China c.bank approves American Express for bank card clearance business

SHANGHAI, June 13 (Reuters) – China’s central bank said on Saturday it has given American Express approval to set up a bank card clearance business in the country.

The People’s Bank of China (PBOC) said the move reflected China’s further opening up and reforms of its financial industry, according to a statement on its website. (Reporting by Winni Zhou and Andrew Galbraith; Editing by Kim Coghill)