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No tough rules for foreign bank card firms: PBOC

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Published Tue, Nov 10, 2015 · 09:50 PM

Beijing

CHINA will not impose tough licensing restrictions on overseas bank card providers seeking to enter the country's US$7 trillion card payment market, a senior central bank official said on Tuesday.

Industry sources told Reuters in October that they were concerned the Chinese government would limit the number of licences issued to foreign card providers and force them to operate through joint ventures with local partners.

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