BOC Serbia authorized as RMB clearing bank

China's central bank announced on Friday that it has authorized the Bank of China (BOC) Serbia to be the clearing bank for renminbi (RMB) business in Serbia.

The People's Bank of China (PBOC), the central bank, made the decision in accordance with a memorandum of understanding it signed with the National Bank of Serbia.

The PBOC said in a statement on December 11 this year that it has signed a memorandum of understanding with the central bank of Serbia on establishing yuan clearing arrangements in Serbia.

The move will help enterprises and financial institutions of the two countries to use yuan for cross-border transactions and further promote bilateral trade and investment facilitation, the statement said.