Bank of New York Mellon has secured a license from China’s banking regulator to conduct yuan business in Shanghai, The Wall Street Journal reports. The lender’s Shanghai branch will start offering yuan foreign exchange and money market services from April.

BNY Mellon has appointed Bing Cheng as head of its global markets division in Shanghai. He joins from DBS Group Holdings’ Shanghai unit, where he was head of interest rate trading, treasury and markets.

Click here for the story from The Wall Street Journal.