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Orbán bolsters Bank of China expansion

Int’l Relations

Prime Minister of Hungary Viktor Orbán has met Bank of China (BOC) Chairman Tian Guoli to negotiate about the establishment of BOC’s Central Europe business development center and Renminbi (RMB) clearing center in Hungary, it was reported Sunday in Budapest.

The leaders spoke after Orbán’s inauguration ceremony, following his re-election as prime minister of Hungary. The Hungarian PM emphasized that, as a part of Hungary’s ‘Opening to the East’ policy, he supports BOC’s expansion in the region and the internalization of the RMB. The BOC statement said that the expansion would strengthen bilateral economic and trade ties between the two countries.

Tian noted that Hungary is ideally located for the facilitation of BOC’s growth and said that choosing Hungary as a location for the business center was the best choice given the country’s excellent geographical position. Tian also praised the PM’s awareness of the role an internationalized RMB could play in the global economy.

The European and Hungarian political situation and expected EU developments were also discussed, primarily focusing on how the expansion might affect ties with China. As a part of his visit, Tian also met with National Bank of Hungary (MNB) Governor György Matolcsy to further negotiate BOC’s participation in major infrastructural projects in Hungary, and seek the MNB’s support for the internationalization of BOC and RMB.

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