Hungary to issue bonds in yuan to attract Chinese investors

BUDAPEST, Hungary (AP) - Hungary says it will issue government bonds denominated in yuan together with the Bank of China in the hope of attracting more Asian investors.

Prime Minister Viktor Orban signed an agreement on the plan with Bank of China Chairman Tian Guoli on Wednesday in Beijing.

Hungary's economy ministry did not provide any details about the timing or size of the issue, but a statement said "Hungary would be the first country in Central-Eastern Europe to issue renminbi bonds." Renminbi is another name for the Chinese currency.

The ministry also said the agreement would allow companies and financial institutions from Hungary and the region to get loans from Chinese capital markets.

The Bank of China opened a branch in Budapest last year.