Swedbank has received a local currency license from China Banking Regulatory Commission to use the national currency Renminbi (RMB).

The license will enable the Swedbank’s Shanghai branch to offer corporate customers RMB services that include cash management, lending and deposits, FX and derivatives products.

Swedbank’s Shanghai branch has been operating since 2007, with a foreign currency license.

The local currency license allows Swedbank to expand its range of services to customers interested in the Chinese market.