The people's Bank of China and the Bank of Indonesia have decided to formally launch the cooperation framework for local currency settlement.

According to the memorandum of understanding signed between the people's Bank of China and the Bank of Indonesia on September 30, 2020, the people's Bank of China and the Bank of Indonesia announced the formal launch of the cooperation framework for local currency settlement between China and Indonesia from September 6, 2021. This is an important milestone in deepening monetary and financial cooperation between the central banks of the two countries, which will help to form a direct quotation for RMB / Indonesian rupee, expand the use of local currency in economic and trade exchanges between the two countries, and promote trade and investment facilitation.

Starting from September 6, 2021, the following commercial banks, as (ACCD), a licensed cross-currency market maker, can handle RMB / Indonesian rupee related trading business under the framework of Sino-Indonesian local currency settlement cooperation in accordance with relevant regulations.

China: industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Ningbo Bank, Bank of Indonesia, Shanghai Branch, Malaya Bank, Shanghai Branch, United overseas Bank (China) Co., Ltd.

Indonesia: (PT Bank Central Asia Tbk), Bank of Central Asia, (PT Bank Mandiri (Persero) Tbk), Bank of Malaysia, (PT Bank Maybank Indonesia Tbk), Bank of Malaysia, (PT Bank Permata Tbk), Bank of China (Hong Kong) Limited, (Bank of China (Hongkong) Ltd), Jakarta Branch, Industrial and Commercial Bank of China (Indonesia) Limited, (PT Bank ICBC Indonesia), China Construction Bank (Indonesia) Co., Ltd. (PT Bank China Construction Bank Indonesia Tbk), Indonesian people's Bank of Indonesia (PT Bank Rakyat Indonesia (Persero) Tbk), Indonesian National Bank (PT Bank Negara Indonesia (Persero) Tbk), Indonesian Financial Bank (PT Bank Danamon Tbk), OCBC Bank (Indonesia) Co., Ltd. (PT Bank (OCBC) NISP Tbk), United overseas Bank (Indonesia) Co., Ltd. (PT Bank UOB Indonesia).