Serbian Central Bank Starts Accepting Chinese Yuan

The Chinese yuan keeps gaining a more important role in international economic relations. The National Bank of Serbia is now accepting the yuan in international settlements.

MOSCOW, January 12 (Sputnik) — The National Bank of Serbia has started accepting China's currency, the yuan, in international settlements, as information on currency quotations published on the bank's web site proved Monday.

The decision to make and accept transactions in yuan was taken on December 25 during a meeting of the Executive Committee of the National Bank of Serbia.

"In making this decision, the National Bank of Serbia was driven by the increasing share of trade with China out of all international trade with the Republic of Serbia, as well as by the significant degree of economic cooperation between the two countries," the Serbian Bank said in a statement on December 25.

Moreover, the Serbian central bank noted that "the yuan has gained a more important role in international economic relations and financial flows."

Economic relations between China and Serbia have been on the rise recently. In December, Chinese Prime Minister Li Keqiang and his Serbian counterpart Aleksandar Vucic met at the third China-Central and Eastern European (CEE) summit in Belgrade, Serbia. They praised the improving economic cooperation between the states and agreed to further enhance it.