BI launches renminbi clearing bank for RI-China trade
Businesses can now settle trade directly in renminbi, lowering transaction costs and reducing reliance on the U.S. dollar.
Bank Indonesia launched a renminbi clearing bank to support trade and investment transactions between Indonesia and China directly in China’s currency. The People's Bank of China appointed Bank of China (Hong Kong) Limited Jakarta Branch as the renminbi clearing bank in Indonesia, following up on the BI and PBoC memorandum of understanding signed on June 11, 2026. BI said the value of Indonesia-China local currency transactions in January-September 2026 reached the equivalent of 43.89 billion U.S. dollars, exceeding the full-year 2025 total of 13.19 billion U.S. dollars. Transactions with China also accounted for 83.49 percent of Indonesia’s LCT volume. At the launch in Jakarta, the clearing bank signed commitments with 12 ACCD banks, including Bank Mandiri, BNI, BCA, ICBC Indonesia, and China Construction Bank Indonesia.