China’s central bank issues clearing licence to MasterCard’s joint venture

BEIJING (Reuters) – China’s central bank said on Sunday it has granted a clearing licence to a joint venture set up by MasterCard Inc.

The joint venture, established in China by MasterCard and NetsUnion Clearing Corporation, can authorise its member institutions to issue “MasterCard” branded Yuan bank cards in China, said the People’s Bank of China.

(Reporting by Liangping Gao and Ryan Woo; Editing by Hugh Lawson)