Central banks of Indonesia, China ink local currency settlement deal
Bank Indonesia (BI) and the People’s Bank of China (PBOC) on September 30 signed a memorandum of understanding (MoU) to establish a framework promoting the use of local currencies for trade and direct investment.
A teller holds a 100,000 rupiah bank note at a money changer in Jakarta (Photo: jakartaglobe.id)
Jakarta (VNA) – ♊Bank Indonesia(BI) and the People’s Bank of China (PBOC) on September 30 signed a memorandumof understanding (MoU) to establish a framework promoting the use of localcurrencies for trade and direct investment.
BI has signed similar agreements with othercentral banks in Asia, particularly with the Bank of Thailand and Bank NegaraMalaysia, as well as with the Japanese Finance Ministry, in an effort tomitigate risks of being over dependent on the US dollar. With the local currency settlement (LCS) agreementsigned by BI Governor Perry Warjiyo and PBOC Governor Yi Gang, both centralbanks agreed to promote the direct exchange rate quotation and interbank tradefor the Chinese yuan and the Indonesian rupiah. The two central banks willstrengthen the cooperation through regular information sharing and discussion. BI Governor Perry Warjiyo said theauthorities believe that the deal will positively contribute to encouraging theuse of local currencies for settlement of trade and direct investment betweenthe two countries. China is Indonesia's largest tradingpartner, with more than 73 billion USD worth of goods exchanged between the twocountries annually. Chinese investors have also growing to become important sourcesof investment in Indonesia./.
The Philippines has agreed to join the local currency settlement (LCS) framework which Indonesia, Thailand and Malaysia have operated over the past two years, in an effort to expand intra-ASEAN trade and investment as well as strengthen the regional economic integration.
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A teller holds a 100,000 rupiah bank note at a money changer in Jakarta (Photo: jakartaglobe.id) 
