Outstanding balance on credit cards jumps

Outstanding balance on credit cards ran to 1.7 trillion yuan ($279 billion) in the first three quarters of the year, up 69.58 percent year-on-year, according to the People's Bank of China on Wednesday.

Credit extension on credit cards stood at 4.35 trillion yuan as of the end of October, up 30.33 percent from the same period last year.

Average credit extension per card was 11,500 yuan. The usage rate of credit extension was 39.16 percent, increasing 9.06 percentage points from the same time the previous year.

From January to October, 3.97 billion bankcards were issued, an increase of 16.65 percent year-on-year.

Transactions through bankcards in the third quarter amounted to 108.07 trillion yuan, increasing 22.53 percent year-on-year.

Transactions through bankcards exceeded 100 trillion yuan for three consecutive quarters.