American Express JV gets final approval to launch operations in China

American Express JV gets final approval to launch operations in China

REUTERS/Mike Blake

China’s central bank has given the final nod to a network clearing license for an American Express joint venture, allowing it to be the first foreign credit card company to launch onshore operations in China.

The approval comes against a backdrop of high Sino-U.S. tensions, with disagreements over trade and Beijing’s imposition of a national security law for Hong Kong.

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