IMGCAP(1)]
The value of credit card defaults in China stood at 5.77 billion yuan (US$844.8 million) as of 30 June, up 131% from 2.5 billion yuan for the same period last year, according to the People's Bank of China, the country's central bank. The bank defines defaults as bills more than six months outstanding. Defaults on 30 June accounted for approximately 3.1% of total credit card outstandings, up 0.7 percentage points from 2.4% a year ago, the central bank says. Credit card outstandings totaled 187 billion yuan on 30 June, up 77% from 106.1 billion yuan a year earlier, the bank says. Banks in China issued 162.6 million credit cards as of 30 June, up 32.9% from 116.8 million credit cards a year earlier.
