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Bank card business continues to boom in China
(chinadaily.com.cn)
Updated: 2009-06-04 17:37 Bank card usage in China continued to boom last year as each Chinese holds 1.32 bank cards on average in the wallet, according to the China Banking Regulatory Commission, the country's banking watchdog.
Total financial product sales of 83 domestic and foreign financial institutions last year amounted to 3.87 trillion yuan, increasing 372.3 percent over a year before, with the book balance of personal financial products at 823.3 billion yuan and the book loss ratio less than 1.7 percent. The report also said China had issued 66.87 billion yuan's worth of credit asset-backed securities products by the end of last year. So far, these products have included more asset types and have drawn more institutional participation. (For more biz stories, please visit Industries)
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