The delegation of the central bank, led by the Governor of the Magyar Nemzeti Bank, recently held negotiations in Beijing. György Matolcsy met the Governor of the People’s Bank of China. During the visit, an agency agreement, concluded between the two central banks in June 2015, was renewed. The delegation also paid a visit to the headquarters of the Bank of China operating the renminbi clearing centre in Hungary, where György Matolcsy met Tian Guoli, Chairman of the Bank of China. Earlier, Mr Guoli paid a visit to Hungary in January 2017 on the occasion of the Lamfalussy international conference organised by the Magyar Nemzeti Bank. Governor Matolcsy also visited Tsinghua University, where he met senior managers of the PBC School of Finance and gave a lecture for a large audience on the recipe of Hungarian crisis management. The Governor pointed to the significant change to the global economic order made by China; and the New Silk Road initiative offered excellent opportunities for countries of Central and Eastern Europe. The MNB’s management and the leading higher education institution in China signed a Memorandum of Understanding this January.