American Express to launch card in China

American Express announced that it reached an agreement to offer RMB and US dollar dual currency credit cards in China through a partnership with Industrial and Commercial Bank of China (ICBC). Chinese card holders will be able to use their dual currency cards throughout China and abroad. The deal will make it possible for non-Chinese American Express card holders to use their cards at stores in China accepting the ICBC cards. American Express officials said the cards will be launched in 2004. Financial details were not disclosed.