J.P. Morgan has received approval to provide Renminbi (RMB) cross-border trade settlement services to China-based corporate clients as a domestic settlement bank through its locally incorporated bank.

J.P. Morgan Chase Bank (China) Co. Ltd, Shanghai Branch is authorized to originate and receive payments in RMB to settle trade transactions for eligible corporates. The Bank now offers Import Letter of Credit issuance and payment; Export Letter of Credit advising, negotiation and confirmation; and Standby Letter of Credit or Bank Guarantee issuance in RMB.

J.P. Morgan Chase Bank (China) Co Ltd, Shanghai Branch also has filed for authority to become a ‘domestic agent bank’ to provide RMB clearing services to JPMorgan Chase branches as well as financial institution clients in eligible countries.