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Magyar Nemzeti Bank and Bank of China sign master agreement in respect of interbank market agency business and memorandum of understanding on renminbi clearing account service

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Budapest, 24 January 2017 - Two agreements to strengthen cooperation between the Magyar Nemzeti Bank and the Bank of China, and more broadly economic relations between Hungary and China, were signed in Budapest on 23 January 2017.

First, the Bank of China and the Magyar Nemzeti Bank concluded a Master Agreement in respect of Interbank Market Agency Business. The conclusion of the agreement expresses the MNB’s confidence in the Chinese economy, on the one hand, and helps enhance cooperation between China and Hungary, on the other. The development of the Chinese financial markets and changes in market regulation have made it possible to conclude the agreement. Accordingly, the MNB, assisted by the Bank of China, will access the Chinese financial markets on a commercial basis, while retaining its excellent relations with the Chinese regulatory authorities, particularly the People’s Bank of China. Investments in the Chinese bond market are expected to contribute to the growing diversification of the MNB’s investment portfolio.

Second, a Memorandum of Understanding was entered into on Renminbi Clearing Account Service. The parties agreed to assess how the MNB would carry out its renminbi settlements in a more efficient way and to cooperate in order to strengthen the role of Budapest as the Central and Eastern European clearing hub for renminbi.