09/06/2021 | News release | Distributed by Public on 09/07/2021 06:24
Bank Indonesia (BI) and People's Bank of China (PBC) today announced the launching of the framework for cooperation to promote the use of local currencies for settlement of bilateral trade and direct investment between China and Indonesia. This is in accordance with the Memorandum of Cooperation between Bank Indonesia and People's Bank of China that was signed on September 30, 2020.
This initiative is part of the continuous effort to promote a wider use of local currencies to facilitate trade and direct investment in these countries. The establishment of this framework marks a key milestone in strengthening bilateral financial cooperation between BI and PBC. The framework includes, among others, promotion of the direct quotation between the Indonesian Rupiah and the Chinese Yuan as well as the relaxation of relevant rules and regulations to enhance the usage of local currencies.
In order to support the operationalisation of the framework, the following banks have been selected as ACCD (Appointed Cross Currency Dealer) to cooperate and to undertake the transactions of the Indonesian Rupiah and the Chinese Yuan under this initiative.
PT. Bank Central Asia, Tbk
Bank of China (Hongkong), Ltd
PT. Bank China Construction Bank Indonesia, Tbk
PT. Bank Danamon Indonesia, Tbk
PT. Bank ICBC Indonesia
PT. Bank Mandiri (Persero), Tbk
PT. Bank Maybank Indonesia, Tbk
PT. Bank Negara Indonesia (Persero), Tbk
PT. Bank OCBC NISP, Tbk
PT. Bank Permata, Tbk
PT. Bank Rakyat Indonesia (Persero), Tbk
PT. Bank UOB Indonesia
Agriculture Bank of China
Bank of China
Bank of Ningbo
Bank Mandiri Shanghai Branch
China Construction Bank
Industrial and Commercial Bank of China
Maybank Shanghai Branch
United Overseas Bank (China) Limited
The authorities believe that this new initiative would positively contribute to encouraging the use of local currencies for settlement of trade and direct investment between Indonesia and China. The framework will be effective from September 6, 2021.
People's Bank of China
September 6, 2021