ICBC Launches Dual-Currency Credit Card in Global
Drive, Attracts Jim Rogers
world's largest commercial bank ICBC launched its bid to promote
its dual-currency credit card outside China on Monday with international
investor Jim Rogers among the first holders.
credit card came with two accounts, with one of them in Renminbi
and the other in the local currency the Singapore dollar in this
case. Holders of the card can pay for their bills in China in yuan
and settle the transactions in yuan, and using money from the Singapore
dollar account to pay for the bills outside China.
executive director and vice president of ICBC, said the bank designed
the product to rise demand for consumers using the Renminbi as trade,
tourism and overseas education activities grow.
save customers' costs of currency conversions, provide higher interest
rates and potential returns from the appreciation of the Renminbi,"
of the credit card on Monday is also party of ICBC's strategy to
go international. The bank said it planned to launch the dual currency
credit cards in 17 countries and regions outside China this year.
Li said the
bank had issued about 66.7 million credit cards by the end of the
first quarter, making it the world's fourth largest issuer of credit
cards. It has already launched the Renminbi and U.S. dollar dual-currency
card in the Chinese mainland, and also dual currency-cards in the
special administrative regions of Hong Kong and Macao.
The dual currency
will mainly be catered to the needs of the Chinese expatriates in
Singapore and those who often go to China on business trips.
launch of the dual-currency credit cards will also help push forward
the bid for the Renminbi to go international, Li said.
ICBC also signed
an agreement with China UnionPay to jointly develop the card business
and expand card operations in overseas markets. Su Ning, president
of China UnionPay, said the company will serve customers worldwide.
was among the first group of ten holders of the Renminbi-Singapore
dollar card issued on Monday.
his first visit China was in 1984, and he opened his first Renminbi
bank account in 1999. "I will use this card tomorrow,"
Rogers has taught finance at Columbia University's business school
and is a media commentator worldwide. He is the author of Adventure
Gift to My Children, and A
Bull in China. See his
Copyright 2011 Xinhua
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