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Budapest RMB
Initiative
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Budapest RMB
Initiative
HU

RMB centers in Europe

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According to European experiences, the authorities take part in so-called Renminbi Initiatives as the initiator and member as well (City of London initiative in London as a center for renminbi business, Frankfurt RMB Initiative Group, Paris Europlace - Your Hub to the Eurozone, Luxembourg Center for International RMB Business in the Eurozone).


The London Initiative was originated by the British Finance Minister in co-operation with the policy chairman of London city hall. The Finance Ministry and Bank of England are members of the Initiative. The Bundesbank, Bank of England, Banque Central Luxembourg and Banque de France play an active role in the Initiative regarding central bank functions such as FX reserve management, liquidity management, settlement issues, and financial stability.

London

The main goal is to improve RMB markets based in London and to develop technical and regulatory conditions for RMB business. Involvement of the debt management agency, regulatory authorities and the private sector is also needed.

clearing bank: China Construction Bank

Luxembourg

The biggest RMB clearing center and listed RMB bond market in Europe.

clearing bank: Industrial and Commercial Bank of China

Frankfurt

Frankfurt-based Chinese banks, German financial service providers and the Bundesbank took part in the first meeting of the RMB Initiative Group in October 2013. The activity of Frankfurt Renminbi Initiative is divided into working groups.

clearing bank: Bank of China

Paris

Developing the best RMB-denominated offers and services for corporates, including SMEs, to accompany the development of their trade and/or investments activities in China.

Supporting the development of an off-shore market for the euro area and beyond.

clearing bank: Bank of China

Budapest

On June 27, 2015, the People’s Bank of China (PBC) and the Magyar Nemzeti Bank (MNB) signed the Memorandum of Understanding (MOU) on the establishment of RMB clearing arrangements in Hungary. By signing the MOU on RMB clearing arrangements the People’s Bank of China and Magyar Nemzeti Bank agreed to coordinate and cooperate on supervision and oversight of the RMB business, information exchange, and assessment and improvement of the system. The People’s Bank of China designated Bank of China (Hungary) as renminbi clearing bank in Hungary.

clearing bank: Bank of China (Hungary)

Zürich

The availability of renminbi clearing services will facilitate and promote the use of the renminbi in cross-border transactions between companies and financial institutions.

clearing bank: China Construction Bank

International comparison