Budapest conference highlights RMB's growing role in trade, financing

Guests attend a panel discussion during the 10th Budapest Renminbi Initiative Conference in Budapest, Hungary, on Nov. 12, 2026. Themed "The Role of Renminbi in the International Monetary System," the conference was jointly organized by Hungary's central bank and Bank of China CEE Ltd. The annual forum is part of the Budapest Renminbi Initiative, launched by the central bank in 2015 to promote RMB use in Hungary and strengthen financial ties with China. (Xinhua/Hu Zhixuan)

BUDAPEST, Nov. 12 (Xinhua) -- The renminbi (RMB) is broadening financing options for banks and businesses engaged in trade and investment between China and Central and Eastern Europe (CEE), participants said Thursday at the 10th Budapest Renminbi Initiative Conference.

Themed "The Role of Renminbi in the International Monetary System," the conference was jointly organized by Hungary's central bank and Bank of China CEE Ltd.

The annual forum is part of the Budapest Renminbi Initiative, launched by the central bank in 2015 to promote RMB use in Hungary and strengthen financial ties with China.

Hungarian central bank Governor Mihaly Varga said the global financial system was becoming more multipolar, with regional financial networks gaining importance.

Cross-border RMB receipts and payments totaled 70.6 trillion yuan (10.57 trillion U.S. dollars) in 2025, up 10.1 percent year-on-year, according to the People's Bank of China.

"There is no doubt that the RMB will play a very important role in the world economy of the future," Varga said.

In an interview with Xinhua, central bank Deputy Governor Daniel Palotai said the initiative aimed to facilitate wider RMB use in financial transactions as more Chinese companies and banks operated in Hungary.

"Hungary wants to serve as a bridge between the East and the West in this regard," Palotai said.

Chinese battery maker CATL and electric vehicle manufacturer BYD are among the companies investing in Hungary. Chinese companies' planned and implemented investment projects in Hungary were worth more than 26 billion euros (28.8 billion dollars), with over 30,000 jobs created, according to Chinese Ambassador to Hungary Gong Tao.

Gong also highlighted financial cooperation projects, including the launch of Central and Eastern Europe's first RMB clearing bank in Hungary in 2015 and Hungary's cumulative issuance of 11 billion yuan (1.65 billion dollars) in sovereign panda bonds.

Laszlo Bencsik, deputy CEO and chief strategic and financial officer of Hungary's OTP Bank, said the bank had raised 3.5 billion yuan (525 million dollars) through agreements with major Chinese banks and a dim sum bond issuance over the past few years, helping diversify its funding sources.

He said companies earning RMB revenues from exports to China could borrow in the same currency to hedge currency risks. "It has to come as a natural demand from clients," Bencsik said.

Yu Wenjian, head of the Shanghai Head Office of the People's Bank of China, said RMB use was expanding beyond trade settlement to financing, investment, pricing and reserves. China would further open its financial markets and improve cross-border payment services, he said.

"As Chinese companies go global, the RMB needs to go global too," Wang Huiyao, founder and president of the Center for China and Globalization, told Xinhua, calling for more RMB investment products and accessible financial services for smaller businesses.

"International financial cooperation is built over time. It needs consistency and mutual confidence," Palotai said in his closing remarks, expressing hope that the discussions would lead to further cooperation in the years ahead.

The 10th Budapest Renminbi Initiative Conference is held in Budapest, Hungary, on Nov. 12, 2026. Themed "The Role of Renminbi in the International Monetary System," the conference was jointly organized by Hungary's central bank and Bank of China CEE Ltd. The annual forum is part of the Budapest Renminbi Initiative, launched by the central bank in 2015 to promote RMB use in Hungary and strengthen financial ties with China. (Xinhua/Hu Zhixuan)

Hungarian central bank Governor Mihaly Varga speaks during the 10th Budapest Renminbi Initiative Conference in Budapest, Hungary, on Nov. 12, 2026. Themed "The Role of Renminbi in the International Monetary System," the conference was jointly organized by Hungary's central bank and Bank of China CEE Ltd. The annual forum is part of the Budapest Renminbi Initiative, launched by the central bank in 2015 to promote RMB use in Hungary and strengthen financial ties with China. (Xinhua/Hu Zhixuan)

Hungarian central bank Deputy Governor Daniel Palotai speaks during the 10th Budapest Renminbi Initiative Conference in Budapest, Hungary, on Nov. 12, 2026. Themed "The Role of Renminbi in the International Monetary System," the conference was jointly organized by Hungary's central bank and Bank of China CEE Ltd. The annual forum is part of the Budapest Renminbi Initiative, launched by the central bank in 2015 to promote RMB use in Hungary and strengthen financial ties with China. (Xinhua/Hu Zhixuan)

Chinese Ambassador to Hungary Gong Tao speaks during the 10th Budapest Renminbi Initiative Conference in Budapest, Hungary, on Nov. 12, 2026. Themed "The Role of Renminbi in the International Monetary System," the conference was jointly organized by Hungary's central bank and Bank of China CEE Ltd. The annual forum is part of the Budapest Renminbi Initiative, launched by the central bank in 2015 to promote RMB use in Hungary and strengthen financial ties with China. (Xinhua/Hu Zhixuan)