Varga: Hungary could issue yuan bonds in 2016

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The Hungarian government is planning to refinance part of its €5-5.5 billion state debt set to mature next year in Chinese yuan, Hungary’s National Economy Minister Mihály Varga said in an interview in the issue of weekly Figyelő published today.

Varga told the paper that it is not the size of the issue that matters most, but the new relationship that has been established, which could “make the financing of government securities markets more secure”, Hungarian news agency MTI reported.

Hungary’s Prime Minister Viktor Orbán and Bank of China President Guoli Tian on November 25 signed a cooperation agreement in China to issue yuan-denominated Hungarian government bonds.

Hungary plans to issue the equivalent of €1 billion in FX bonds on international markets next year, according to an outlook released by the Government Debt Management Agency (ÁKK) yesterday, MTI added.

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