Wall Street lender Citi has become the first global bank to launch a sole-branded credit card in China, a market expected to become the world's largest for credit card issuance, within the next decade.

The move is the latest sign that China's hitherto tightly restricted market is opening up and that foreign lenders will soon be allowed more access to one of the world's most thriving economies.   

Citi’s credit card will be accepted both in China and worldwide, available as both a renminbi-denominated and a US dollar-denominated card.

Citi’s cards business in China includes both a retail card and a commercial card offering. In the retail category, a number of distinct card types are available to consumers, each designed around the customer’s needs, lifestyle and financial position.

China UnionPay is Citi’s partner for those cards used within China, MasterCard and Visa are partners for the cards used internationally.

The first transactions were conducted today by Citi China chief executive officer Andrew Au outside of China and Citi China consumer banking head Simon Chow in Shanghai.

Stephen Bird, CEO of Citi Asia-Pacific, said: “We are honored to be the first global bank to issue credit cards in China. We were the first international bank to enter the retail banking market in China in 2002 and...we are pursuing growth across multiple areas. ”

Citibank is the largest credit card issuer in Asia-Pacific with over 16 million card accounts and US$20 billion in receivables.