On Sunday, The Financial Times reported that the Chinese government has moved to prevent MasterCard from processing transactions in renminbi, the nation’s official currency.
The media outlet says that the Chinese central bank told online payment platform EPayLinks to cease issuing renminbi-settled credit cards, a byproduct of its partnership with MasterCard, in April.
“No payment institution is allowed to co-operate with foreign card companies in developing cross-border payment businesses involving renminbi bank accounts or renminbi payment accounts,” the country’s central bank determined, according to the source.
The move casts doubt on China’s willingness to make good on a World Trade Organization promise to allow non-Chinese companies to compete more fairly in its payments industry.