J.P. Morgan Treasury Services 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 and most esteemed financial institutions, the latest client regionally to implement RMB clearing and trade solutions.
Shinhan Bank’s decision to implement J.P. Morgan’s RMB clearing and trade services further strengthens a long relationship between the two firms, which began with J.P. Morgan providing US dollar clearing services for the Korean bank’s treasury and commercial payments operations in 1983. Through this new deal, Shinhan Bank’s corporate clients will now benefit from clearing of cross-border trade payments with China, reduced operating costs and the mitigation of foreign exchange risk.
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