Mainland-based banks were approved by the central People's Bank of China (PBOC) to expand their bankcard business in Hong Kong and China Construction Bank (CCB), the country's third largest lender, became the first of the 'Big Four' banks to issue a RMB-denominated card there.
Since January 18 bankcards issued by domestic banks with the logo of China Unionpay – the only national payment network – can be used for shopping, catering and accommodation through point-of-sale (POS) machines in Hong Kong.
The cards can also be used for the withdrawal of Hong Kong dollars in cash equaling no more than RMB 5,000 (US$602) from local automatic teller machines.
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