BEIJING, June 13 (Xinhua) -- China's central bank on Saturday announced that it has approved an application by American Express' Chinese joint venture to conduct bank card clearing operations in the country.

The joint venture should start bank card clearing operations within six months, said the People's Bank of China (PBOC).

The decision, jointly made by the PBOC and the China Banking and Insurance Regulatory Commission, represents a concrete step by China to further open up its financial industry.

The opening of the bank card market will help improve the country's payment and settlement services, the internationalization of the Chinese currency, and facilitate all industry players, according to the PBOC.

The PBOC said it would continue to push forward the opening of the country's bank card market while improving the regulatory system to maintain financial stability.