China and Hungary sign FX swap deal

Swap is worth US$1.62 billion.

The People's Bank of China, China's central bank, yesterday signed a currency swap agreement with the Central Bank of Hungary or the Magyar Nemzeti Bank.

Under the agreement, the MNB can secure Chinese renminbi up to the agreed amount of US$1.62 billion, which can be used to finance Hungary’s market participants’ activities in case of need.

The agreement will last for three years and can be extended if both sides agree. It was approved by the State Council, China's cabinet.

The swap deal aims to strengthen bilateral financial cooperation, promote trade and investment and jointly maintain regional financial stability between both states.

Also Read

India, Maldives ink deal to promote local currencies for cross-border trade

Malaysia fines money changer for customer due diligence lapses

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit