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Progress in China-Hungary bilateral financial cooperation

Progress in China-Hungary bilateral financial cooperation

(6 July 2015 – China) On 27 June, the People’s Bank of China (PBoC) and the Magyar Nemzeti Bank (MNB) – the central bank of Hungary, signed a Memorandum of Understanding on the establishment of a renminbi (RMB) clearing centre in Hungary.

On top of this the two central banks entered an Agency Agreement for the PBoC to manage to MNB’s investment on China’s inter-bank Bond Market.

On the same day, the two parties also agreed to include Hungary in the pilot RMB qualified foreign institutional investment program with an investment quota of RMB 50 billion ($A10.5 billion).

The PBoC said the arrangements represent fresh steps in the China-Hungary financial cooperation and will make it easier for companies and financial institutions of the two countries to use RMB in cross-border transactions, and facilitate bilateral trade and investment activities.

Following the MoU, the PBoC authorised the Bank of China (Hungary) to be the RMB clearing bank in Hungary.

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