Central Banking

China's c bank in battle over payment settlement

CHINA - Credit-card companies are fighting for a slice of multi-billion-dollar revenues which could be earned by providing their international networks to settle transactions made on the mainland.

However, the People's Bank of China appears intent on keeping those revenues at home by regulating a two-tier card payment settlement system - one for domestic transactions settled over a mainland payment network owned by local banks; and another for cross-border foreign-currency transactions, report

To continue reading...