback amid recent efforts by Indonesia to maintain its emerging market status.
雅加达综合指数（JCI）在MSCI宣布后大幅下跌。印尼证券交易所的基准指数收盘下跌11.5%，即678.675点，报5,185.105，路透社称这是28年来点位跌幅最大的一次。
The Jakarta Composite Index (JCI) fell sharply after MSCI's announcement. The Indonesia Stock Exchange's benchmark closed down 11.5%, or 678.675 points, at 5,185.105, marking the largest points drop in 28 years, according to Reuters.
总部位于纽约的指数提供商MSCI在10月15日发表的一份声明中表示：“MSCI认为印尼继续被归类为新兴市场已不再适当，正就一项将印尼重新归类为独立市场的提案展开咨询。”
"MSCI considers Indonesia's continued classification as an Emerging Market no longer appropriate and is launching a consultation on a proposal to reclassify Indonesia as a Standalone Market," the New York-based index provider said in a statement published on Oct. 15.
独立市场地位意味着该国不符合被纳入MSCI三大主要市场层级——发达市场、新兴市场或前沿市场——所需的标准。只有少数国家，包括阿根廷，属于独立市场类别。也有伊朗和伊拉克等国家未被MSCI指数覆盖。
Standalone status means that a country does not meet the standards required for inclusion in any of MSCI's three main market tiers -- developed, emerging or frontier. Only a small number of countries, including Argentina, belong to the standalone category. There are also countries such as Iran and Iraq that are not covered by MSCI indexes.
雅加达综合指数（JCI）在MSCI宣布后开盘大幅下跌，印尼证券交易所的基准指数报5,393.92点，较昨日收盘下跌469.86点，即8.01%。交易所暂停交易后，JCI一度下跌11.4%。
The Jakarta Composite Index (JCI) opened sharply lower after MSCI's announcement, with the Indonesia Stock Exchange's benchmark at 5,393.92, down 469.86 points, or 8.01%, from yesterday's close. After a temporary trading halt by the exchange, JCI fell 11.4% at one point.
印尼卢比在宣布后不久也下跌0.7%，报1美元兑18,047卢比，接近其历史低点——2023年6月创下的约18,220卢比。
The rupiah also fell 0.7% soon after the announcement, hitting 18,047 per dollar, close to its all-time low of around 18,220 set in June.
截至目前，印尼卢比对美元年内已下跌7%。除了市场对可能重新分类导致资本外流的担忧外，印尼卢比还受到印尼财政状况的影响——其财政负担因在高能源价格背景下补贴柴油和汽油的成本而加重，而高能源价格部分源于美国与伊朗的冲突。
Year-to-date, the rupiah is down 7% against the dollar. In addition to fears of capital outflows in response to a possible reclassification, the currency has also suffered from fiscal concerns about Indonesia, whose finances have been weighed down by the cost of subsidizing diesel and gasoline amid high energy prices sparked by the U.S. war with Iran.
此举与竞争对手指数提供商 FTSE Russell 近期重申印度尼西亚新兴市场地位的决定形成对比。
The move contrasts with a recent decision by rival index provider FTSE Russell to reaffirm Indonesia's emerging market status.
今年早些时候，MSCI 曾警告可能重新分类，理由是对可投资性的担忧，引发股市抛售，并促使雅加达采取一系列措施，以提高市场透明度和流动性，并解决异常交易活动问题。
MSCI warned earlier this year of a potential reclassification, citing concerns over investability, sparking a stock market sell-off and prompting a series of efforts by Jakarta to increase market transparency and liquidity and address irregular trading activity.
美国指数提供商在 6 月表示，除非在 11 月前取得足够进展，否则将考虑启动关于重新分类印尼市场的咨询。此次咨询的启动表明，该公司不仅在兑现其警告，还在考虑采取更进一步的行动。
The U.S. index provider said in June that unless sufficient progress was made by November, it would consider launching a consultation on reclassifying the Indonesian market. The launch of the consultation showed that the company is not only following through on its warning but is considering going even further.
“重新分类至前沿市场无法恰当反映市场问题的深度，”MSCI 表示。
"A reclassification to Frontier Markets would not properly recognize the depth of the market problems," MSCI said.
“除非咨询发现市场治理和运作方面存在明确的实质性改善证据，以值得重新考虑，否则 MSCI 将按计划推进所提出的重新分类，”它补充道。
"MSCI expects to proceed with the proposed reclassification unless the consultation identifies clear evidence of material improvements in market governance and functioning to warrant reconsideration," it added.
