Citibank launches a local currency debit card in China

Citibank has announced the launch of a local currency debit card in China. Along with two other banks Standard Chartered Bank and the Bank of East Asia Citibank has got an official permission from China's central bank enabling the bank to issue such cards to retail customers throughout China.

Earlier in 2005, Citibank has made a deal with China Union Pay (CUP) under the agreement with which Citibank undertook the responsibility to accept CUP cards in Citibank’s ATM network worldwide. In exchange the cardholders of Citibank have got an opportunity to use their cards at foreign-enabled CUP ATMs while on Chinese territory.

It is expected that this debit card will be used at 140,000 ATMs across China and 380,000 ATMs across the world.