Foreign banks can issue credit cards in RMB after they become locally incorporated banks, said Wang Zhaoxing, assistant chairman of the China Banking Regulatory Commission (CBRC).

Wang Zhaoxing said that the foreign banks are required to have good risk management, risk control system and IT support system to hedge risks in the issuance of credit cards in China.

Wang said the People's Bank of China, the central bank, will be responsible for the operation and management of the payment system.

Further details on the issuance of credit cards by foreign banks in China will be clarified in the credit card management regulations to be set soon.