Serbia RMB Forum Advances Yuan Internationalization Push
Belgrade hosted a high-profile Renminbi (RMB) forum on June 26, 2026, bringing together approximately 120 representatives from Serbian government departments, commercial banks, and business circles to discuss expanding bilateral financial cooperation between China and Serbia. Themed “Investing in Chinese Assets, Connecting Global Trade,” the forum focused on yuan cross-border settlement, yuan internationalization trends, and the high-level opening of China’s capital markets, according to Xinhua News Agency.
Context: A Deepening Financial Partnership
The forum came just one month after China and Serbia more than tripled their bilateral local-currency swap agreement from 1.5 billion yuan to 5 billion yuan (approximately €630 million or 74 billion Serbian dinars), valid for five years. The expanded swap, signed during Serbian President Aleksandar Vučić’s state visit to Beijing in late May, represents a significant milestone in the two countries’ financial relationship. As Serbia Business reported, National Bank of Serbia Governor Jorgovanka Tabaković described the arrangement as “an additional layer of macroeconomic protection” amid global uncertainty.
China-Serbia bilateral trade reached $9.37 billion in 2025, up 25.6% year-on-year, with Chinese exports rising 30.9% and imports from Serbia increasing 7.7%, according to Global Times. The China-Serbia Free Trade Agreement, which took effect in July 2024, has further accelerated this trade growth by gradually eliminating tariffs on 90% of tariff lines.
Key Voices from the Forum
Marina Raguš, Deputy Speaker of the Serbian National Assembly, emphasized the strength of bilateral ties, describing the Serbia-China relationship as “a model of friendly cooperation between nations.” She noted that both sides have maintained high mutual trust and achieved fruitful cooperation across political, economic, and trade fields.
Chinese Ambassador to Serbia Li Ming highlighted the expanding scope of economic engagement, stating that the comprehensive strategic partnership between the two countries continues to deepen, with close interaction in trade settlement, investment, and financing cooperation creating broad opportunities for enterprises and financial institutions.
Liu Yunfei, Deputy General Manager of the Transaction Banking Department at Bank of China Head Office, addressed the global investment landscape, noting that against the backdrop of intensifying geopolitical and macroeconomic volatility, allocating quality onshore RMB assets through QFII and interbank bond market channels is becoming the consensus of an increasing number of global sovereign wealth funds and international financial institutions.
Leapfrog Development in RMB Clearing
Li Lianhong, President of Bank of China Serbia Branch and the forum’s host, announced that Serbia’s RMB clearing volume has achieved “leapfrog development.” He committed to enriching RMB financial product offerings and outlined plans for comprehensive RMB financial services encompassing clearing, settlement, trading, financing, and investment, with the goal of building an efficient, stable, and secure RMB financial services network.
The forum was organized by Bank of China Serbia Branch, which was designated as the yuan clearing bank in Serbia by the People’s Bank of China in December 2023. In March 2025, Bank of China listed yuan-Serbian dinar exchange rates, becoming the first financial institution globally to offer Serbian dinar foreign-exchange settlement services and formally establishing a direct exchange channel between the two currencies.
Analysis: A Test Case for Yuan Internationalization
Serbia has emerged as a notable case study for yuan internationalization in Europe. The progression from a basic swap line in 2016 — the first such arrangement Serbia had ever signed with any central bank — to a designated clearing bank (2023), direct exchange rates (2025), an expanded swap (May 2026), and now a dedicated RMB forum (June 2026) illustrates a systematic deepening of yuan financial infrastructure in Southeast Europe.
The forum’s focus on promoting Chinese onshore RMB assets to Serbian and regional investors also signals China’s broader strategy to encourage international adoption of its currency. As the Government of Serbia noted, the May 2026 visit resulted in the signing of more than 20 cooperation documents, including agreements on Belt and Road cooperation, artificial intelligence, education, and tourism.
What to Watch
Serbia’s deepening financial ties with China occur alongside its EU accession ambitions, reflecting a multi-vector foreign policy. The expanded swap arrangement and the RMB forum demonstrate Serbia’s strategy of diversifying financial and trade relationships beyond traditional European markets while maintaining EU integration goals. For investors and market observers, the key question will be how quickly yuan-denominated transactions gain traction in Serbian trade finance and corporate settlements, and whether this model could be replicated in other Southeast European economies.