Story perspectives

People’s Bank of China Approves Visa Clearing Preparations

By Drooid · Oct 13, 2026, 2:12 PM UTC · How we work

Summary

Story summary

Visa CEO Ryan McInerney announced the People’s Bank of China approved Visa to prepare a clearing operation.
Visa must finish preparations within one year before applying for a domestic clearing license.
Chinese bank cards processed 4.6 trillion transactions worth 963.60 trillion yuan in 2025.
President Donald Trump’s May Beijing visit raised Visa’s market access, prompting analysts to view the approval as a pre-APEC gesture.

History

Historical Context

China’s market opening began with Deng Xiaoping’s 1978 reform-and-opening policy, leading to WTO accession in 2001 and the gradual entry of foreign payment firms like Visa. Combined with the 1990s average 11.2% annual GDP growth, the 2025 approval of Visa’s domestic clearing license reflects a continuation of decades-long financial liberalization.

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Story summary

Visa CEO Ryan McInerney announced the People’s Bank of China approved Visa to prepare a clearing operation.
Visa must finish preparations within one year before applying for a domestic clearing license.
Chinese bank cards processed 4.6 trillion transactions worth 963.60 trillion yuan in 2025.
President Donald Trump’s May Beijing visit raised Visa’s market access, prompting analysts to view the approval as a pre-APEC gesture.

1 / 2