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United Kingdom-based HSBC Holdings PLC has begun issuing its first yuan-denominated debit card in China, the bank has announced. The cards also carry the China UnionPay brand. The bank will offer two types of debit cards, an HSBC spokesperson tells CardLine Global: One for "VIP" customers and another for "regular" customers. VIP cardholders will not pay fees at HSBC-branded ATMs, the spokesperson says. The bank is issuing the cards in 17 cities, including Beijing and Shanghai. In May, Hong Kong-based Bank of East Asia became the first foreign bank to issue yuan-denominated debit cards in mainland China. UK-based Standard Chartered and United States-based Citibank have since issued similar cards. Bank of East Asia hopes to issue a yuan-denominated credit card in China by year's end. HSBC has issued some 5 million credit cards in China with that country's Bank of Communications.
