During recent bilateral meetings in Bangkok, U.S. Treasury officials, led by Deputy Secretary Francis Brooke, discussed market access for U.S. companies, including Mastercard and Citigroup, with Chinese counterparts. These discussions are part of a broader agreement reached between Presidents Trump and Xi Jinping, aimed at facilitating U.S. companies' entry into China's financial markets.
Notably, China has recently approved Visa to establish a wholly owned domestic card-clearing business, indicating a gradual opening of its financial sector to foreign firms since 2018. Mastercard currently operates in China through a joint venture but seeks independent status, while Citigroup is pursuing a wholly owned securities license to expand its operations in the onshore market.
Analysts suggest that these moves reflect a positive trade environment between the U.S. and China, potentially boosting investor confidence in Chinese assets, although the concessions on market access remain limited