China central bank bank approves American Express for bank card clearance business

China central bank bank approves American Express for bank…

FILE PHOTO: A woman wearing a mask walks past the headquarters of the People’s Bank of China, the central bank, in Beijing, China, as the country is hit by an outbreak of the new coronavirus, February 3, 2020. REUTERS/Jason Lee/File Photo/File Photo

SHANGHAI (Reuters) – China’s central bank said on Saturday it has given American Express (AXP.N) 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

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