Central Banking

PBoC opens local currency payments market to first foreign company

American Express card

China’s central bank has granted permission for American Express to launch operations in the country, making the US company the first one to be able to directly connect to China’s local currency payments market.

The People’s Bank of China (PBoC) has issued a network clearing licence to Express (Hangzhou) Technology Services, a joint venture between American Express and Chinese firm LianLian DigiTech, the central bank said in a statement on June 13.

The move makes Amex the first foreign company

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