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Bank of China opens renminbi hub in Budapest

History

MTI/Szilárd Koszticsák

The Bank of China opened a renminbi clearing center in Budapest today, Hungarian news agency MTI reported.

(Photo: MTI/Szilárd Koszticsák)

The National Bank of Hungary signed a memorandum of understanding with the Bank of China on the establishment of the renminbi clearing center in June. Such renminbi hubs provide clearing and settlement infrastructure necessary for transactions carried out in renminbi outside of China.

Prime Minister Viktor Orban said the clearing centre would strengthen the alliance between the two countries, adding that a "new Silk Road" between China and Hungary as well as the whole of Central Europe could be established.


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