JP Morgan is continuing to expand its renminbi (RMB) international trade settlement services to its clients across Asia-Pacific, with Shinhan Bank, one of Korea’s oldest financial institutions, the latest client regionally to implement RMB clearing and trade solutions.
Shinhan Bank’s decision to implement JP Morgan’s RMB clearing and trade services further strengthens a long relationship between the two firms, which began with JP Morgan providing US dollar clearing services for the Korean bank’s treasury and commercial payments operations in 1983. Through this broader relationship, Shinhan Bank’s corporate clients will now benefit from fast and efficient clearing of cross-border trade payments with China, reduced operating costs and the mitigation of foreign exchange risk.
Sam Xu, senior product manager, China, JP Morgan Treasury Services, noted that the growing trade volumes between Korea and China and the rising demand for RMB-related products and services were indicative of the wider Asia-Pacific story.
“When it comes to implementing RMB clearing services, we have been having conversations with our global, regional and local clients on a daily basis. Intra-region trade flows are continuing to grow, and many of our clients are now moving to incorporate the RMB into their cross-border activities,” he said.
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