印度尼西亚当局宣布的改革措施包括加强对持股比例超过 1% 的股东的披露，并制定一条通往最低自由流通股比例 15% 的路线图。
The reform measures announced by Indonesian authorities include enhanced disclosure of shareholders with ownership above 1% and a road map toward a minimum free-float requirement of 15%.
然而，MSCI 仍坚持认为，需要看到这些公告的“一致实施以及由此产生的持续实质性影响的证据”。
MSCI maintained, however, that it needs to see "consistent implementation and evidence of sustained material impact from these announcements."
“如果实施，印度尼西亚将被移出 MSCI 新兴市场指数，可能引发约 30 亿美元的被动外资基金流出，”美银证券印尼股权研究分析师 Wilbert Arifin 在一份报告中写道。“外资持股比例高的大型银行和公司将面临最大风险。”印尼证券交易所（IDX）总裁 Jeffrey Hendrik 表示，交易所尊重 MSCI 在依据自身方法论进行评估和确定市场分类时的独立性。
"If implemented, Indonesia would be removed from the MSCI Emerging Markets Index, potentially triggering around $3 billion in passive foreign fund outflows," Wilbert Arifin, an equity research analyst at Mirae Asset Sekuritas Indonesia, wrote in a report. "Major banks and companies with high foreign ownership would face the greatest risk." Indonesia Stock Exchange (IDX) President Director Jeffrey Hendrik stated that the exchange respects MSCI's independence in conducting assessments and determining market classifications based on its own methodology.
然而，考虑到已经取得的各项进展和改革措施，印尼证券交易所将向MSCI寻求进一步澄清，以了解此次公告背后考虑和评估的依据。”他对《日经亚洲》表示。
"However, considering the various progress and reform measures that have been taken, the IDX will seek further clarification from MSCI regarding the basis for the considerations and assessments behind this announcement," he told Nikkei Asia.
“我们还需要强调，MSCI的公告仍属于咨询过程的一部分，意见征集将持续至2027年4月30日，尚未作出最终决定。”亨德里克补充道。
"We also need to emphasize that MSCI's announcement is still part of the consultation process, with input being accepted until April 30, 2027, and is not a final decision" Hendrik added.
印尼证券交易所发展主管Iding Pardi在新闻发布会上表示，交易所将就MSCI的最新公告寻求澄清。“该提案或咨询已启动，但尚未作出决定，因为咨询将持续至2027年4月，预计最终决定将在2027年6月作出。”他说。
Iding Pardi, director of development at the IDX, said at a news conference that the exchange would seek clarification from MSCI regarding its latest announcement. "The proposal or consultation has been opened, but no decision has been made yet, as the consultation will run through April 2027, with a final decision expected in June 2027," he said.
“在现有时间内，我们将尽全力解决一些全球投资者对我们所提供信息所指出的不足。”Pardi继续说道。
"With the time available, we will make every effort to address the shortcomings identified by some global investors regarding the information we have provided," Pardi continued.
经济事务统筹部长Airlangga Hartarto对记者表示：“他们当然要求的是落实已经作出的承诺。在实施资本市场行为监管方面，他们觉得进展有些太慢了。”
Airlangga Hartarto, the coordinating minister for economic affairs, told reporters: "What they are asking for, of course, is the implementation of commitments that have already been made. In terms of implementing regulations governing actions in the capital market, they feel the process is taking somewhat too long."
Hartarto补充道：“这是我们今后的一个教训：改革必须落实，进展必须可见，尤其是对国内外投资者而言。”印度尼西亚经济改革中心（CORE）经济学家Dipo Satria Ramli表示，印尼股市的结构性问题已成为慢性病，他指出流动性薄弱、自由流通股比例低、估值未能反映基本面以及投机性主导者的主导地位。
Hartarto added, "This is a lesson for us going forward: Reforms must be implemented, and progress must be visible, particularly to domestic and foreign investors." Dipo Satria Ramli, an economist at the Center of Reform on Economics (CORE) Indonesia, said the structural problems in Indonesia's stock market had become chronic, citing thin liquidity, low free float, valuations that do not reflect fundamentals and the dominance of speculative players.
他说，印尼证券交易所在改革方面取得了显著进展，特别是在提升信息披露和公司治理方面。然而，这些措施尚未解决市场根本的流动性问题，导致投资者难以确定股票的基本价值。
He said the IDX had made significant progress in reforms, particularly in improving information disclosure and corporate governance. However, these measures had yet to address the market's underlying liquidity problems, making it difficult for investors to determine the fundamental value of stocks.
“我认为印尼证券交易所已经尽了它所能做的，”他说。“但更高的透明度也暴露了流动性问题的严重程度。”
"I think the IDX has done as much as it can," he said. "But greater transparency has also revealed the extent of the liquidity problem."