China and Indonesia expand scope of bilateral transaction cooperation

They will establish a framework to promote bilateral transactions in local currencies.

Indonesia and China have signed a memorandum of understanding (MoU) to promote bilateral transactions between the two countries.

Under the MoU, they will establish a Framework for Cooperation to Promote Bilateral Transactions in Local Currencies.

The newly signed MoU extends the scope of the cooperation from current account transactions and direct investment to all transactions including capital and financial accounts.

It expands their earlier MoU for the Establishment of a Framework for Cooperation to Promote the Settlement of Current Account Transactions and Direct Investment in Local Currencies, which they first agreed upon on 30 September 2020.

Chinese Premier Li Qiang and Indonesian President Prabowo Subianto were present at the signing event. Pan Gongsheng, governor of the People’s Bank of China; and Perry Warjiyo, Governor of Bank Indonesia, inked the MoU.

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