Dániel Palotai, chief economist ... - Magyar Nemzeti Bank · Magyar Nemzeti Bank 6 •2016 Sep...
Transcript of Dániel Palotai, chief economist ... - Magyar Nemzeti Bank · Magyar Nemzeti Bank 6 •2016 Sep...
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MNB on the New Silk Road
BRI 2017 conference
Dániel Palotai, chief economist, executive director
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April 5, 2017
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Hungary on the New Silk Road
Magyar Nemzeti Bank 2 Source:HSBC, CEIC
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Finances of the New Silk Road
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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
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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
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What happened since BRI 2016?
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•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
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Solid basis to build on
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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
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Potential for 2017
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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?
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Thank you
for your attention
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