Under the agreement, the MNB can secure Chinese yuan up to the agreed amount, which can be used to finance domestic market participants’ activities in case of need. The agreement will expire in three years, but can be extended with mutual consent.
On 9 September 2013, to support bilateral trade and investment cooperation, the People’s Bank of China and the Magyar Nemzeti Bank signed a bilateral currency swap agreement with a notional amount of CNY 10 billion in the BIS headquarters in Basel.
Under the agreement, the MNB can secure Chinese yuan up to the agreed amount, which can be used to finance domestic market participants’ activities in case of need. The agreement will expire in three years, but can be extended with mutual consent.