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China’s central bank has given the green light to a network clearing license for an American Express joint venture, making it the first foreign credit card company to be allowed to process local currency transactions in one of the world’s largest markets.
The People’s Bank of China (PBOC) granted a network clearing license to American Express’s China joint venture, Express (Hangzhou) Technology Services, in a move to further open up the country's financial industry, according to a statement released by the central bank on Saturday.
The company, which won initial . . .
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