12 September 2025 - “The new leadership of the Magyar Nemzeti Bank is stepping up its efforts in international central bank cooperation, including strengthening existing ties with Asian financial institutions,” according to MNB Governor Mihály Varga, speaking at the opening of the Budapest Renminbi Initiative Conference. He emphasised that in an uncertain global economic environment cooperation between countries was increasingly valuable. Recognising this, the Hungarian central bank had established a new deputy governorship responsible for international relations.
Governor Varga highlighted that over fifteen years ago Hungary had committed itself to building international – including Eurasian – financial and economic ties. As he had previously said, the global economy’s centre of gravity was shifting toward Asia, and Hungary had benefited from starting to build these relationships in time. As a result, the country could now rely strongly on its Eastern partners in areas such as economic development and financial stability.
The Governor added that the MNB had recently established a new international deputy governorship that will enable the Hungarian central bank to engage in the international financial system more effectively than ever before. He pointed out that China was currently one of Hungary’s most important trading partners, and that the two countries were closely connected not only through shared historical roots, but also through strong economic ties.
Varga also recalled that in today’s modern global economy the financial system itself was moving toward multipolarity. Adapting to this trend, Hungary was the first country in Europe to issue government bonds on both the offshore and onshore RMB markets. He emphasised that the conference – marking the 10th anniversary of the central bank’s Renminbi Programme – provided a valuable opportunity for knowledge exchange, including in areas such as artificial intelligence and best practices in central banking.
Magyar Nemzeti Bank