English | دری

China Monopolizing Yuan-Denominated Payment Cards

in International Business

China Monopolizing Yuan-Denominated Payment Cards

The World Trade Organization (WTO) has ruled that China has broken one of WTO rules by discriminating against foreign card companies and maintaining a monopoly on yuan-denominated payment cards.

China UnionPay is allowed to process domestic currency transactions, limiting foreign providers such as Visa and Mastercard.

The ruling is a victory for the US government, since the Obama administration had first lodged such a complaint in 2010. Moreover, the trade gap with China has become a campaign issue in the upcoming elections. “Today’s win highlights that tackling unfair Chinese trade practices has been a priority of this president,” said Jay Carney, White House press secretary.

Visa said in a statement that the company is “hopeful that this ruling will pave the way for international payment companies to participate in the domestic payments marketplace in China”.

Related Articles

Spain funding situation ‘very difficult’, PM Rajoy says

Spain’s prime minister has said it is “very difficult” for the country to get funds. He was speaking amid growing

Android Takes Bite Out Of Apple

Smartphones and tablets powered by Google’s Android software are eating into Apple’s turf by feeding appetites for innovation and low

Oil Price Spike—a Threat to the Global Economic Recovery

Analysts and policymakers are worried as oil price has gone up by 15% in 2012. The two main factors behind

No comments

Write a comment
No Comments Yet! You can be first to comment this post!

Write a Comment

Your e-mail address will not be published.
Required fields are marked*

Time limit is exhausted. Please reload the CAPTCHA.