Visa, MasterCard Confront China's Stacked Deck

(Beijing) – Visa and MasterCard executives eager to expand in China were thrilled recently when Premier Li Keqiang seemed to suggest that a door would open to them for bank card yuan business in the country.

But they had read Li wrong: The premier's statement in late October did not signal an opening to overseas bank card firms. Instead, it signaled tougher times.