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Mastercard Inc. has won approval to set up a bank card clearing business in China, gaining access to a $27 trillion payments market as part of the nation’s financial opening.
China’s central bank on Tuesday said it had approved an application from Mastercard's joint venture to establish a bank card clearing business in China, a major step in the US company’s decades-long march to enter the yuan payment and clearing market.
The joint venture, with a registered capital of 1 billion yuan (about 142.86 million U.S. dollars), was . . .
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