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Mastercard approved to conduct bank card clearing in China

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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.

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