Budapest Renminbi Initiative Conference 2024
The Present and Future of the Sino-Hungarian Financial Cooperation
Program
08:30 Registration
Welcome coffee
09:00-09:40 High-level opening
• Barnabás VIRÁG, Deputy Governor, Magyar Nemzeti Bank (MNB)
• Chao YANG, Minister Counsellor, Embassy of the People’s Republic of China to Hungary
• Jingzhen LIN, Executive Director and Executive Vice President, Bank of China
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
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’)
• Penghui JIN, President, People’s Bank of China Shanghai Head Office
Panel discussion (45’)
Moderator
• Ádám BANAI, Executive Director, MNB
Discussants
• Zoltán KURALI, CEO, Government Debt Management Agency
• Feng LI, Deputy General Manager, Industrial and Commercial Bank of China (Europe)
• Christoph Nedopil WANG, Founding Director, Green Finance & Development Center, Fudan University and Director,
Griffith Asia Institute, Griffith University
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
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’)
• Kexin LI, CEO, Bank of China (CEE)
Panel discussion (45’)
Moderator
• Gergely BAKSAY, Executive Director, MNB
Discussants
• Hongcheng LI, Assistant President, Silk Road Fund
• Chengxiang LI, Head of RMB Business of Economics & Strategic Planning Department, Bank of China (Hong Kong)
• Lin ZHANG, Senior Investment Manager, Contemporary Amperex Technology Co., Limited (CATL)
12:10-12:20 Closing remarks
• Barnabás VIRÁG, Deputy Governor, Magyar Nemzeti Bank (MNB)
12:20 Lunch
End of event
