Serbia, China sign Yuan payment memorandum

The central banks of Serbia and China signed a memorandum of understanding to establish a climatering agreement and establish a Kliringu bank in Serbia for Chinese juan, the National Bank of Serbia (NBS) announced on December 11th.

NBS Governor Georgevanka Tabakovic and National Bank of China Governor Pan Gongseng signed a document regulating co-operation concerning conducting transactions in Chinese juan by banks in Serbia.

This is another step in improving Chinese-Serbian co-operation in the field of financial services, with which we create conditions for improving write-offs and promoting transactions in Chineseyuan”, Tabakovic said.

Kliringu is an agreement between banking subjects on which the payment is made. It simplifys payment transactions between individuals and legal persons. Kliringu is officially regulated by the central bank or other competent economic and financial organisations.

The National Bank of Serbia announced that this agreement will promote cross-border transactions in the Chinese South for companies and financial institutions in China and Serbia and will further facilitate trade and investment.

In January 2015, the National Bank of Serbia included the Chinese Yuan in the list of coins that can be traded on the domestic currency market.

The strong trade growth among our countries, as well as the high flow of investments, further enhances the needs of participants for Chinese juan on the Serbian market”, Tabavovic said.

It also became known that signing the memorandum of understanding confirms the commitment of two central banks to continued co-operation and further development of strategic partnership between China and Serbia.

The governor's cabinet of the NBS announced that in the first eleven months of 2023, 7.1 billion euros in interbank trade have been realised and that the volume of currency trade on the domestic market in November was 741.3m euros ė 20.9m euros less than a month ago.

The National Bank of Serbia announced that net currency reserves in late November reached 20.1 billion euros. /rel