The Bank of China (BOC) has been authorized as the clearing bank for RMB business in Hungary, China’s central bank announced on June 28.
The work will be undertaken by the BOC Budapest Branch, said the People’s Bank of China (PBOC).
The BOC can contribute to China’s Belt and Road Initiative through its financial services, the PBOC said.
The Belt and Road Initiative, a reference to the Silk Road Economic Belt and the 21st Century Maritime Silk Road, aims to revive the ancient trade route between Asia and Europe. The network passes through over 60 countries and regions, with a total population of 4.4 billion.
The BOC has been named RMB clearing bank in Hong Kong, Macao, Taiwan, Frankfurt, Paris, Sydney and Kuala Lumpur.