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Serbia and China Boost Economic Ties with Yuan Clearing Arrangement

The National Bank of Serbia and the People's Bank of China have inked a Memorandum of Understanding (MoU) to establish a yuan clearing arrangement in Serbia, marking a significant milestone in financial cooperation between the two nations.

Under the terms of the MoU, both central banks have committed to an enhanced collaboration focused on facilitating transactions in Chinese yuan by Serbian banks. This development is expected to streamline cross-border transactions between Chinese and Serbian enterprises and financial institutions, thereby easing trade and investment flows.

“The establishment of the clearing arrangement in Serbia will promote the use of the Chinese yuan in cross-border transactions, offering a substantial boost to trade and investment activities,” stated a release from the National Bank of Serbia.

The signing of this Memorandum not only reflects the ongoing commitment of both central banks to bilateral cooperation but also signifies the deepening strategic partnership between China and Serbia. This arrangement is seen as a pivotal step in strengthening economic ties and enhancing financial integration between the two countries.

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