Since 2016, a dedicated department has been focused on supporting the Hungarian Government in their Eastern Opening Policy, broadening the MNB’s network of international relations, and strengthening its Asian connections. Within the framework of comprehensive relationship building, special emphasis is placed on strengthening the cooperation between central banks, as well as developing educational and scientific relationships and establishing personal connections. Cooperation with MNB’s Asian partners has become increasingly intensive not only on bilateral but also on multilateral platforms, as the MNB takes an active role in the work of the 14+1 formation comprising Central and Eastern European countries and China, as well as in the operations of central bank networks such as the Central Banks Governors’ Club of the Central Asia, Black Sea Region and Balkan Countries. Beyond direct relationship building, the MNB also actively monitors economic and political developments in Asian countries, aiming to identify potential areas of cooperation and enhance the sharing of experiences.

Given Asia’s growing international significance and the dynamic development of relations between Europe and Asia, the MNB strives to take an active role in the international dialogue on transcontinental cooperation. A prime example of this is the concept of the Budapest Eurasia Forum, which provides a framework for dialogue in the form of an annual high-level event. The event series aims to convey current issues of Eurasian cooperation in a comprehensive yet professional manner, with the involvement of renowned international and domestic experts and decision-makers. The Budapest Eurasia Forum places great emphasis on maintaining the diversity characteristic of Eurasia itself, both in terms of invited speakers, and the range of topics covered. In addition to addressing the key economic and financial issues of the times, the event also focuses on topics such as technology, innovation, education, and geopolitics, as understanding these issues is crucial for comprehending and strengthening transcontinental cooperation. The event series was launched in autumn 2019 with the Pre-Forum Session of the Budapest Eurasia Forum 2020, which was held to great success in the Buda Castle Quarter. The Forum’s role as an intellectual hub is evidenced by the increasing number of participants; the fifth event in 2024 welcomed 51 speakers from 15 countries – all internationally recognised experts and opinion leaders. In 2024, the centennial year of MNB’s founding, the Forum was held under the title “Keys to Success: Talent, Technology, Capital and Cognition” with online streaming. Since its inception, the Budapest Eurasia Forum has featured more than 200 speakers from 29 countries, reaching an audience exceeding 60,000 people.

In March 2015, the Magyar Nemzeti Bank (MNB) launched another significant initiative: the Renminbi Programme, aiming to support the internationalisation of the Chinese currency, strengthen the increasingly close economic and financial relations between Hungary and China, and enhance Budapest’s regional role. The main pillars of the Programme are the bilateral foreign exchange swap agreement between the MNB and the central bank of China (PBoC), the Chinese government securities portfolio established within the MNB’s international reserves, supervisory collaborations related to the activities of Chinese giant banks in Hungary, the development of the renminbi clearing infrastructure in Hungary and the Budapest Renminbi Initiative Conference, which was established in the framework of international knowledge sharing.

With the Budapest Renminbi Initiative Conference, the central bank has established a joint platform for market participants, corporate and banking decision-makers involved in real economic and financial relations between Hungary and China to regularly review the current state of economic, trade and financial relations between Hungary and China and discuss the way forward. In recent years, topics at the Budapest Renminbi Initiative Conference have covered financial interconnectivity, the role of the green transition and green finance in the internationalisation of the renminbi, the present and future of Chinese-Hungarian financial cooperation within the Belt and Road Initiative, Budapest’s role as a regional financial centre, and central bank digital currencies.

In 2024, the MNB organised the eighth Budapest Renminbi Initiative Conference in partnership with Bank of China (CEE) Limited, with the Chinese central bank regularly delegating speakers. Additionally, regular conference participants include the largest Chinese commercial and development banks, financial institutions, and corporations (China Construction Bank, Bank of China, Industrial and Commercial Bank of China, China Development Bank, Asian Infrastructure Investment Bank, Silk Road Fund, CATL, etc.)

Relations with the Central Bank of China

The MNB’s increasingly strong network of Chinese relations is based on its excellent relationship with the People’s Bank of China (PBoC). The MNB was the first in continental Europe to sign a bilateral currency swap agreement with the Chinese central bank in 2013, in order to support trade and investment relations. The agreement has been renewed several times, with increases in the limits. Currency swap agreements have now become integrated into central bank toolkits as instruments ensuring financial and real economic market stability.

Furthermore, regular consultations take place between the MNB and PBoC experts regarding central bank digital currencies (an area where China is leading the way), as well as green finance. The PBoC also regularly delegates speakers to MNB flagship events, such as the Budapest Eurasia Forum and the Budapest Renminbi Initiative Conference.

As a highlight of these relations, the two institutions organised the first meeting of central bank governors from China and 16 Central and Eastern European countries in Hungary, on 9–10 November 2018.

