MNB starts buying Chinese bonds

Initiatives

The National Bank of Hungary (MNB) yesterday announced a decision to invest "a small portion" of its foreign exchange reserves in Chinese government securities, Hungarian news agency MTI reported.

The measure was in line with a decision announced in April to gradually build a small Chinese bond portfolio "for economic policy and foreign currency asset diversification purposes".

"The first phase of the investment was conducted through an indirect technique in cooperation with the BIS (Bank for International Settlements, Basel) in May 2015," the MNB said yesterday, without revealing any further details.

"The investment does in no way jeopardize reserve adequacy, which is still regarded as high," it added.

In February, the MNB launched a Renminbi Program, in light of the increasing international role of the renminbi. One of the programʼs five pillars is the development of a foreign exchange reserve portfolio.

Alteo Units Win HUF 9.4 bln of EU Funding for Battery Storag... Green Energy

Alteo Units Win HUF 9.4 bln of EU Funding for Battery Storag...

Improving Competitiveness 'Top Priority' of EU Presidency - ... EU

Improving Competitiveness 'Top Priority' of EU Presidency - ...

Nearly 40% of Teachers Use AI Innovation

Nearly 40% of Teachers Use AI

Sziget Tops Slingo Music Festival Ranking In Budapest

Sziget Tops Slingo Music Festival Ranking

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.