Date
17 October 2017

Outstanding balance on credit cards jumps, paper says

Outstanding balance on credit cards in China stood at 1.7 trillion yuan (US$279 billion) in the first three quarters of the year, up 69.6 percent over a year earlier, China Daily reported Wednesday, citing the People’s Bank of China. Credit extension on credit cards stood at 4.35 trillion yuan as of the end of October, up 30.3 percent from the same period last year. From January to October, 3.97 billion bankcards were issued, an increase of 16.65 percent year-on-year. Transactions through bankcards in the third quarter amounted to 108.07 trillion yuan, up 22.5 percent over the same period last year.

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