Allowing mainland tourists to use renminbi-denominated plastic is widely tipped to boost the Hong Kong retail sector
Ringing cash registers will be one of the welcome sounds resulting from the announcement yesterday of new rules to pave the way for yuan-denominated credit cards and bank accounts.
The news that, starting next year, shoppers will be allowed to pay for purchases in Hong Kong using yuan credit cards has put a smile on the faces of local retailers.
Retail chains and tour guides said mainland customers, who they already see as big spenders, will spend even more after the changes come into effect.
The benefits will flow both ways because the measures will also allow Hong Kong banks to issue yuan credit cards for use on the mainland, bringing greater convenience for travellers based here.
'If there is renminbi credit card [acceptance] of course it will bring a lot of convenience to customers, especially from China,' said Andrew Wong Kim-man, assistant executive manager at the jewellers Chow Tai Fook.
