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 believes that this is an exciting development for the bank: “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.”
With the establishment of J.P. Morgan Shanghai as a domestic agent bank, clients globally will benefit from the bank’s wide range of cash management services to meet their clearing needs in this growing market. By adding RMB clearing to our suite of multi-currency clearing services, our clients will benefit from the wide coverage and reach to settle RMB throughout China. J.P. Morgan is the world’s largest USD clearing bank and with the addition of the RMB clearing services, the bank can clear more than 100 currencies across the world. J.P. Morgan continues to bring expertise, innovation and value to clients conducting business in the Asia Pacific,”
Clients also benefit from the security that comes from J.P. Morgan China being the only publicly-rated locally incorporated bank in China carrying a guarantee issued by its headquarters in the U.S.
D.C.