BNY Mellon said it will start offering renminbi (RMB) foreign exchange (FX) and money market services via its Shanghai branch from April 2011.
The new trading floor in Shanghai will be managed by Bing Cheng, managing director and head of global markets in Shanghai, reporting to Marek Unger, head of global markets for Asia-Pacific, based in Hong Kong.
Cheng will join BNY Mellon from DBS Shanghai where he was head of interest rate trading, treasury and markets.
Unger said that the debate about the growing internationalization of the Chinese currency has certainly stepped up over recent months. As a consequence institutions like BNY Mellon that are heavily involved in both intra-Asian and global flows, are gearing up to provide clients with a full suite of RMB capabilities.
"Building a strong business in China is intrinsic to our future growth in Asia, and receiving RMB license approval is a major step forward in our ability to serve clients in this critical market," Unger added.
In June last year, CBRC authorized BNY Mellon to set up a banking branch in Beijing, and in July, the China Securities Regulatory Commission (CSRC) authorized BNY Mellon and Western Securities to establish a joint venture fund management company in China, known as BNY Mellon Western Fund Management Company.
