Green Light for Chinese Mainland Branches of Hong Kong, Macau Banks to Issue Bank Cards

Chinese mainland citizens will soon be able to open foreign currency bank accounts at mainland branches of Hong Kong and Macau banks, though restrictions on opening offshore bank accounts remain unchanged.

The National Financial Regulatory Administration (NFRA) announced Wednesday that these branches will be allowed to issue bank cards to existing customers from March 1. Under the new policy, foreign citizens can open both foreign currency and renminbi accounts, while corporate clients — including enterprises, public institutions and government agencies — will be eligible for both types of accounts.

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