Indonesia, China to Promote Use of Local Currencies

    Wahyu Dwi Anggoro - 30 September 2020 18:05 WIB
    Indonesia, China to Promote Use of Local Currencies
    Illustration ( Rizal)
    Jakarta: The Governor of The People’s Bank of China Yi Gang and the Governor of Bank Indonesia (BI) Perry Warjiyo signed the Memorandum of Understanding for the Establishment of a Framework for Cooperation to Promote the Settlement of Current Account Transactions and Direct Investment in Local Currencies.

    "The People’s Bank of China and Bank Indonesia reached mutual agreement on initiatives relating to the promotion of the use of local currencies for trade and direct investment settlement," said BI in a press release on Wednesday.

    It includes, among others, promotion of the direct exchange rate quotation and interbank trading between the Chinese Yuan and the Indonesian Rupiah. 

    "This cooperation will be enhanced through information sharing and periodical discussions between Chinese and Indonesian authorities," BI stated.

    According to BI, This collaboration marks a key milestone in strengthening bilateral financial cooperation between China and Indonesia. 

    In addition, the collaboration will positively contribute to encourage the use of local currencies for settlement of trade and direct investment between the two countries.


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