Central banks of Serbia, China sign MoU to facilitate yuan transactions

BELGRADE, Dec. 12 (Xinhua) -- The National Bank of Serbia (NBS) and the People's Bank of China (PBoC) inked a Memorandum of Understanding (MoU) recently on establishing a clearing arrangement and designating a clearing bank in Serbia for Chinese yuan transactions, the NBS said in a press release on Monday.

At the signing ceremony, NBS Governor Jorgovanka Tabakovic said that the MoU marks another step towards enhancing Sino-Serbian cooperation in the field of financial services.

"As an institution closely monitoring the needs of the domestic economy and market, the National Bank of Serbia added the Chinese yuan to the list of tradable currencies on the domestic foreign exchange market back in January 2015. The robust growth in trade between our countries, coupled with high levels of investment inflows, further amplifies the demand for Chinese yuan in the Serbian financial services market," Tabakovic said.

According to the NBS, the establishment of the clearing arrangement in Serbia aims to promote cross-border transactions in Chinese yuan by companies and financial institutions in both China and Serbia, further facilitating trade and investments.