Dealing with China’s Card Monopoly
November 30, 2012
In a recent update, China has decided not to appeal a WTO Dispute Settlement Body decision dated July 16, 2012 ruling that China UnionPay (“CUP”) holds a monopoly on renminbi (“RMB”) payment cards. This was ruled to have violated WTO rules by making it mandatory that all RMB-denominated payment cards issued in China imprint the logo of CUP and work through the network belonging to CUP (the “WTO Ruling”).