Supervisory Relations with China

Since 2023, the regulatory structure of the Chinese financial sector has undergone a transformation. The new “super” financial authority directly subordinate to the State Council, named the National Financial Regulatory Administration (NFRA), is the successor to the former China Banking and Insurance Regulatory Commission (CBIRC), and oversees the entire financial market except for securities. Under the new system, the central bank is responsible for monetary policy, while the (already existing) China Securities Regulatory Commission (CSRC) oversees securities markets. Cooperation between the MNB and Chinese supervisory authorities greatly supports the activities of Chinese banks in Hungary, as well as cooperation in capital markets. Thanks to these successful supervisory relations, the MoU signed between the MNB and CBRC in 2016 was renewed with NFRA in 2024. In 2021, a cooperation agreement was signed between the CSRC and the MNB. The agreement provides a framework for the exchange of information and knowledge sharing between the two authorities on supervisory activities, thereby strengthening cooperation and mutual assistance between the two authorities responsible for capital market supervision.

Educational Relations with Chinese Elite Universities

The MNB is also actively cooperating with several Chinese institutions in the field of scientific and educational cooperation, and receives multiple invitations annually to present the Hungarian central banking model in China. The MNB maintains close and productive relations with two Chinese universities, Tsinghua and Fudan Universities, aiming to establish joint research networks, student and faculty exchanges, and the establishment of specific financial and business programmes. A significant success in this area is the cooperation agreement signed with Tsinghua University’s PBC School of Finance in February 2017, which was then renewed in 2024. Furthermore, Fudan University and Corvinus University of Budapest agreed to launch a joint MBA programme in 2018, which began in 2019 with MNB’s professional support. 

Relations with Research Institutes

Cooperation with international research institutes and think tanks also serves to expand the MNB’s international relations network and establish new channels of communication with foreign partners. As a result, the bank’s senior executives and experts can participate in events organised by research centres, where they can enrich their professional knowledge while establishing personal connections, and gain access to the information and knowledge bases accumulated by the think tanks. Additionally, the achievements of foreign think tanks can be channelled into the MNB’s educational programmes by inviting foreign experts and speakers, as well as through joint research, publications and events.

Key partnerships with research institutes and academia include the following:

  • Development Research Center of the State Council (DRC)
  • Chinese Academy of Social Sciences (CASS)
  • China Development Institute, a think tank in Shenzhen
  • Center for China and Globalization (CCG), one of China’s leading think tanks
  • China Institute of International Studies (CIIS)


International fora

The MNB has been participating and cooperating in China’s most important financial and economic conferences and forums for years. With regard to MNB’s international engagements, the following Chinese conferences and forums are noteworthy:

  • Shanghai Forum: The MNB has been participating for years in one of Fudan University’s most important international events, and also serves as a co-organiser on international panel debates.
  • Belt and Road Forum for International Cooperation (BRF): This forum is the most significant diplomatic meeting within the Belt and Road Initiative (BRI), aiming to establish an interconnected trade, financial, and cultural network from East Asia to Europe and beyond.
  • Boao Forum for Asia (BFA): Founded in 2001, the Boao Forum for Asia has become the most influential economic forum on the Asian continent in recent years. It is often compared to the World Economic Forum in Davos in terms of prestige. In recent years, the MNB’s relations with the Boao Forum for Asia have become increasingly close, and since 2020, it has become a partner institution of the Budapest Eurasia Forum.
  • Lujiazui Forum: The Lujiazui Forum in Shanghai has also grown to become one of China’s most important financial forums over the years. The Governor of China’s central bank, supervisory leaders, and senior representatives from commercial banks are regular participants at the event.
  • Tsinghua PBCSF Global Finance Forum: The Tsinghua PBCSF Global Finance Forum was established in 2014 by Tsinghua University, and it has since become one of the most renowned financial forums in China. Thanks to the close partnership between Tsinghua University and the MNB, the MNB is a regular invitee to the event.


Beyond these highlighted events, MNB’s senior management and colleagues have participated several times in Chinese events such as the China Development Forum, the China Beijing International High-Tech Expo (CHITEC), the China International Fair for Trade in Services (CIFTIS), the Asian Financial Forum (AFF), the Understanding China International Conference, and Chengdu Financial Week.

South Korea

The relationship between the Bank of Korea (BoK) and the MNB is excellent, and has seen dynamic improvement in recent years. In 2019, for the 30th anniversary of diplomatic relations between Hungary and the Republic of Korea, the two central banks organised a joint professional conference in Budapest at the MNB’s initiative. This occasion marked the first official visit of the Korean central bank’s governor to Hungary, led by then-Governor Mr. Lee Ju-yeol. Since then, colleagues from both central banks have been regular participants in each other’s conferences (BoK International Conference, Budapest Eurasia Forum, Lámfalussy Lectures Conference).

Additionally, numerous bilateral knowledge-sharing events have taken place, with the participation of colleagues from both central banks on central bank digital currencies, central bank digitalisation, and fintech issues. Furthermore, colleagues from the Korean central bank have published articles in our Eurasia study volumes for the years 2021, 2022, and 2024.

In 2023, a joint research workshop series was launched, with hosting duties alternating annually between the two central banks.

