The People's Bank of China (PBC) and Bank Indonesia (BI) 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 starting from September 6, 2021, pursuant to the memorandum of understanding (MoU) signed by the two central banks on September 30, 2020. This move marks a key milestone in strengthening monetary and financial cooperation between the PBC and the BI. It is conducive to promoting the direct quotation between the Indonesian Rupiah and the Chinese Yuan, expanding the use of local currencies in bilateral trade as well as facilitating trade and investment of the two countries.

Starting from September 6, 2021, the following banks are selected as Appointed Cross Currency Dealers (ACCDs) to undertake the transactions of the Indonesian Rupiah and the Chinese Yuan under this framework.