Central bank launches renminbi initiative

Initiatives

The Hungarian National Bank (MNB) today announced the launch of its Renminbi Program (JRP), given that the “internationalization of the renminbi is a high-priority objective of Chinese economic policy, which is supported by a series of actions by foreign governments and central banks”, MNB said on its website.

The central bank is launching the program in order to expand the investment spectrum and Hungarian financing sources. The main goals of the program are to create money-, foreign exchange and capital market infrastructures, develop a settlement system and begin negotiations regarding Chinese capital market licenses in cooperation with the major stakeholders of renminbi settlements in the financial, corporate and government sectors.

Within the framework of the JRP, the MNB will examine the following questions in 2015: renminbi foreign exchange reserve portfolio, central bank renminbi liquidity instrument to deal with market disturbances, development of the renminbi settlement infrastructure, financial stability and supervisory issues related to the use of the yuan renminbi and the cross-border activity of Chinese banks.

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