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The China Securities Regulatory Commission has allowed JPMorgan's locally incorporated bank to offer an RMB money market fund to its institutional and corporate investors, according to the bank's announcement.
The fund is managed by China International Fund Management Co Ltd, a joint venture of JPMorgan Asset Management (UK) Limited and Shanghai International Trust Co Ltd.
Zili Shao, chairman and CEO of JPMorgan China, said "by obtaining a fund distribution license, we now integrate best-in-class asset management advisory services for our institutional clients."
"We believe institutional and corporate clients in China are growing in size and sophistication, they are demanding more robust investment solutions and service," said John Donohue, head of JP Morgan Global Liquidity.
JPMorgan Chase Bank (China) was launched in 2007. It offers services in derivatives, foreign exchange and local currency trading, government bond underwriting, trade finance, fund distribution and commercial banking.