The Bank of China (BOC) Serbia, recently appointed as the authorized clearing bank for renminbi (RMB) transactions in Serbia, successfully executed its first cross-border RMB remittance on Monday. The transaction, valued at approximately 2 million yuan ($281,349), was for a Serbia-based steel plant linked to HBIS Group, a major steelmaker headquartered in Hebei, China.
This development follows the People’s Bank of China (PBOC) granting BOC Serbia the clearing bank authorization in December. The PBOC anticipates that these RMB clearing arrangements will enhance the use of yuan in cross-border transactions and foster greater trade and investment between Serbia and China.
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