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China central bank sets out rules for foreign payment firms to operate in China

Published 03/21/2018, 04:53 AM
Updated 03/21/2018, 05:01 AM
© Reuters. FILE PHOTO: A Chinese national flag flutters outside the headquarters of the People's Bank of China in Beijing

BEIJING (Reuters) - China central bank on Wednesday laid out rules for foreign payment firms that aim to provide electronic payment services in China, in a bid to further open the market.

© Reuters. FILE PHOTO: A Chinese national flag flutters outside the headquarters of the People's Bank of China in Beijing

Foreign firms will have to obtain licenses beforehand and client data and other information will have to be stored in China.

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