The Magyar Nemzeti Bank (MNB) launched the Budapest Renminbi Initiative Conference at the end of March 2015 in connection with the central bank’s Renminbi Program to strengthen ties between PBoC and MNB. The aim of the Budapest Renminbi Initiative is to take advantage of the growing international weight of the renminbi, to strengthen Budapest's regional role in the Chinese-Central European economic relationship and to strengthen Chinese-Hungarian foreign economic relations. An important goal of the MNB with the initiative is to broaden the range of investment and financing sources in Hungary and to promote the growth of cross-border economic activity.
The Budapest Renminbi Initiative Conference, to be held for the eighth time on 23 September 2024 in physical format (broadcasted online), intends to contribute to these goals through the development of Chinese-Hungarian economic diplomatic relations and international knowledge sharing. This year the conference will also commemorate to the 75th anniversary of the establishment of the diplomatic relations between Hungary and the Peoples’s Republic of China. The event will be organized in partnership with the Bank of China CEE Limited.
The conference will be live-streamed here and on YouTube on 23 September 2024.
The main topic of the 2024 conference will be the role of green finance in the internationalisation of RMB and the present and future of Sino-Hungarian financial cooperation under the Belt and Road Initiative. Lead speeches and panel discussions will be organized into two main topics:
- Recent progress made in the internationalisation of RMB – How green finance helps to heighten the RMB’s presence on the global stage
- Tailoring the financial system to the needs of future-proof investments in China and Hungary under the Belt and Road Initiative
Budapest Renminbi Initiative Conference 2024
On the occasion of the 75th anniversary of the establishment of the diplomatic relations between Hungary and the People’s Republic of China
The Present and Future of Sino-Hungarian Financial Cooperation – Towards a Sustainable and Digital Finance
Preliminary program
08:30 Registration
Welcome coffee
09:00-09:40 High-level opening
09:40-09:55 Coffee break
09:55-10:55 Panel 1: Recent progress made in the internationalisation of RMB – How green finance helps to heighten the RMB’s presence on the global stage
Description: Recent developments of the international financial landscape are increasingly intertwined with the drive to achieve long-term sustainable economic growth and most notably, the green transition. This also applies for RMB markets which have become a key source of green finance. A further increase in the supply of RMB denominated green funds provides an excellent opportunity to extend the scope and scale of RMB internationalisation. The panel discussion aims to highlight at least two important aspects in this regard: green panda bonds and commercial banks’ financial products related to green finance. Green panda bonds are especially relevant as foreign players (states including Hungary, multilateral financial institutions, and companies) are actively exploring the benefits of issuing green debt in the onshore RMB market. In addition, the largest commercial banks in China are also turning towards green financial products and providing funds for innovative enterprises and renewable energy projects. Panelists will discuss how these opportunities can elevate cooperation between Hungary and China to even greater heights in the future.
Lead speaker (15’)
Panel discussion (45’)
10:55-11:10 Coffee break
11:10-12:10 Panel 2: Tailoring the financial system to the needs of future-proof investments in China and Hungary under the Belt and Road Initiative
Description: For several years, Hungary has been at the forefront of the Belt and Road cooperation initiated by China to boost Eurasian connectivity through physical, digital and green infrastructure, as well as financial and people-to-people ties. Foreign direct investments (FDI) have never been as crucial as nowadays when the digital and green transition require new capital flows and consequently, a flexible financial system. The development of the RMB settlement infrastructure, as well as appropriate sources of financing are key in this regard. The panel will examine how Hungary and China could further strengthen bilateral financial cooperation and RMB transactions in particular, in order to reinforce the role of Hungary as a Central European financial hub and a major participant in the Belt and Road Initiative.
Lead speaker (15’)
Panel discussion (45’)
12:10-12:20 Closing remarks
12:20 Lunch
End of event
Speakers
Coming soon