Chinese banks accelerate sale of non-performing credit card debt exceeding $8 billion

Chinese commercial banks are ramping up efforts to dispose of bad credit-card loans, with over 130 notices for bulk transfers disclosed this year involving more than 55 billion yuan ($8.2 billion). The banks are seeking to clean up their balance sheets as non-performing loans rise and interest margins shrink. The sales are conducted through the Banking Credit Asset Registration and Circulation Centre.