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  • November 22, 2014
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  1. HSBC to issue credit cards in China

    Posted Aug 21st 2003, 12:00am by Mark O'Neill

    ... When the PBOC gives the lender permission, it will start with Visa cards, offering products similar to those in Hong Kong The mainland will soon give HSBC permission to issue credit cards ... locals account for 50 per cent of our customers and 60 per cent of our foreign exchange deposits,' Mr Yeung said. 'Many want to get a foreign exchange credit card, which they could use ...

  2. Central bank forming credit database

    Posted Nov 30th 2004, 12:00am by Mark O'Neill

    ... of credit cards. Eager to harness consumer credit as an engine for growth, mainland banks have since 2001 aggressively extended loans to individuals to buy property, cars and household appliances, and issued more than 700 million bank cards. But careless lending, lack of an effective credit rating system and widespread fraud have left Chinese banks holding 90 billion yuan in overdue car loans. ...

  3. Once despised, yuan comes into neighbours' embrace

    Posted Jan 10th 2005, 12:00am by Mark O'Neill

    ... Mark O'Neill in Shanghai Hong Kong could yet see itself as a major offshore centre for the rising currency From today, holders of Chinese yuan-denominated credit cards will be able ... the yuan will become increasingly common in east Asia now that millions of Chinese have been afforded the convenience of using it through a credit card. Once dirty and despised, the yuan has become ...

  4. BMW, Nokia win super-rich over

    Posted Jan 13th 2005, 12:00am by Mark O'Neill

    ... on Nokia mobiles, wear Giorgio Armani clothes and use credit cards issued by China Merchants Bank, according to a survey published yesterday by EuromoneyChina. Between July and October last year, ... ahead of Bank of China with 22 per cent, and for credit cards, 33 per cent preferred China Merchants, against 22 per cent for Bank of China. For foreign-currency services, HSBC won with 39 per ...

  5. Carrefour reveals official ties a bind

    Posted Nov 30th 2004, 12:00am by Mark O'Neill

    ... 'The market is not well-structured. It has an uncertain environment.' In contrast to Europe and the United States, nearly all the business in Carrefour is done with cash, not credit cards. 'The charge fee in China is very high, 1.2 per cent. Expats like to use credit cards- but I will launch a promotion at our Gubei store [in Shanghai] to persuade them to use cash instead,' ...

  6. Betting fever

    Posted Mar 07th 2005, 12:00am by Mark O'Neill

    ... of millions of yuan is not unusual.' Internet gambling has spread to more than 20 provinces, with improved technology making payment by credit card or bank transfer easier. The ministry announced ... and local street committee. Gambling, including cards, mahjong, and football betting, has again taken hold. The social and economic cost became so heavy that, at the end of last year, the government ...

  7. Fuelling ferocity

    Posted Apr 11th 2005, 12:00am by Mark O'Neill

    ... the playing of a nationalist card that has intensified under the Hu government. 'Every day, Chinese are reminded of the brutalities in the war,' said Keiji Ide, spokesman for Japan's ... it is likely to achieve, thanks to the support of the US and its largesse as a donor of aid and cheap credits over the past 40 years. That would send the issue to the Security Council, where China has ...



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