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Citigroup reportedly will receive approval from the China Banking Regulatory Commission to issue yuan-dominated debit cards in mainland China. Citigroup, based in the United States, declines to comment on the report, which appeared in the South China Morning Post. "We will give you more information when [the approval] is officially announced," a bank spokesperson tells CardLine Global. Citigroup applied for permission to issue the cards about a year ago. In May, Hong Kong-based Bank of East Asia launched its yuan-based debit card with China UnionPay. Hong Kong-based Hang Seng Bank also has won approval to issue yuan-dominated debit cards with China UnionPay. The bank plans to begin issuing cards in the fourth quarter.

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