Stronger international cooperation needed to manage global financial challenges

Budapest, 12 November 2026 – “Realignment of the global financial system brings new risks and opportunities, and thus it is particularly important to strengthen financial resilience and develop international economic relations,” according to MNB Governor Mihály Varga, speaking at the 10^th Budapest Renminbi Initiative Conference. Varga highlighted that mitigating economic fragmentation and improving the efficiency of cross-border payment systems were important tasks for the near future.

Governor Varga pointed out that geopolitical tensions, the realignment of trade relations and the rapid development of financial technologies were fundamentally changing how international money and capital markets functioned. The global financial system was gradually becoming multipolar, with the role of regional financial networks and certain currencies gaining increased significance. He underlined that the Chinese currency, the renminbi, was playing an increasingly important role in the transformation of the international financial system. The value of cross-border renminbi settlements amounted to CNY 70.6 billion in 2025, reflecting annual growth of approximately 10 percent. All of this, however, did not change the fact that the US dollar and the euro were still the main players in the global financial system. Varga highlighted that, as an open economy, Hungary had a keen interest in maintaining secure, predictable international financial relations. The development of economic and trade cooperation with Asia, especially with China, opened up new financing and settlement opportunities for Hungarian businesses. The spread of the use of the renminbi could lower foreign exchange conversion costs for some transactions and help diversify financing options. Governor Varga added that professional forums, such as the Budapest Renminbi Initiative Conference, organised jointly by the Magyar Nemzeti Bank and the Bank of China, played an important role in exploring new economic opportunities, identifying risks and strengthening international financial relations.

Magyar Nemzeti Bank

Vissza a tetejére

The primary objective of the MNB shall be to achieve and maintain price stability. (...) Without prejudice to its primary objective, the MNB shall support the maintenance of the stability of the system of financial intermediation, the enhancement of its resilience, its sustainable contribution to economic growth; furthermore, the MNB shall support the government’s economic policy and its policy related to environmental sustainability, using instruments at its disposal.