A U.S. Treasury official said American officials pressed Beijing on market access for Mastercard and Citigroup during at least two bilateral meetings in Bangkok, with talks also covering Visa and regulatory approvals agreed between Presidents Trump and Xi. China on October 13 approved Visa to begin preparing a wholly owned domestic card-clearing business, with up to a year to apply for an operating license. Citigroup is seeking a wholly owned securities license for onshore A-share business and plans to grow its China securities staff from several dozen to about 100. Eurasia Group's Dan Wang called the move a “limited concession” that nonetheless signals continued opening and may marginally boost investor confidence.
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