China’s central bank gave American Express the green light to start operating a card-clearing network that will process transactions in yuan
China’s central bank gave American Express Co. the green light to start operating a card-clearing network that will process transactions in yuan, giving the U.S. card company greater access to the country’s spenders.
On Saturday, Amex said it is the first foreign payment network to be licensed to clear domestic transactions in mainland China. The New York-based company has a Chinese joint venture called Express Co. that will run the network and process local-currency payments made with Amex-branded cards. The network is expected...
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