Getting your player ready...
China’s decision to allow Citigroup to issue credit cards in its own name may signal a step toward the government in Beijing opening its banking industry.
New York-based Citi is the second foreign bank and the first Western one to be permitted to issue credit cards in China. The announcement Sunday came as the World Trade Organization, acting on a U.S. complaint, probes the legality of China’s refusal to let foreign companies issue their bank cards denominated in its currency or to permit companies such as Visa, American Express, MasterCard, Discover and First Data to process card transactions in China. Bloomberg News
