Central bank launches renminbi initiative
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.
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.