JP Morgan Chase has been granted two licences by the People's Bank of China to expand its operations in the country. Each licence cost the bank US$12m.
The first licence will enable the US bank to offer foreign exchange services to local corporations throughout the country from its Shanghai branch. The bank said it would target clients from China's top 200 companies. The second licence will allow it to offer yuan banking services to foreign-invested enterprises located in Shanghai, Tianjin, Dalian and Shenzhen.