US presses China on Mastercard and Citi market access

· Finance · United States · China

The United States raised market access issues for Mastercard and Citigroup in China during bilateral meetings held in Bangkok this week, according to a US Treasury official. The talks reflect continuing friction over how far Beijing allows foreign financial firms to operate in its domestic payments and banking markets. Mastercard and Citigroup have both sought expanded licenses and permissions in China for years, with progress often tied to broader diplomatic and trade negotiations. The discussions matter because access to China's payments and banking sector has been a longstanding demand of US financial institutions, and any movement would signal whether the two governments are willing to trade concessions in finance as part of a wider thaw or standoff.

Why it matters：Foreign banks and card networks have waited years for meaningful access to China's financial market; how these talks progress signals whether finance will be part of any broader US-China deal.

Key points

  • The US raised market access issues for Mastercard and Citigroup in China during bilateral talks in Bangkok.
  • A US Treasury official disclosed the discussions.
  • Both companies have long sought expanded permissions in China's payments and banking markets.

Sources (original reporting)

More stories from this day