This undated file photo shows a worker counting Chinese currency renminbi at a bank in Linyi, east China's Shandong province. (PHOTO / XINHUA)

BEIJING — The People's Bank of China (PBOC) and the National Bank of Serbia have signed a memorandum of understanding (MoU) on establishing yuan clearing arrangements in Serbia, the PBOC said in a statement Monday.

READ MORE: China backs Serbia in defending sovereignty

The move 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, it added.