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Budapest RMB
Initiative
HU
Budapest RMB
Initiative
HU

Why Budapest?

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Thanks to the liberalisation of the Chinese capital account, China is tending to become a net capital exporter instead of a net capital importer. The effects of this process have been observed in Europe and also in the CEE region. Thanks to the outstanding location of Hungary, the country is situated exactly in the middle of Europe and could serve as a gateway to Europe for Chinese investors.

Hungary has a key positon in some aspects in the region, which can make it easier to utilise the advantages of the Opening to the East Strategy.

First, Hungary’s central bank is the only central bank which has signed a bilateral swap-line agreement with the Chinese central bank (PBoC). The swap-line contract may help to ensure adequate liquidity for domestic and regional financial settlements in the coming years.

Since the beginning of 2000, Hungary has been the main target country for Chinese FDI in the region. The CEE region’s share of Chinese FDI was also quite remarkable.

Furthermore, many Chinese corporations are based in Hungary which provides an additional advantage from the point of view of Chinese business diplomacy. Hungary’s Opening to the East Strategy has also helped to enhance Sino-Hungarian relations.

As the capital of Hungary, Budapest is situated in the middle of the country and has a highly competitive infrastructure. This city is also the center of business life and plays an increasingly strong role in tourism.

  • Hungary is the first country in Central Eastern Europe where a RMB clearing bank was established
    designated clearing bank in Hungary: Bank of China (Hungary)
  • Hungary is the first country in Central Eastern Europe which signed a currency swap agreement with the People’s Bank of China)

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