Bank of China opened its branch in Serbia on Saturday [21 January 2017], becoming the first Chinese bank starting operation in the country. The official opening ceremony took place at Palace of Serbia, with presence of Serbian President Tomislav Nikolic, Chairman of Bank of China Tian Guoli, Chinese Ambassador to Serbia Li Manchang and members of the Serbian government…Full Article: China Daily Jan 2017

Key Point

  • According to the Chairman of Bank of China, the opening of the bank will increase bilateral trade cooperation between the two countries.

ChinaAg Comments

  • In December 2016, the Bank of China and New Zealand’s Fonterra (dairy) signed an agreement to establish a CNY 1.5 billion yuan (US$216.3 million) multi-currency facility. During the same month, the Bank of China opened an office in Lima, Peru (fourth branch in South America).
  • On 21 September 2016 (the day before China’s US beef ban was lifted), for the first time ever China’s central bank permitted a US-based bank to clear Chinese CNY (yuan) transactions. The New York branch of the Bank of China was given permission to begin yuan clearing services.
  • In November 2014, Bank of China established operations in New Zealand (Auckland).
  • In February 2014, Serbia’s Minister of Agriculture and Chinese investors visited the Budimka fruit processing plant (e.g. jams, juices, canned fruit) in Požega, Serbia. Budimka, based in western Serbia, was privatized in 2008, but has since undergone a restructuring process since 2010. During the same month, China’s central bank, the People’s Bank of China (PBC) announced they will institute customized financial services in order to modernize farming practices. For example, farmers who cultivate fruit or other crops will long growth cycles will be eligible to receive loans that have a maturity length of up to 10 years.
  • In May 2013, the State Secretary in the Serbian Ministry of Agriculture stated that Chinese entrepreneurs could invest in Serbian agriculture and food production companies as a means to penetrate the markets in which Serbia has free trade agreements with (e.g. the EU, Russia, and CEFTA).

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