Starting September 1, holders of cards issued by offshore banks will be able to withdraw cash in foreign currency in China.

This is one of the measures taken by the State Administration of Foreign Exchange for the convenience of foreign and domestic card holders in China, according to agency sources. Offshore bank card holders will also be able to reconvert extra RMB withdrawn in China back into foreign currency.

Holders of foreign currency cards issued by Chinese banks will pay overdrafts in RMB, instead of in other currencis, if the overdrafts occurred in China.

After September 1, China bank card holders abroad will be entitled to withdraw up to 10,000 US dollars within six consecutive months.

Credit cards are becoming popular in China, as some 2.6 million foreign currency cards were issued by Chinese banks last year in China. Overseas transactions using the cards totaled 966 million US dollars last year, 47 percent more than the first eleven months in 2002, the sources said.

Source: Xinhua