At that time, major domestic banks rushed to Shanghai to set up credit card centers. The Industrial and Commercial Bank of China (ICBC) established a separate credit card company. The Guangdong Development Bank launched the "first bank card in the country targeting women - Guangfa True Feelings Card". The Merchants Bank introduced a dual-currency credit card. ICBC quickly responded by launching Hong Kong dollar and Renminbi credit cards in Hong Kong. Citibank, HSBC and other foreign banks also joined the credit card battle.