Shanghai, 18 June 2025 - In the current uncertain global economic environment, Hungary was able to rely on its Eastern partners in the areas of financial stability and cyber security, MNB Governor Varga said after signing a cooperation agreement with Pan Gongsheng, Governor of the People's Bank of China. Varga underlined that the agreement would further strengthen the cooperation between the two central banks and encourage knowledge sharing in important areas such as green finance, the fight against cyber fraud and financial stability.
Governor Varga noted that the rapidly changing customs policy plans in recent months had increased uncertainty in the global economy, with a negative impact on global investor sentiment. For this reason, Hungary also needed Eastern partners that it could rely on to strengthen stability, he added. Varga recalled that China remained one of Hungary's most important trading partners, ranking second to Germany in the field of imports. At the same time, as Varga pointed out, most of the working capital arriving in Europe from China came to Hungary, reaching EUR 3.1 billion last year. The parties agreed that the relationship between the two countries remained a strong bond in the current turbulent period. The cooperation agreement signed after the meeting would further strengthen cooperation between the two institutions and encourage knowledge sharing. Referring to the agreement, Varga said that the two central banks would support each other in important areas such as green finance, central bank digital currency, artificial intelligence and digitalisation, instant payment systems, combating cyber fraud, financial stability and financial awareness.
Varga met his Chinese counterpart for the first time since taking office. The Governor of Hungary’s central bank is attending the Lujiazui Financial Forum in Shanghai as part of his official visit.
Magyar Nemzeti Bank