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China Unionpay to issue RMB-credit card with foreign banks
click rate:2806 issue time:2007-03-10 08:12
Jan. 26, 2007 (China Knowledge) – China Unionpay is in talks for an RMB-denominated credit card to be co-issued with foreign banks.


This credit card is targeted to be mostly used in China, reported the official Shanghai Securities News citing an official from Unionpay. It is now waiting for the China Banking Regulatory Commission (CBRC) to release new regulations governing bank cards.


A national bank card network set up by the China central bank in 2002, China UnionPay is now facing competition from global rivals VISA and MasterCard in the Mainland, where the banking industry must be opened up by Dec. 11, 2006 to foreign competition in accordance to the rules when China entered the WTO five years ago.