The agreement concluded by the Asian Financial Cooperation Association (AFCA) and the Hungarian Banking Association heralds a new era in the financial cooperation between the two countries, Minister for National Economy Mihály Varga said at the high-profile forum organized for sector representatives in Budapest.
AFCA has decided to use Hungary as a bridge for fortifying relations with Europe, and the Memorandum of Understanding signed by the China Banking Association and the Hungarian Banking Association will hopefully prove to be as successful an initiative as the Budapest clearing house of the Bank of China is, the Minister noted.
This agreement is yet another step in the strengthening of Sino-Hungarian financial relations, he added. Hungary has already joined China’s “One Road, One Belt” initiative and we have managed to issue several series of Panda bonds. In the Central and Eastern European region, after Poland Hungary has been the second country to join the AIIB. We have also concluded a financing agreement on the refurbishment of the Budapest-Belgrade railway’s Hungarian stretch, he said.
The Minister stressed that when we were thinking of the global economy today we were no longer thinking of individual countries but of continents and their relations. That is why it is important for us that countries which join AFCA do so with the intention of ensuring global financial stability, he stated.
(Ministry for National Economy)
