Foreign banks aiming for RMB savings business

Foreign banks, including Standard Chartered, Citibank, HSBC, are planning to open RMB deposit business in China, which will accelerate the development of the country's bank card industry, market sources reported.

Bank of East Asia announced on May. 6 that it becomes the first authorized foreign bank to launch the debit card system in China, after passing central bank testing.

Foreign banks are now preparing to launch debit card business, so as to take root in the world's lucrative and competitive market, sources said.