US Presses China for Mastercard and Citigroup Market Access

US officials pressed China to give American companies access to its market. The issue came up in at least two bilateral meetings in Bangkok this week, with a focus on Mastercard and Citigroup.

The US Treasury delegation, led by Deputy Secretary Francis Brooke, met with representatives of the People's Bank of China and the Ministry of Finance. The meetings took place on the sidelines of G20 finance meetings and the annual assembly of the IMF and World Bank.

The talks covered access for American firms such as Mastercard, Visa and Citigroup. Regulatory approval is part of an agreement reached between Donald Trump and Xi Jinping during the Chinese leader's state visit to Washington last month. The Bangkok meetings are meant to spell out how that agreement will be carried out.

On October 13, China allowed Visa to begin preparing its own card clearing business in the country. The company has up to one year to get ready before applying for an operating license, the central bank said.

Mastercard already processes yuan payments through a local joint venture with NetsUnion Clearing Corp, which has been operating since 2024. The pending approval would allow it to operate as an independent company. Citigroup has hired several dozen staff for its Chinese unit and is seeking a license to operate brokerage, underwriting, research and proprietary trading in China's A-share market.