South Korean Bank Issues Yuan Debit Cards In China

Published June 03, 2009, 1:00 a.m. EDT

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Updated June 03, 2009, 12:00 a.m. EDT

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Woori Bank is issuing a yuan-denominated debit card in mainland China, a spokesperson for the South Korea-based financial institution tells CardLine Global. The spokesperson says the bank is the first from South Korea to issue such a card, but CardLine Global could not immediately confirm that claim. Other financial institutions, including Hong Kong-based Bank of East Asia, also have issued similar cards after Chinese financial authorities began to allow foreign financial institutions to do so. Such institutions must win approval from Chinese banking regulators.

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