U.S. Seeks Greater Market Access for Mastercard and Citigroup in China

Highlights

U.S. officials raised market access for Mastercard, Visa and Citigroup in at least two meetings with Chinese counterparts in Bangkok, according to a U.S. Treasury official. The discussions focused on implementing commitments made during a meeting between Presidents Donald Trump and Xi Jinping in Washington last month. China had approved Visa to prepare a wholly owned domestic card-clearing business on Oct. 13, while Mastercard and Citigroup are pursuing expanded operations of their own. The talks indicate that regulatory approvals remain central to foreign financial firms’ ability to operate independently in China. Analysts described licensing as a limited concession that could nevertheless support investor confidence.

Sentiment Analysis

• Overall tone: The report is neutral and cautiously constructive. It recounts official discussions and pending business approvals without presenting them as completed outcomes.


• Positive signals: Visa’s Oct. 13 approval to prepare a wholly owned card-clearing business, alongside continued dialogue on market access, suggests some progress toward opening China’s financial sector to U.S. firms.


• Constraints and uncertainty: Mastercard’s independent operations and Citigroup’s securities license remain pending. China continues to restrict cross-border capital flows and domestic payments remain dominated by state-backed players. Several organizations did not immediately comment, and some sources spoke anonymously.


• Investor implications: Dan Wang characterized licensing as a “limited concession,” while noting that it could marginally bolster confidence in Chinese assets. The article does not claim that a broad policy shift or agreement has been finalized.

Article Text

U.S. officials raised financial-sector market access for Mastercard Inc, Visa and Citigroup Inc during at least two bilateral meetings with Chinese counterparts in Bangkok this week, according to a U.S. Treasury official. The meetings took place alongside Group of 20 finance meetings and the IMF-World Bank annual gathering. The official spoke on condition of anonymity because the discussions were closed to the public.

The U.S. Treasury delegation was led by Deputy Secretary Francis Brooke. It met with officials from the People’s Bank of China (PBOC) and China’s finance ministry. According to the Treasury official, the discussions covered access for U.S. companies and the regulatory approvals required for them to expand their activities in China.

The official linked the subject to an agreement reached during a meeting between Presidents Donald Trump and Xi Jinping in Washington last month, when Xi was on a state visit. The Bangkok meetings, the official said, continued discussions about implementing those arrangements. The account describes ongoing negotiations rather than confirming that new licenses or approvals were granted during the meetings.

The PBOC, China’s National Financial Regulatory Administration and China Securities Regulatory Commission did not immediately respond to CNBC’s request for comment. The Chinese embassies in Singapore and Thailand, the U.S. Treasury Department press office and Visa also did not immediately respond. Citigroup and Mastercard declined to comment.

One recent development cited in the report was China’s Oct. 13 approval for Visa Inc. to begin preparing a wholly owned domestic card-clearing business. Visa has up to a year to prepare before applying for an operating license, the PBOC has said. The approval therefore allows preparation to proceed but does not itself mean that Visa has received an operating license.

China has opened significant parts of its financial sector to foreign firms since 2018, gradually lifting foreign ownership caps in areas including securities, futures and fund management. At the same time, it continues to limit cross-border capital flows, and state-backed domestic companies remain dominant in payments. The article presents this combination of openings and restrictions as important context for the firms seeking to expand.

Mastercard currently handles yuan card payments in China through a local joint venture with NetsUnion Clearing Corp. That venture began operating in 2024. A person familiar with the matter said pending approval would allow Mastercard to operate as an independent entity. The report does not state that such approval has been granted.

Citigroup is seeking a wholly owned securities license to carry out A-share brokerage, underwriting, research and principal trading in China’s onshore market. Two people familiar with the industry described the application and requested anonymity because they were discussing private matters. One of the two people close to Citigroup said the bank planned to increase its China securities staff to about 100. Citigroup applied in late 2021, and Reuters reported last month that approval could come soon.

The status of licensing is the key distinction in the report: Visa has permission to prepare, while Mastercard’s independent operation and Citigroup’s securities business still depend on further regulatory decisions. These developments illustrate how market access is shaped not only by high-level political commitments but also by the review and licensing processes that follow.

Trump and Xi are expected to meet in person for the third time this year in Shenzhen, China, for the Asia-Pacific Economic Cooperation summit in November. Dan Wang, China director at Eurasia Group, said the developments suggested that the U.S.-China trade environment remained benign and that Beijing wanted to maintain momentum. She described licensing U.S. financial firms as a “limited concession” on market access, while saying that it showed China was continuing to open up and could marginally bolster investor confidence in Chinese assets.

Key Insights Table