china-appoints-jpmorgan-as-primary-dealer

China appoints JPMorgan as primary dealer

Ministry of finance officials select the US bank as a primary dealer of government bonds, bringing the total number of foreign banks that can trade in the primary market to three.
China's ministry of finance MoF has appointed JPMorgan as a primary dealer of Chinese government bonds. The appointment will allow the US bank to underwrite government bonds issued by the MoF onshore. The move comes after JPMorgan received approval from the China Banking Regulatory Commission to establish a locally incorporated bank in China last July.

ôWe are very active in the secondary market, but for the first time now we have access to participate in the primary market. Underwriting government bonds also gives us better information and good assessment of the market environment,ö says Carl Walter, chief executive of JPMorgan Chase Bank China. ôMoreover, there are very few foreign financial...
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