
- US Treasury officials raised market access for Mastercard and Citigroup in at least two bilateral meetings with PBOC and finance ministry officials in Bangkok this week, according to a Treasury official.
- The regulatory approval was part of the agreement reached between Trump and Xi during Xi's state visit to Washington last month, per the official.
- Mastercard currently operates yuan card payments in China through a joint venture with NetsUnion Clearing Corp. The pending approval would let it operate as an independent entity.
- Citigroup is seeking a wholly owned securities license for A-share brokerage, underwriting, research and principal trading onshore, and plans to grow its China securities staff to about 100. The bank applied in late 2021.
- The progress follows China's Oct. 13 approval for Visa to begin preparing a wholly owned domestic card-clearing business, with up to a year to prepare before applying for an operating license.
- Mastercard and Citigroup declined to comment, and the PBOC and Visa did not immediately respond to CNBC's request for comment.
Quotes
“The move suggests the US-China trade environment remains benign, and Beijing is keen to keep up the momentum”