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

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