MNB signed the Memorandum of Understanding on RMB clearing arrangements and the Agency Agreement with People’s Bank of China in Basel
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On June 27, 2015, the People’s Bank of China (PBC) and the Magyar Nemzeti Bank (MNB) signed the Memorandum of Understanding (MOU) on the establishment of RMB clearing arrangements in Hungary, and the Agency Agreement for PBC to Manage MNB’s Investment on China’s Interbank Bond Market. The PBC also decided to extend the pilot scheme of RMB Qualified Foreign Institutional Investors (RQFII) to Hungary with a total investment quota of 50 billion yuan. Later on, a RMB clearing bank will be designated in Hungary by the PBC.