China's central bank gives green light to Mastercard's China JV for clearing business
FILE PHOTO: The headquarters of the People's Bank of China, the central bank, is pictured in Beijing, China, as the country is hit by an outbreak of the new coronavirus, February 3, 2020. REUTERS/Jason Lee/File Photo
BEIJING - China’s central bank said on Tuesday it has approved an application by Mastercard’s China joint venture to conduct bank card clearing operations in the country. The decision, made with China’s banking regulator, is part of efforts to open up China’s financial industry, the People’s Bank of China said in a statement on its website.
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