J.P. Morgan to Offer Global RMB Services
In response to last week’s People’s Bank of China (PBOC) announcement expanding the scope of RMB international settlement, J.P. Morgan Shanghai branch is now providing RMB nostro accounts and clearing services to its bank clients globally.
J.P. Morgan is one of the first foreign locally-incorporated banks in China to function as a domestic agent bank offering RMB international settlement services.
Lisa Robins, head of J.P. Morgan Treasury & Securities Services China, said: “This is a big step in providing a comprehensive service to support our clients’ growth. It gives our clients more choice and flexibility to support their cross border trade finance and clearing needs with China. With our ability to offer RMB international settlement, J.P. Morgan is well-positioned for continued growth in China.”