Serbia, China c-banks sign MoU on yuan clearing arrangements

Serbia’s central bank said on Monday it signed a memorandum of understanding (MoU) with China’s central bank to establish yuan clearing arrangements in Serbia.

“The MoU regulates intensive cooperation between the two central banks in the execution of transactions in Chinese yuan by banks in Serbia,” the central bank, NBS, said in a statement.

The establishment of a clearing arrangement in Serbia will help promote cross-border transactions in Chinese yuan by companies and financial institutions in China and Serbia and will further facilitate trade and investments, NBS noted.

“As an institution that closely monitors the needs of the domestic economy and market and creates stimulating conditions for efficient business operations, in January 2015 NBS put the Chinese yuan on the list of currencies which can be traded on the domestic foreign exchange market. Strong growth of trade between our countries, as well as high investment inflows, further increase participants’ needs for Chinese yuan on the Serbian financial markets,” NBS governor Jorgovanka Tabakovic said.

Photo: Srbija Danas/Sasa Dzambic
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