China Stocks Sink on E-credit Card Halt
    2014-03-14 17:55:15     Xinhua      Web Editor: Liu
China's central bank has issued a notice to suspend Tencent and Alipay's online credit cards and payments through bar code scans. The benchmark Shanghai Composite Index went down 0.73 percent on Friday.

Chinese shares plunged on Friday as the central bank halted payments and use of virtual credit cards.

The benchmark Shanghai Composite Index went down 0.73 percent, or 14.77 points, to finish at 2,004.34. The Shenzhen Component Index lost 1.10 percent, or 80.22 points, to close at 7,239.06.

Combined turnover on the two bourses shrank to 161.18 billion yuan (26.42 billion U.S. dollars) from 173.61 billion yuan the previous trading day.

The People's Bank of China (PBoC), the central bank, has suspended the use of online credit cards and payments via code scanning over security concerns, an official told Xinhua.

Zhou Jinhuang, vice director of the PBoC's payment and settlement department, said the central bank has issued a notice to suspend Tencent and Alipay's online credit cards, also known as virtual credit cards, and payments through bar code scans.

China CITIC Bank announced on Tuesday it will partner with Tencent and Alipay under Alibaba to issue online credit cards based on code scanning payments.

CITIC slumped 8.26 percent to 4.89 yuan per share on Friday.

The financial sector shrank 0.51 percent on Friday. Industrial and Commercial Bank of China Ltd., China's biggest listed lender, lost 0.92 percent to 3.24 yuan per share.

China's factory output also weighed on the market. The country's industrial output expanded 8.6 percent year on year in the first two months of 2014, missing market estimates, according to official data on Thursday.

The environmental protection sector slumped the most by 1.98 percent on Friday. Beijing Capital Co., Ltd., a sewage treatment company, dropped 1.51 percent to 6.51 yuan per share.

Share

               


CRIENGLISH.com claims the copyright of all material and information produced originally by our staff. No person, organization and/or company shall reproduce, disseminate or broadcast the content in any manner whatsoever without the express written permission of CRIENGLISH.com.

CRIENGLISH.com holds neither liability nor responsibility for materials attributed to any other source. Such information is provided as reportage and dissemination of information but does not necessarily reflect the opinion of or endorsement by CRI.

 
Audio Reports more »
Biz Life more »
Policy more »
Markets more »

News
China
World
Politics
Business
Sports
Showbiz
Sci-tech
Photo
Recommended
China
World
Sports
Showbiz
Travel
Video
C4
The Sound Stage
Showbiz
Travel
China Revealed
My Chinese Life
Travel
Destinations
Photo Gallery
Recommended
Learn Chinese
"In" Chinese
Chatting in Chinese
Pop Culture
Traditional Culture
Living Chinese
Chinese Studio
Chinese Class
Learn English
Special English
Pop Chart
Everyday English
Fabulous Snaps
CRI News
China.org.cn  | Xinhua  | People's Daily Online   |  CNTV.cn  | China Daily  |  Global Times  | China Job  |  China Tibet Online  | Taiwan.cn  | eBeijing  | Beijing Today  | China-Eurasia Expo  | APEC Yiwu Conference  | Chinese Embassy in S.Africa  | Chinese Embassy in Australia  | Chinese Embassy in NZ