The People’s Bank of China on Tuesday agreed to Visa preparing to establish a locally registered bank card clearing organization, calling the move a major step in the country’s financial opening-up in an online statement.
The US card payment giant will have one year to finalize its pre-arrangements, after which it can submit an application to start operations, the central bank added.
With a local clearing organization, Visa would be able to settle domestic yuan transactions directly with its own network.
Historically, these transactions were dominated by China. public service UnionPaywhile foreign providers could process foreign currency payments for multi-currency cards.
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