Major foreign players to enter clearing market for bank cards

Foreign companies such as American Express Corp, MasterCard Inc and Visa Inc hope to enter China's yuan-denominated bank card clearing market, which is worth $73 trillion a year.

Framework rules were published by the State Council on Wednesday, which could open up an industry that is dominated by China UnionPay Co Ltd.

Under existing regulations, the company is the only clearing service provider for yuan-denominated bank card payments.