BOC Hong Kong new cards will be connected to Chinas UnionPay network. The UnionPay system is used by 400,000 merchants and 50,000 ATMs on the mainland China. BOC Hong Kong yuan credit cards will be the first issued in Hong Kong since banks in the territory were allowed to offer some banking services in the Chinese currency on Feb. 25. Customers will be able to pay off their credit card balances with Chinese yuan they have on deposit with BOC Hong Kong, or through their regular Hong Kong dollar accounts. The Chinese government designated BOC Hong Kong the clearing bank for all yuan banking services in Hong Kong, and the bank has also been aggressively marketing its own retail banking offerings in the currency to local residents.
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