Singapore

Singapore ranks among the world’s leading countries in innovation and technology, making it another key partner for the MNB. There is a healthy and active relationship between the Monetary Authority of Singapore (MAS), which serves as the central bank, and the MNB, with both institutions committed to strengthening this relationship. Sopnendu Mohanty, Chief Fintech Officer of the MAS, is a regular participant at the Budapest Eurasia Forum. Several meetings on the topics of digitalisation and green finance have been held in recent years between MNB departments and MAS colleagues, as well as representatives of MAS-supported institutions such as the National University of Singapore Asian Institute of Digital Finance.

Also of note is the Dunbar project, which was one of the first international central bank digital currency projects focusing on cross-border payments. It was initiated by the BIS Innovation Hub Singapore office and the central banks of Singapore, Australia, South Africa, and Malaysia, with observer status from the French central bank and — as the very first non-eurozone European participant — the MNB.

In 2019, 2022, and 2024, at the MAS’s invitation, the MNB was represented at the world’s largest FinTech event, the Singapore Fintech Festival (SFF), which is an official partner of the Budapest Eurasia Forum. Given SFF’s significance, the MNB participated in the online, now global event (World FinTech Festival, WFF) in 2020 and 2021, then attended with its own stand along with its subsidiaries in 2022, then independently in 2024.

United Arab Emirates and Gulf Countries

There is a particularly strong cooperation between the Central Bank of the United Arab Emirates (CBUAE) and the MNB in the area of central bank digital currencies. In February 2023, Shu Pui Li, Presidential Advisor to the CBUAE, arrived in Budapest, where he spoke at the Lámfalussy Lectures Conference and met with experts from the Digitalisation Directorate. Also noteworthy is the mBridge wholesale CBDC project, which is a joint initiative of the BIS Innovation Hub in Hong Kong and the central banks of China (PBoC), Thailand (BoT), Hong Kong (HKMA) and the United Arab Emirates (CBUAE). The BIS Innovation Hub mBridge project aims to develop a new cross-border infrastructure that may make cross-border credit transfers cheaper, faster and more efficient. In the project’s earlier phase, the participating central banks and 20 commercial banks successfully executed real transactions, although with a limited scope. The MNB joined the next phase of the project as an observer in spring 2023, through which MNB colleagues gained access to the mBridge test system interface.

The MNB then presented its own stand at the Dubai International Financial Centre (DIFC) Dubai FinTech Summit in 2024.

Within the region, the MNB has begun establishing relationships with other Gulf countries, including the central banks of Saudi Arabia, Kuwait, Oman, and Qatar, with a particular focus on technical assistance. In 2024, the MNB signed a Memorandum of Understanding (MoU) with the central banks of Kuwait and Oman, covering joint research, experience exchange, professional development of employees, knowledge sharing in green finance, central bank digital currencies, and instant payment systems.

Kazakhstan and Central Asia

The MNB maintains particularly active relations with central banks in the Central Asian region, with bilateral expert-level consultations and knowledge sharing with the Central Asian region accounting for a significant portion of its activities. Over 30 in-person, online, or written knowledge-sharing events have taken place in recent years with colleagues from the central banks of Kazakhstan (National Bank of Kazakhstan, NBK), Uzbekistan (Central Bank of Uzbekistan, CBU), and Mongolia (Bank of Mongolia, BOM) on various topics, with the involvement of multiple MNB departments.

Thanks to its close professional contacts, MNB’s bilateral relations with Central Asia continue to grow stronger.

The MNB also maintains active relations with two key financial players in the Central Asian region, the Astana International Financial Centre (AIFC) and the Astana Financial Services Authority (AFSA) of Kazakhstan. An agreement was already reached between AFSA and the MNB in summer 2021, addressing cooperation issues related to the supervision of alternative investment fund managers. The MNB-AFSA cooperation agreement was then signed in November 2023.

Additionally, MNB is a regular speaker at the Astana Finance Days conference organised by AIFC, AIFC Green Finance Center (AIFC GFC) staff have published in the MNB’s study volume on central bank innovations, and AIFC Authority staff have published in the MNB’s 2024 study volume on Eurasian economic policy.

Türkiye

The MNB and the Central Bank of the Republic of Türkiye (CBRT) signed a Memorandum of Understanding (MoU) in 2018, based on which regular expert knowledge-sharing consultations have taken place on wide-ranging topics relevant to the central banks. The CBRT also serves as the secretariat for the cooperation platform known as the Central Bank Governors’ Club of Central Asia, Black Sea Region and Balkan Countries, which the MNB joined in 2018.

Morocco

In March 2021, a cooperation agreement was signed between Bank Al-Maghrib (BAM), the Moroccan central bank, and the Magyar Nemzeti Bank, primarily targeting financial digitalisation, information and data protection, joint development of the Fintech ecosystem, digitalisation-related risk management, and digital development of central bank operations as areas of cooperation. According to the agreement, the primary focus is on information exchange and knowledge sharing.

Japan

Several bilateral knowledge-sharing consultations on central bank digital currencies and green finance have taken place between the MNB and Bank of Japan (BOJ) experts in recent years.