China Approves Visa Card-Clearing Preparations

China’s central bank approved Visa’s application to begin preparations for a locally registered bankcard-clearing organization, a step toward allowing the company to process domestic yuan transactions through its own network. Visa has one year to complete its business preparations; the approval allows it to prepare for domestic operations but does not mean those operations have begun. Visa called the decision an important milestone in its effort to enter China’s domestic payments market, and CEO Ryan McInerney welcomed efforts by U.S. and Chinese leaders to maintain constructive relations.