Policy·October 16, 2026 at 12:11 PM EDT·1 source
U.S. raises Mastercard, Citigroup China market access in bilateral Bangkok talks, official says
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News
Mastercard China yuan card-payment joint venture began2024
Citigroup planned China securities staffabout 100
What happened
- U.S. officials raised market-access issues for Mastercard and Citigroup with Chinese counterparts during bilateral meetings in Bangkok.
- The discussions addressed implementing market-access agreements reached during a meeting between Presidents Donald Trump and Xi Jinping last month.
- China approved Visa’s preparations for a wholly owned domestic card-clearing business on Oct. 13; Mastercard and Citigroup approvals remain pending.
Visa preparation period
up to a year
Citigroup planned China securities staff
about 100
Mastercard China yuan card-payment joint venture began
2024
Why it matters
Potential approvals could expand U.S. financial firms’ access to China’s payments and securities markets. The talks also provide a signal on the direction of U.S.-China financial and trade relations.
What to watch. Watch for regulatory approvals for Mastercard’s independent China operations and Citigroup’s wholly owned securities license, as well as the expected Trump-Xi meeting in Shenzhen in November.
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Who is involved
U.S. raises Mastercard, Citigroup China market access in bila…Mastercard IncMACitigroup IncCVisa IncVU.S. Treasury DepartmentPeople's Bank of ChinaDonald TrumpXi JinpingDan Wang
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Sources (1)
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