According to the Latin American news agency Jakarta on September 6, the Central Bank of Indonesia and the people's Bank of China officially began trading in RMB and IDR on September 6 to avoid the US dollar.
According to senior officials of the Bank of Indonesia, the framework of this cooperation includes the use of direct exchange rate pricing and the relaxation of relevant regulations on foreign exchange transactions between the Indonesian rupiah and the RMB.
According to the bank, the bilateral local currency settlement mechanism will enhance the stability of the Indonesian rupiah by reducing the dependence of the domestic foreign exchange market on the US dollar and other foreign currencies.
It is reported that the use of RMB and IDR for bilateral trade settlement will reduce exchange rate risk and exchange cost for Chinese and Indian enterprises and greatly improve the efficiency of capital use.
The report also said that the decision will make foreign exchange transactions more efficient, promote alternative financing and direct investment, and benefit Indonesian enterprises.
Indonesian experts said that the agreement between the central banks of Indonesia and China will be conducive to the further development of bilateral trade, especially Indonesia's exports to China.
The report pointed out that Indonesia's goal is to triple its exports to China in the next three years.
It is reported that the Bank of Indonesia has also signed similar agreements with the central banks of Japan, Malaysia and Thailand.
Source: reference message
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Officially launched, avoid US dollars!
2021 09/09