JP Morgan's Shanghai branch in China has introduced RMB Nostro accounts and clearing services to its bank clients globally, marking the first foreign locally-incorporated bank in China to function as a domestic agent bank offering RMB international settlement services.
Lisa Robins, head of JP 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, JP Morgan is well-positioned for continued growth in China.
“With the establishment of JP 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. JP 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.”