JPMorgan’s Dimon Says China Has Made ‘Huge Progress’ on ReformsBy
JPMorgan Chase & Co.’s Chief Executive Officer Jamie Dimon said China has made “huge progress” on market reforms and he would like to increase his firm’s businesses in the nation.
The New York-based JPMorgan is hoping to get a corporate bond license in China and would consider another joint venture in Asia’s biggest economy, Dimon said in an interview with Bloomberg Television’s Stephen Engle in Beijing. As China’s leaders remain on track with financial and trade reforms, Dimon said he sees full yuan convertibility in the next five to 10 years.
Dimon, 61, said in a Bloomberg Television interview last month he remains optimistic about the global economy and the prospects for regulatory reform under U.S. President Donald Trump. He said Japan is growing faster than it has in 15 years, Europe is “doing well,” and that America is “chugging along.”
In April, JPMorgan beat analysts’ first-quarter profit estimates on better-than-expected trading results and lending margins. Trading revenue rose for a fourth quarter, the longest streak in at least a decade, with a 17 percent advance in fixed income and a surprise increase for equities. “It will be hard to gain” further share in fixed income, Dimon said last month.