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| HSBC and Citibank seal credit card breakthrough on mainland ( 05/01/2004 ) | |||||||||
Presently, mainland travellers can only bring 6,000 yuan cash on trips to Hong Kong and are unable to use mainland bank-issued credit and debit cards. With the new cards, mainland travellers can make payments overseas in US dollars and settle in yuan through the Bank of Shanghai. Fu Jianhua, president of the Bank of Shanghai, said, "The Shanghai International Credit Card will bring greater convenience to cardholders travelling overseas, particularly between the two cities of Shanghai and Hong Kong. It will also enhance economic exchange and integration between Shanghai and Hong Kong." Shanghai will be the first mainland city to launch the credit card business, which will later be extended to more than 30 cities through SPDB branches. Citibank's planned credit card will allow yuan transactions in China, giving it access to the country's promising consumer credit market. HSBC Hong Kong's general manager Raymond Or said HSBC also intended to launch a yuan credit card to Hong Kong residents for use on the mainland. The move highlights Beijing's increased willingness to experiment with a looser current account regime, by facilitating an outflow of US dollars from the mainland. More details in Yuan services to spur economic interaction with the mainland Related links: | |||||||||
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