Bank card networks to be linked between HK, mainland

Home>>Business

Last updated at: (Beijing Time) Saturday, November 22, 2003

Bank card networks to be linked between HK, mainland

Networks of bank cards using China's yuan currency will soon be linked between Hong Kong and the Chinese mainland, said the China Unionpay Co. Ltd. (CUP) Friday.

DISCUSSION

CHINESE

SEND TO FRIEND

Networks of bank cards using China's yuan currency will soon be linked between Hong Kong and the Chinese mainland, said the China Unionpay Co. Ltd. (CUP) Friday.

CUP is speeding up the work to enable bank cards in yuan issuedon the Chinese mainland to be used in Hong Kong and vice versa, the company told Xinhua.

Residents from the Chinese mainland can shop with CUP bank cards and draw money from ATMs with CUP signs in Hong Kong insteadof carrying a large amount of cash with them and going to banks inperson to exchange yuan to Hong Kong dollars, the company said.

The CUP bank cards issued in Hong Kong will also be useable forshopping and drawing money from some 54,000 CUP ATMs in the Chinese mainland.

CUP was founded in March last year as the only national paymentnetwork used by a number of Chinese banks.

The People's bank of China (PBOC), the central bank, on Wednesday signed an agreement with the Hong Kong Monetary Authority to provide settlement arrangements for Hong Kong banks to conduct yuan business.

According to the scheme, Chinese mainland residents can use bank cards and credit cards in yuan issued by mainland banks for spending in Hong Kong. Hong Kong banks or their subsidiaries may also issue yuan bank cards and credit cards to residents of Hong Kong for use on the Chinese mainland.

Questions?Comments? Click here

HK banks to start trial operation of personal RMB service

Allowing HK banks to do RMB business will not effect exchange rate:PBOC

Mainland, HK sign memo on RMB business

China slams AIT head's remarks on Taiwan issue ( 4 Messages)

Internet changes life in China: News focus ( 2 Messages)

2003, the first pageant year in China? ( 4 Messages)

US rushes to embrace strategy of "Iraqification" ( 4 Messages)

Traffic woes to ease with express thoroughfares ( 3 Messages)