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MNB on the New Silk Road
BRI 2017 conference
Dániel Palotai, chief economist, executive director
1
April 5, 2017
Hungary on the New Silk Road
Magyar Nemzeti Bank 2 Source:HSBC, CEIC
Finances of the New Silk Road
Magyar Nemzeti Bank 3
MNB on the New Silk Road
•FX reserves in RMB •PBOC-MNB RMBHUF swapline •Clearing MoU •CBRC-MNB cooperation •Research
Achievement of the Renminbi Program
Magyar Nemzeti Bank 4
Budapest Renminbi Initiative
•RMB deposits, loans, RMBHUF FX products available •Bank of China as RMB clearing bank •RMB accounts available •BSE-BOC-MNB conference on RQFII quota
Developments
Magyar Nemzeti Bank 5
What happened since BRI 2016?
Magyar Nemzeti Bank 6
•2016 Sep Renewal of PBOC-MNB swap line Central bank cooperation
•Since Oct, 2016 RMB in the SDR-basket RMB as a reserve
currency
•Dec, 2016 direct RMBHUF trading in CFETS
•Jan, 2017 CFETS RMB index includes HUF RMBHUF markets
•Oct, 2016 BSE-BOC-MNB conference on RQFII quota
•Apr, 2017 RQFII Q&A RMB investments
•MNB publications
•FER Special Issue on China Research
Solid basis to build on
Magyar Nemzeti Bank 7
Inter- governmental cooperation OBOR, 16+1
Central bank
cooperation
FDI
Chinese-Hungarian
trade relations
Bank of China
as RMB clearing bank
RMB banking
services in Hungary
RQFII
Potential for 2017
Magyar Nemzeti Bank 8
RMB useage in trade settlement
Panda bond?
RMB clearing and settlement
Developing RMBHUF market
RMB investments (RQFII)
Research and academic cooperation
RMB instruments at BSE?
Thank you
for your attention
Magyar Nemzeti Bank 9