Bank of China (BOC) has been authorized as the clearing bank for yuan business in Hungary, China's central bank announced Sunday.
The work will be undertaken by BOC's Budapest branch, said the People's Bank of China (PBC).
BOC has been named yuan clearing bank in Hong Kong, Macao, Taiwan, Frankfurt, Paris, Sydney and Kuala Lumpur.
BOC can contribute to the "One Belt, One Road" initiative through its financial services, the PBC said.
The "One Belt, One 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.
