Central Bank Hosts Budapest Renminbi Initiative Conference

MNB

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The National Bank of Hungary (MNB) hosted the Budapest Renminbi Initiative Conference, which focused on financial interconnectivity and the green transition this year, for the seventh time last week, according to a report by state news wire MTI.

MNB deputy governor Mihály Patai, Chinese embassy charge d'affaires Yang Chao, Bank of China (Europe) chairman Xu Chen, and Fudan University dean Zhang Jun addressed the conference.

The Budapest Renminbi Initiative Conference was launched in 2015 to strengthen ties between the NBH and the People's Bank of China (PBoC), China's central bank. The Budapest Renminbi Initiative aims to take advantage of the growing international weight of the renminbi, strengthen Budapest's regional role in the Chinese-Central European economic relationship, and boost Chinese-Hungarian economic relations.

An important goal of the MNB with the initiative is to broaden the range of investment and financing sources in Hungary and to promote the growth of cross-border economic activity, MTI notes.

The speakers at the conference pointed to financial cooperation as a "catalyst" for fostering ties between China and Central and Eastern Europe, including in the framework of the Belt and Road Initiative.

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