Budapest conference marks 10 years of monetary cooperation with China

Launched in 2015, the renminbi program has strengthened bilateral ties and established Budapest as a regional hub for Chinese currency transactions.

BUDAPEST, Sept. 12 (Xinhua) -- The ninth Budapest Renminbi Initiative Conference was held on Friday at the headquarters of the National Bank of Hungary (MNB), marking the 10th anniversary of Hungary's central bank renminbi (RMB) program and the designation of the Bank of China as the official clearing bank for the Chinese currency in Central and Eastern Europe.

Launched in 2015, the RMB program has become a key milestone in Hungary-China financial cooperation, reinforcing bilateral ties and positioning Budapest as a regional hub for RMB transactions. This year's conference, co-organized by the MNB and the Bank of China, brought together senior officials, policymakers and financial experts to review a decade of progress and discuss the outlook for RMB internationalization.

MNB Governor Mihaly Varga said Hungary remains committed to diversifying its financial partnerships. "The weight of the Chinese currency is still not as great today as China's role in key global areas," Varga noted, adding that changes in global reserve currencies historically lag behind shifts in economic power. "While the rise of the renminbi is a longer-term process, the diversification of the global financial system has clearly begun."

Zou Lan, deputy governor of the People's Bank of China, highlighted the steady development of bilateral monetary cooperation. "In 2013, we signed our first bilateral local currency swap agreement, and this year we renewed it with a value of 40 billion renminbi," he said. He added that RMB settlement in bilateral trade jumped 63 percent in the first half of 2025 year-on-year.

Bank of China's Vice Chairman and President Zhang Hui said RMB clearing in Hungary reached 555.7 billion yuan (78.06 billion U.S. dollars) in 2024, with cumulative volume over the past decade exceeding 2 trillion yuan. "Standing at the starting point of a new decade, Bank of China will continue to leverage its global advantages to help establish Budapest as an offshore RMB center in Central and Eastern Europe," he said.

Yang Chao, charge d'affaires at the Chinese Embassy in Hungary, underlined that high-quality financial cooperation has become a pillar of bilateral relations. "The success story of China-Hungary cooperation fully demonstrates that China and Europe are partners, not adversaries, and can learn from each other and achieve mutual success," he said.

Laszlo Palkovics, Hungary's government commissioner for artificial intelligence, highlighted the role of digital innovation and logistics in strengthening ties. Referring to major Chinese investments such as the CATL battery plant in Debrecen and BYD's planned car factory, he said these projects show how manufacturing and the digital economy are advancing together in Hungary.

Conference panels reviewed the results of the Central Bank RMB Program and explored opportunities in both onshore and offshore RMB markets, including the digital yuan. Another session focused on the 10th anniversary of Hungary's RMB clearing bank and how institutions and enterprises in Central and Eastern Europe can benefit from RMB-based services for cross-border trade, financing and risk management.