Visa and Mastercard’s Chinese Entry Delayed by Central Bank: FT

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The People’s Bank of China declined to acknowledge Visa and Mastercard’s applications to process renminbi payments, the Financial Times reports, citing unidentified people familiar with the application process.

• Applications submitted to central bank more than a year ago, people say
• Procedure for applications published in 2017 says PBOC must decide on applications within 90 days of acknowledging receipt
• The PBOC, Visa and Mastercard did not respond to requests for comment

To contact the reporter on this story: Nick Lichtenberg in New York at nlichtenberg@bloomberg.net

To contact the editors responsible for this story: Chakradhar Adusumilli at cadusumilli@bloomberg.net, James Ludden

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