Hungary signs strategic cooperation agreement with ICBC

The Hungarian government signed a strategic cooperation agreement with the Industrial and Commercial Bank of China (ICBC). The agreement, which is expected to strengthen Hungarian-Chinese financial ties, was signed between Finance Minister Mihaly Varga and Gu Shu, ICBC’s vice chairman, executive director and president. The bank has agreed to cooperate with Hungary on issuing renminbi bonds. It will also support cross-border renminbi transactions and the financing of Hungarian infrastructure projects. The world’s largest bank by total assets, ICBC has 426 offices in 47 countries.