An official from the People's Bank of China (PBC) said on February 10 the business of RMB banking cards will be fully opened to the outside world by the end of 2006.
The official said the central bank will draft the relevant regulations to prepare for the establishment of an international operating network of RMB cards.
Over the past two years the PBC allowed the RMB cards to be used in Hong Kong and Macao for payment of private consumption. Then starting January 10, for the first time cardholders have been able to make payment in local currency in South Korea, Thailand and Singapore.
(CRI February 12, 2005)
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