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JPMorgan gets approval to settle bond

JPMORGAN Chase Bank (China) Company Limited announced yesterday that it has received a Type-A Bond Settlement Agent license from the People’s Bank of China to act as a bond settlement agent in the China Interbank Bond Market (CIBM).

“We welcome China’s continuous efforts to increase foreign participation in, and transparency of, China’s bond market,” said David Li, chairman and CEO of J.P. Morgan China. “J.P. Morgan is well positioned to help China further participate in the global financial system and accelerate the internationalization of the yuan by bringing in quality international investors as well as global knowledge and expertise.”

Earlier this year, J.P. Morgan also received its corporate bond underwriting license in the CIBM which enabled the bank to underwrite debt financing instruments issued by non-financial entities in the CIBM.     

J.P. Morgan has been trading in the CIBM for more than 13 years. The new licenses will further complete the firm’s onshore platform, said Julia Wu, president of JPMorgan Chase Bank (China) Company Ltd.

China’s bond market is the third largest in the world with an outstanding issuance of 66.3 trillion yuan (US$ 9.7 trillion) as of March, 2017. On Monday, China officially launched its bond-connect program with Hong Kong, allowing offshore investors another way to access China’s bond market.

J.P. Morgan started to trade in the CIBM in 2004 and became a Chinese government bond underwriter and market maker in 2008.


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