Weak consumer spending and a crackdown on inactive accounts have led to a plunge in the number of credit cards in China, further eating into profitability of the country’s struggling banking sector.During the first quarter of 2026, the number of credit cards owned by Chinese consumers dropped to 687 million, 9 million less than the preceding three months, the People’s Bank of China (PBOC) said in a report on payment earlier this month.Since the number of accounts peaked at 807 million in...