American Express (AXP.NYSE) said it will launch renminbi-denominated traveler’s checks next month in partnership with Bank of China (3988.HK, 601988.SHA), the Wall Street Journal reported. The joint statement by American Express and BoC said that the checks will be available in Canada, India, Japan, Korea, Malaysia, Singapore, the UK and the US, and can be cashed at 2,000 BoC branches in China and 1,600 partner hotels. Amex’s Global Prepaid team has doubled its investment and tripled its size in China over the last two years, said Alpesh Chokshi, president of Global Prepaid. The plan coincides with the launch of the Shanghai Expo on March 1, which is expected to attract 3.5 million foreign visitors to China. In 2009, China received 126 million foreign tourists who spent US$39.7 billion, the statement said.
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