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

China@

BEIJING, March 21 (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.

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)