American Express this week
launched traveler's checks in the Chinese yuan, which it calls the world's
first prepaid product in Chinese currency.
The checks, which come in
a single denomination of 500 yuan, stem from an agreement reached by American
Express and Bank of China in April. American Express is making the checks
available through Bank of America, select Currency Exchange International
branches and its own website for cardholders. Travelers then can cash the
checks at 2,000 Bank of China branches, including international airport
locations.
Per its agreement with the
Bank of China, American Express plans to ultimately make yuan traveler's checks
available for purchase in Canada, the United Kingdom, Japan, India, Singapore,
Malaysia and Korea.
"With the Yuan
Travelers Cheque, visitors to China can have peace of mind knowing they are
using a safe and secure form of payment," American Express global prepaid
business president Alpesh Chockshi said in a statement. "American Express
will replace the checks if lost or stolen, and the funds never expire."
American Express estimated
that more than 1.7 million people traveled from the United States to China for
business and leisure in 2009.