Central Banking

China links bank cashpoints to meet WTO challenge

CHINA - China launched an electronic network on Tuesday to link the cash machines of major banks for the first time, hoping the customer-friendly service will help Chinese banks fend off fierce foreign competition.

The network, called China UnionPay, comes as the creaky banking sector scrambles to roll out more sophisticated services to win customers' hearts, before China's WTO accession flings open the doors to foreign rivals over the next five years.

"After China joined the WTO and successful