CHINA US Focus - Perspectives shaping the world's most important bilateral relationship

Citigroup Inc. became the first Western bank to issue credit cards in China without co-branding from a local financial institution as the government relaxes restrictions in the world’s second-largest economy.

 

The cards will be denominated in yuan or dollars and accepted worldwide, the third-largest U.S. lender by assets said today in an e-mailed statement. China UnionPay, the nation’s largest electronic-payment network, will process payments within China, while MasterCard Inc. and Visa Inc. will handle cards internationally, the bank said.