to my knowledge the ROUND function should work the same:
SELECT ROUND(MYFIELD,2) FROM MY TABLE
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Rounding (or truncation) is specified in Query/400 in the Specify processing options selection at the bottom of Define the Query. The choices for ‘Use rounding’ are Blank, Y=Yes, N=No.
By leaving the option blank, you tell Query/400 to make the choice during calculations although the choice is simply determined by running in the S/36 environment (becomes N) or OS/400 (becomes Y). Specifying either Y or N opens the risk of accumulated errors during complex calculations. You should understand how your choice will affect results before setting Y or N.