Indonesia and China launch local currency settlement mechanism

Recently, Bank Indonesia announced that under the Memorandum of Understanding signed between the Bank and the People's Bank of China on 30 September 2020, the two sides have officially launched the Indonesia-China local currency settlement mechanism since 6 September.

The move is an important milestone in deepening monetary and financial cooperation between the two central banks and will help form a direct quotation between the Indonesian rupee and the Chinese yuan, expand the use of local currency in economic and trade exchanges between the two countries and promote trade and investment facilitation.