Hungary signs agreement with China on yuan-bonds

Budapest, November 25 (MTI) – Hungarian Prime Minister Viktor Orban and President of Bank of China Guoli Tian signed a cooperation agreement in China on Wednesday on issuing yuan-denominated Hungarian government bonds, the economy ministry said.

The agreement opens the possibility for Hungarian and eastern European companies and financial institutions to improve their investment activities by borrowing on Chinese financial markets, the ministry said in a statement. Hungary could become the first country to issue yuan-denominated government bonds in Central and Eastern Europe, Economy Minister Mihaly Varga said at the event. The Hungarian Government Debt Management Agency (AKK) and the Bank of China have been tasked with preparing the issue.

Source: http://mtva.hu/hu/hungary-matters