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Magyar Nemzeti Bank among the first to enter the Chinese interbank foreign exchange market

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At the time of announcing its Renminbi Programme on 19 February 2015, the Magyar Nemzeti Bank indicated that it would examine the possibility of developing a renminbi foreign exchange reserve portfolio. The liberalisation of Chinese financial markets in recent months has made it necessary for the MNB to adapt to the changing investment environment in a fast and flexible manner. In this context, the MNB, together with the Hong Kong Monetary Authority and the Reserve Bank of Australia, has been among the first institutions to register with the China Foreign Exchange Trading System (CFETS) and to obtain access to the Chinese inter-bank foreign exchange market. One advantage of the registration with the CFETS is that the efficiency with which the MNB conducts foreign exchange transactions in renminbi will improve. In addition, joining the system is a precondition for investing in China’s domestic government securities market. Consistent with the international standards of foreign exchange reserve management, the MNB continues to work on the development of its Chinese government securities portfolio without risking reserve adequacy, which remains high.