Katia Deng/ Shanghai Daily news

Four overseas banks -- HSBC, Citigroup, Bank of East Asia and Standard Chartered -- yesterday they have submitted applications to issue yuan-backed debit cards on China's mainland to deepen their presence in the country.

The China Banking Regulatory Commission unveiled detailed operational rules for yuan bankcards of overseas banks on June 4, and the four players are the first batch to apply for yuan-backed bankcards, which are expected to be issue within the year.

A watchdog from Shanghai Banking Regulatory Commission said the debit card would be a step for overseas banks to gain a bigger market share in China while bringing advanced management experiences and pushing forward Shanghai’s bankcard development.

Their applications will be delivered to China Banking Regulatory Commission after being examined by the local commission.

The four banks, offering a full array of retail yuan business including bankcards, could enjoy the same policies as the Chinese banks.