, Columnist
JPMorgan's China News Is Great...for China
Bank shareholders may want to temper their excitement.
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China typically doesn't do things by halves and that attitude extends to its debt capital markets. Not everyone is going to be happy, though.
JPMorgan Chase & Co. said on Monday that it has won approval, alongside BNP Paribas SA, to underwrite bonds in China's interbank market, where about 90 percent of securities are issued. It's another step in the nation's economic opening, coming about six months after foreign banks were permitted to trade debt in the same venue.