Number of Credit Cards Doubles
The number of Chinese credit cards has almost doubled within a year, to reach 104.73 million at the end of March, the People's Bank of China said earlier this week. Several banks including ICBC and Bank of Communications offer cards for free and without interest for up to 56 days. In one of the most recent moves, China Merchants Bank announced this week that it jointly launch a "Think Pad Credit Card" with Lenovo. While credit card issuing is on the rise, 93.4 per cent of all card-based operations in China are done with a debit card. Chinese shoppers spent almost USD120 bn with their credit or debit cards in the last year according to official figures.
'Fengshen' Storm Hits Hong Kong
Hong Kong's financial markets, schools and courts were shut down on
Wednesday after tropical storm Fengshen hit the city, bringing heavy
rain and strong winds. No injuries were reported, but flooding was
prevalent throughout the city. The storm, which was downgraded from a
typhoon, is headed north or north west, and is expected to hit
Guangdong and neighbouring provinces tonight and tomorrow. Fengshen
killed several people in the Philippines last weekend, and 800 people
died after a ferry capsized in stormy waters.
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