China's yuan traded on Serbia's forex market

BELGRADE - The National Bank of Serbia (NBS) included on Monday the Chinese yuan in the list of foreign currencies that could be traded on the foreign exchange (forex) market as "Chinese yuan renminbi".

The Chinese currency has the standard code CNY and numerical designation 156.

At its meeting on December 25, the NBS Executive Board delivered the Decision Amending the Decision on the Types of Foreign Exchange and Foreign Cash to be Purchased and Sold in the Foreign Exchange Market, thus introducing the Chinese yuan into the list of foreign currencies that may be traded on Serbia's forex market. The decision entered into force on Monday.

In making this decision, the NBS was guided by the increasing share of trading with the People's Republic of China in Serbia's total foreign trade and the significant degree of economic cooperation between the two countries.

The NBS also took into account the fact that the yuan is gaining in importance in international economic relations and financial flows, the central bank said.

The Chinese yuan has thus entered the list of foreign currencies and foreign cash that banks may trade with, and in the list of foreign cash that licensed exchange dealers may buy and sell.