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.


ADVERTISEMENT

European e-commerce soars during pandemic - study Analysis

European e-commerce soars during pandemic - study

Lawmakers approve 2022 budget Parliament

Lawmakers approve 2022 budget

Duncan Graham reelected as BCCH president Appointments

Duncan Graham reelected as BCCH president

Budapest launches revamped coupon card for visitors City

Budapest launches revamped coupon card for visitors

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.