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Bank of China Serbia Conducts First Cross-Border RMB Remittance

Belgrade, June 03, 2024, The Europe Today: The Bank of China (BOC) Serbia, recently designated as the authorized clearing bank for renminbi (RMB) business in Serbia, successfully executed its first cross-border RMB remittance on Monday.

The transaction, valued at approximately 2 million yuan (about 281,349 U.S. dollars), facilitated a remittance from Serbia to Hebei Province in China. The remittance was on behalf of a Serbia-based steel plant affiliated with HBIS Group, one of the world’s leading steelmakers headquartered in Hebei, northern China.

This milestone follows the People’s Bank of China (PBOC), the country’s central bank, authorizing BOC Serbia in December of last year to handle RMB clearing operations in Serbia. The PBOC has highlighted that these RMB clearing arrangements are designed to aid enterprises and financial institutions in both countries by facilitating the use of yuan for cross-border transactions, thereby promoting bilateral trade and investment.

The successful handling of this remittance marks a significant step in enhancing financial cooperation between Serbia and China, ensuring smoother and more efficient cross-border transactions for businesses in both nations.