China removes restrictions on credit card interest rates

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China’s central bank has removed restrictions on credit card interest rates, as part of the country’s market-oriented reform of interest rate mechanism.

The upper and lower limits on credit card overdraft rates will be cancelled and card issuers and card holders could negotiate rates independently, starting from 1 January 2021, according to a notice issued by the People's Bank of China (PBOC) to commercial banks across the country.

Before this, the upper limit was 0.05 percent per day (equivalent to 18.25 per cent per year), and the lower limit . . .

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