The Magyar Nemzeti Bank (MNB) launched its’ Renminbi (RMB) Program and the Budapest Renminbi Initiative Conference in 2015, marking a strategic turning point in Hungary’s financial and economic relations with China. Over the past ten years, this initiative has strengthened bilateral ties, broadened financial cooperation, and positioned Budapest as a key RMB hub in Central and Eastern Europe (CEE).
As we commemorate the 10th anniversary of the Central Bank Renminbi Program, the ninth edition of the Budapest Renminbi Initiative Conference will take place on September 12, 2025. This flagship event will be organized in partnership with the Bank of China CEE Limited and will bring together central bankers, policymakers, financial experts, and corporate leaders to reflect on the global progress of RMB internationalization over the past decade. The event will provide a platform to exchange views on the strategic use of RMB in reserve management, cross-border trade, and financial cooperation. Discussions will also explore the future of RMB internationalization in the context of digital innovation, shifting global monetary dynamics, and deepening financial connectivity between China and international markets.
Lead speeches and panel discussions will be organised around two main topics.
- 10 Years of Central Bank Renminbi Program in Hungary and Future Prospects of RMB Internationalization
- The 10th anniversary of RMB clearing bank: How can CEE financial institutions and enterprises benefit from RMB products and services
Budapest Renminbi Initiative Conference 2025
10 years of Budapest as a renminbi hub in the CEE region
12 September 2025 (Friday)
MNB Headquarters
Preliminary Program
08:30 Registration
Welcome coffee
09:00-10:00 Opening Ceremony
- Mr. Mihály VARGA, Governor, Magyar Nemzeti Bank (confirmed)
- Mr. Chao YANG, Chargé d'Affaires of the People's Republic of China to Hungary (confirmed)
- Ms. Ling TAO, Deputy Governor, People’s Bank of China (PBOC) (confirmed)
- Mr. Hui ZHANG, President, Vice Chairman, Bank of China (confirmed)
10:00-10:15 Coffee break
10:15-11:30 Panel 1: 10 Years of Central Bank Renminbi Program in Hungary and Future Prospects of RMB Internationalization
The Magyar Nemzeti Bank (MNB), the central bank of Hungary launched its Central Bank Renminbi Program and the Budapest Renminbi Initiative Conference in 2015. The program was designed to rest on four pillars, including investing parts of central bank reserves in RMB; a currency swap line agreement with the People’s Bank of China (PBoC); development of the RMB settlement infrastructure; and cooperation with Chinese supervisory and regulatory authorities. 10 years have passed since the announcement, and this decade-long period was characterized by continuous development in economic and financial relations between Hungary and China. The panel will take stock of the key results, with special regard to the pillars of the Central Bank Renminbi Program. In particular, RMB reserves will come to the spotlight as recent global challenges have reinforced the prospects for the RMB to become a key reserve currency. Panelists will discuss new opportunities arising in the onshore and offshore RMB markets, including developments related to the digitalization of the Chinese financial system. In addition to the gradual opening-up of the onshore financial market, the attractiveness of the RMB also depends on digital innovation. The discussion will thus touch upon the role of the digital RMB (e-CNY) and other digital services in China as well.
Lead speaker
- Mr. Dániel PALOTAI, Deputy Governor, Magyar Nemzeti Bank (confirmed)
Panelists
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Mr. Zhenhui LIN, Deputy Director-General, Macroprudential Policy Bureau, People’s Bank of China (PBOC) (confirmed)
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Mr. Gene MA, Head of China Research, Institute of International Finance (IIF) (confirmed)
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Mr. David MALIS, Head of the Foreign Reserves Division, National Bank of Serbia (confirmed)
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Mr. Christoph PESAU, General Manager Beijing Branch, Raiffeisen Bank International (confirmed)
Moderator
- Mr. Zsolt KUTI, Executive Director, Magyar Nemzeti Bank (confirmed)
11:30-11:45 Coffee break
11:45-12:45 Panel 2: The 10th anniversary of RMB clearing bank: How can CEE financial institutions and enterprises benefit from RMB products and services
2025 marks the 10th anniversary of the designation of Bank of China Limited Hungarian Branch, headquartered in Budapest, as the official RMB clearing bank in Hungary, covering RMB clearing business for the whole Central and Eastern European (CEE) region — a strategic milestone in the financial cooperation between China and Hungary. Over the past decade, this development has significantly enhanced the efficiency and reliability of RMB transactions in the region, providing a stable financial infrastructure to support the growing volume of trade and investment flows between CEE and China.
As the use of the Chinese currency expands globally, RMB products and services are playing an increasingly important role in cross-border trade settlements, investment financing, and risk management. CEE financial institutions and enterprises now have more direct access to RMB liquidity, cross-border payment solutions, and currency hedging tools, empowering them to optimize costs, reduce foreign exchange exposure, and diversify financial strategies.
This panel will explore how regional stakeholders — from banks and corporations to regulators — can further leverage RMB-related products and services to support sustainable economic growth, deepen financial cooperation, and unlock new business opportunities. Panelists will share first-hand insights on RMB services, highlight progress from the past decade, and explore the next stage of RMB internationalization in Hungary and in the CEE markets.
Lead speaker
- (TBD)
Panelists
- Mr. Sándor PATAKI, Director, Investor Relations and DCM, OTP Bank (confirmed)
- (TBD)
- (TBD)
Moderator
- Mr. Gábor SZŐCS, Executive Director, Magyar Nemzeti Bank (confirmed)
12:45-12:55 Closing remarks
- (TBD)
12:55 Lunch