UPDATE 1-China to open bank card clearing market to foreign firms from June

April 22, 2015 7:56 AM

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BEIJING, April 22 (Reuters) - China has announced it will open up its market for clearing domestic bank card transactions, a move that should allow foreign players such as Visa Inc and MasterCard Inc direct access to a market valued at $6.84 trillion last year.

Foreign firms will be able to set up their own clearing companies in China and apply to the central bank for licenses for bank card clearing businesses starting from June 1, the State Council said in a statement on its website on Wednesday.

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