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

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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.

FILE PHOTO: A Chinese national flag flutters outside the headquarters of the People’s Bank of China, the Chinese central bank, in Beijing, China April 3, 2014. B REUTERS/Petar Kujundzic/File Photo

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

Reporting by Beijing Monitoring Desk; Editing by Kim Coghill

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