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Credit card overdraft forecast to rise 50%
By Zhang Fengming |
July 21, 2011, Thursday
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Online Edition
Online Edition
CHINA'S credit card overdraft is expected to grow by 50 percent this year as more people use credit cards and roll over their bills, China UnionPay Co President Xu Luode said today.
Credit card overdraft is expected to grow to 600 billion yuan (US$93 billion) this year from 2010's 400 billion yuan, Xu told a finance forum in Shanghai.
Shanghai-based UnionPay is the country's sole bankcard transaction company.
There are more than 700 million bankcard users in China with more than 2.6 billion bank cards in circulation at the end of 2010.
Credit card overdraft is expected to grow to 600 billion yuan (US$93 billion) this year from 2010's 400 billion yuan, Xu told a finance forum in Shanghai.
Shanghai-based UnionPay is the country's sole bankcard transaction company.
There are more than 700 million bankcard users in China with more than 2.6 billion bank cards in circulation at the end of 2010.
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