JPMorgan wins China approval to underwrite corporate bonds

Shanghai

JPMorgan Chase & Co, the biggest US bank, said it won approval to underwrite corporate bond sales in China's interbank market, allowing it to challenge dominance by domestic players in the world's third-largest note market.

JPMorgan is the first US bank to receive the licence from the National Association of Financial Institutional Investors, known as NAFMII, the New York-based lender said in a statement on Monday. China had 43.7 trillion yuan (S$8.97 trillion) of bonds outstanding at the end of 2016 with the interbank note market accounting for over 90 per cent, according to the statement, which cited data from China Central Depository & Clearing Co.