The Bank of China Hong Kong announced on Friday that it will soon begin issuing credit cards and bank cards for use with the Chinese currency, the yuan, according to Dow Jones Newswires.
The yuan-based credit and ATM cards will be the first to be issued in the city since restrictions on the circulation of the Chinese currency in Hong Kong were relaxed earlier this year. However, it is reported that several other banks are also preparing to launch their own cards in the near future.
BOC Hong Kong, chosen by the Chinese authorities to act as the central clearing bank for all yuan services in the SAR, additionally revealed that the new cards will be connected to China’s UnionPay payment network, used by some 400,000 merchants and 50,000 ATMs on the mainland.
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