China Said to Block Tencent, Alibaba Virtual Credit Cards

China's central bank blocked plans by Tencent (700) Holdings Ltd. and an affiliate of Alibaba Group Holding Ltd. to offer virtual credit cards, a person with knowledge of the matter said, as the government moves to tighten restrictions on online financial products. The People's Bank of China issued a notice to its Shenzhen and Hangzhou branches to halt virtual cards as well as payment operations ...