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Holders of bank cards issued by 29 Chinese banking institutions can spend without a daily limit on shopping, eating and accommodation through point-of-sale (POS) machines in Hong Kong beginning Sunday, a banking official said.
A leading official with China Unionpay Co. Ltd. (CUP), the only national payment network used by major banks on the inland areas of China, said the cards can be used in about 4,000 businesses, including major shopping malls, specialty shops, and beauty parlors in Hong Kong.
The cards, which carry special CUP signs, can also be used for withdrawing Hong Kong dollars in cash equal to no more than 5,000 yuan (US$604.84) each day through local ATM machines, said the official, who declined to be named. However, there is no ceiling of consumption through POS machines.
According to a statement released on Friday by the , the country's central bank, inland bank cards in Renminbi can be officially used in Hong Kong as of Jan. 18, 2004.
Central bank authorities noted that the move will facilitate greater spending by inland travelers to Hong Kong and make closer trade and tourism exchanges between the special administrative region of China and the inland areas so as to boost overall economic growth.
The 29 banks that are authorized to issue the cards include the country's four biggest banks.
(Xinhua News Agency January 18, 2004)
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