On June 18, 2025, Pan Gongsheng, Governor of the People's Bank of China (PBOC), met with Mihály Varga, Governor of the Magyar Nemzeti Bank (MNB, the Central Bank of Hungary). The two governors exchanged views on economic and financial developments in China and Hungary, key areas for cooperation between the two institutions and other topical issues. The two governors also signed the Memorandum of Understanding (MoU) on Cooperation between the PBOC and the MNB, with a view to deepening cooperation between the two central banks. Key areas include information sharing on economic and financial developments, green finance and etc.
Governor Pan noted that against the backdrop of increasing global uncertainties, China’s macroeconomic policies have become more proactive, and the economy has continued to improve. Building on this solid foundation, financial cooperation between China and Hungary has continued to deepen, charting a “golden pathway” for comprehensive bilateral collaboration. The PBOC stands ready to conduct practical cooperation with the MNB to elevate bilateral relations to new heights.
Governor Varga noted that the PBOC and the MNB have great potentials for cooperation. The MNB is committed to expanding the depth and breadth of collaboration with the PBOC, to support economic and financial development in the two countries.
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