Since last week, five Chinese commercial lenders have launched American Express cards that can make yuan payments both inside and outside China. Photo: Shutterstock
Since last week, five Chinese commercial lenders have launched American Express cards that can make yuan payments both inside and outside China. Photo: Shutterstock

American Express: new yuan card settlement network promotes global use of China’s currency

  • Beijing’s decision to let American Express join national clearing network will boost the yuan’s circulation and its role in global finance, analysts say
  • The move has the added benefit of reducing China’s reliance on the US dollar payments system as bilateral relations between Washington and Beijing deteriorate

Since last week, five Chinese commercial lenders have launched American Express cards that can make yuan payments both inside and outside China. Photo: Shutterstock
Since last week, five Chinese commercial lenders have launched American Express cards that can make yuan payments both inside and outside China. Photo: Shutterstock
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