By signing the MOU on RMB clearing arrangements the People’s Bank of China and Magyar Nemzeti Bank agreed to coordinate and cooperate on supervision and oversight of the RMB business, information exchange, and assessment and improvement of the system.

The signing of the Agency Agreement reflects the MNB’s confidence in the Chinese economy and financial market development. The investment in China’s bond market will help the MNB diversify investment portfolio and strengthen liquidity management, and further strengthen the cooperation between China and Hungary.

The agreements and the extension of the RQFII scheme to Hungary will promote the implementation of the MNB’s Renminbi Program by supporting the use of RMB in cross-border transactions by enterprises and financial institutions in China and Hungary, and further facilitating bilateral trade and investment liberalization.