The governor of Hungary’s central bank holds talks in China

Budapest (MTI) – The governor of Hungary’s central bank (NBH), György Matolcsy, held talks with his counterpart, Zhou Xiaochuan, in Beijing, on Wednesday and Thursday, and the two central banks renewed the agency agreement signed in June 2015.

Under the agreement, the People’s Bank of China manages the NBH’s investments on China’s interbank bond market.

The Hungarian delegation also visited the headquarters of the Bank of China, which is responsible for renminbi (RMB) clearing arrangements, and met its president, Tian Guoli, the NBH said in a statement on Thursday.

The 2015 agreement also encompassed a memorandum of understanding on the establishment of RMB clearing arrangements in Hungary.

Matolcsy gave a speech at Tsinghua University on “the recipe” for Hungarian economic crisis management. China has greatly changed the global economic order, he said. The “Belt and Road initiative”, a Chinese trade infrastructure programme, offers excellent possibilities for central European countries, he said.

Source: MTI