Mainland China, Hong Kong to share card network
(2nd December 2003 – China) Payment network China Unionpay (CUP) has flagged plans to allow bank cards issued in China using the yuan currency to be used in Hong Kong and vice-versa.
This means residents from the Chinese mainland who go shopping in Hong Kong with CUP cards will be able to withdraw money from ATMs rather than having their wallets and purses bulging with dollars after exchanging their yuan in Hong Kong banks.
As for Hong Kong residents, they will soon be able to draw money from more than 50,000 CUP ATMs on the Chinese mainland.
China’s central bank, People’s Bank of China inked an agreement with the Hong Kong Monetary Authority last week allowing Hong Kong banks to do business using yuan.
CUP was set up by more than 80 local financial institutions with a combined capital of RMB 1.65 billion in March 2002 as China’s sole national payment network.
As for Hong Kong residents, they will soon be able to draw money from more than 50,000 CUP ATMs on the Chinese mainland.
China’s central bank, People’s Bank of China inked an agreement with the Hong Kong Monetary Authority last week allowing Hong Kong banks to do business using yuan.
CUP was set up by more than 80 local financial institutions with a combined capital of RMB 1.65 billion in March 2002 as China’s sole national payment network.
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