U.S. Presses China on Mastercard, Citigroup Market Access in Bangkok Talks
U.S. officials urged China to grant market access to Mastercard and Citigroup during Bangkok bilateral talks.
Key facts
- U.S. Treasury delegation led by Deputy Secretary Francis Brooke met Chinese officials in Bangkok on G20 and IMF‑World Bank sidelines. [S1]
- Discussions focused on market access for Mastercard, Visa, and Citigroup, following a 2025 agreement between Trump and Xi. [S1]
- China approved Visa to start a domestic card‑clearing business on Oct. 13, giving it up to a year to apply for an operating license. [S1]
- Mastercard operates yuan card payments through a joint venture with NetsUnion Clearing Corp.; approval would allow it to operate independently. [S1]
- Citigroup seeks a wholly owned securities license to conduct A‑share brokerage and other onshore services; it plans to increase China securities staff to about 100. [S1]
The U.S. Treasury delegation, led by Deputy Secretary Francis Brooke, held bilateral meetings with Chinese counterparts in Bangkok on the sidelines of the G20 finance meetings and the IMF‑World Bank annual gathering. The meetings included discussions on market access for U.S. companies such as Mastercard, Visa, and Citigroup. The Treasury official said the talks continued implementation of deals reached during the Trump‑Xi meeting in Washington last month. [S1]
China approved Visa Inc. to begin preparing a wholly owned domestic card‑clearing business on Oct. 13, giving it up to a year to apply for an operating license. The approval follows China’s gradual opening of its financial sector since 2018. [S1]
Mastercard currently operates yuan card payments through a joint venture with NetsUnion Clearing Corp., which began operating in 2024. The pending approval would allow Mastercard to operate as an independent entity in China. [S1]
Citigroup has hired several dozen employees for its China unit and is seeking a wholly owned securities license to conduct A‑share brokerage, underwriting, research, and principal trading. Two industry insiders said the bank plans to increase its China securities staff to about 100. The bank applied in late 2021, and Reuters reported last month that approval could come soon. [S1]
Analysts note that licensing U.S. financial firms is a limited concession on market access, but it signals China’s continued openness. The move may marginally boost investor confidence in Chinese assets. [S1]
Context
China has opened much of its financial sector to foreign firms since 2018, lifting ownership caps on services such as securities and fund management. It still limits cross‑border capital flows and keeps state‑backed domestic players dominant in payments. The U.S. and China are negotiating market access for U.S. firms in the context of ongoing trade and financial relations.
How outlets headlined it
How this was made
Compiled by our AI newsroom from 1 independent outlets, checked by a separate AI editor against the sources. Only claims found in the sources are reported. Spot an error? Every source is linked below.
Open reader debate: Factual contributions and additions are synchronized directly in real time across all readers.
Loading contributions from cloud server…
Reader Discussion & Community Notes