BEIJING - The Bank of China (BOC) Serbia, the authorized clearing bank for renminbi (RMB) business in Serbia, conducted its first cross-border RMB remittance business on Monday.

The RMB remittance from Serbia to China's Hebei province, with a value of about 2 million yuan ($281,349) was successfully handled by the clearing bank for a Serbia-based steel plant affiliated with HBIS Group, one of the world's largest steelmakers headquartered in Hebei, North China.

Last December, the People's Bank of China (PBOC), the country's central bank, authorized BOC Serbia to be the clearing bank for RMB business in Serbia.

The PBOC said earlier that the RMB clearing arrangements will help enterprises and financial institutions of the two countries to use yuan for cross-border transactions and further promote bilateral trade and investment facilitation.