Are you sure?

Hungary, Bank of China sign agreement on yuan bonds

Hungary’s Prime Minister Viktor Orbán and Bank of China President Guoli Tian today signed a cooperation agreement in China on issuing yuan-denominated Hungarian government bonds, Hungary’s National Economy Ministry said in a statement, according to state news agency MTI.

According to the ministry, the agreement enables Hungarian and Eastern European companies and financial institutions to improve their investment activities by borrowing on Chinese financial markets, MTI reported.

At the event, National Economy Minister Mihály Varga said that Hungary could become the first country to issue yuan-denominated government bonds in Central and Eastern Europe, MTI reported.

The Hungarian Government Debt Management Agency (ÁKK) and the Bank of China have been tasked with preparing the issue, MTI said.