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MUFG approved for China central bank's market operations

Japan megabank tapped as fourth foreign player with access

The People's Bank of China has increasingly relied on market operations to steer monetary policy.   © Reuters

SHANGHAI -- MUFG Bank was granted access to open-market operations in China, becoming the first Japanese institution and fourth non-Chinese lender to gain that privilege.

The core unit of Mitsubishi UFJ Financial Group, MUFG Bank hopes the development will provide it better insight into China's monetary goals and policies. Such operations, which involve the purchase and sale of government securities by a central bank, are a primary tool in adjusting the amount of money in the banking system.

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