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Hong Kong-based Bank of East Asia will become the first foreign bank to issue a yuan-based credit card after receiving approval from the China Banking Regulatory Commission. The bank plans to launch the card with China UnionPay by the end of the year, a bank spokesperson tells CardLine Global. The bank declined to disclose details of the new card. "We are curently undertaking preparations with China Unionpay in aspects such as IT systems alignment," the spokesperson says. "We will release details about the card when it officially comes out." In May, the Bank of East Asia became the first foreign bank to issue yuan-based debit cards. Today, the bank has over 200 ATMs in China.
