Budapest as Eurasia’s Emerging Financial Hub – Report on the Budapest Renminbi Initiative Conference

Nagy, Ildikó and Puhl, Györgyi and Szabó, Dávid and Szakács, Dániel (2023) Budapest as Eurasia’s Emerging Financial Hub – Report on the Budapest Renminbi Initiative Conference. FINANCIAL AND ECONOMIC REVIEW, 22 (3). pp. 183-188. ISSN 2415-9271

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Abstract

On 4 May 2023, the Magyar Nemzeti Bank (MNB, the central bank of Hungary) hosted the Budapest Renminbi Initiative Conference on “Financial Interconnectivity and the Green Transition” for the seventh time. To strengthen good relations with China, this year the series of events launched by the Magyar Nemzeti Bank in 2015 focused on renminbi financing, Budapest’s role as a financial hub in the Central and Eastern European region, and the green and sustainable financial activities of central banks, with the participation of renowned domestic and international experts. The speakers agreed that financial cooperation is one of the catalysts for relations between China and Central and Eastern Europe, which is increasingly emphasised, inter alia, in the framework of the Belt and Road Initiative announced by China. The event also confirmed the important role central banks can play in ensuring the stability of the green transition, which contributes to energy security and stabilising supply chains through price stability and the promotion of green investment.

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