Bank card network extended

China's central bank is expanding the number of overseas destinations where an approved yuan-denominated bank card can be used.

The move is part of China's gradual opening of its financial system, including the increasing exchange of the Chinese yuan, which is only fully convertible on the current account.

Starting Jan. 10, bank cards serviced by China UnionPay, the mainland's national information switch network for bank cards, would be usable in South Korea, Thailand and Singapore, the People's Bank of China (PBOC) said.

Automatic teller machines and point-of-sale stores that are part of the UnionPay network in the three countries could accept yuan-denominated bank cards, the PBOC said.

Yuan-denominated bank cards that are part of the UnionPay network could already be used in Hong Kong and Macao, the PBOC said.

Use of the bank cards remained restricted to items under the current account, including purchases related to shopping, eating, accommodation, medical services and transportation, the PBOC said.

Source: Shenzhen Daily