Tabakovic signs MoU with People's Bank of China governor

BELGRADE - National Bank of Serbia (NBS) Governor Jorgovanka Tabakovic and People's Bank of China Governor Pan Gongsheng signed a memorandum of understanding on establishment of a clearing arrangement and the designation of a clearing bank in Serbia for the Chinese yuan.

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

"The establishment of a clearing arrangement in Serbia will promote cross-border transactions in the Chinese yuan by companies and financial institutions in China and Serbia and further facilitate trade and investment" it said.

Tabakovic pointed out that the foundations of economic cooperation between China and Serbia had been laid a decade ago.

"Today's event is yet another step in the improvement of Chinese...