BI, PBOC launch cross-border QR and expand rupiah-yuan swap

Bank Indonesia and People's Bank of China deepened financial cooperation with three new steps in Shanghai on Thursday, June 11, 2026: the launch of Indonesia-China cross-border QR payments, a review of a higher Bilateral Currency Swap Arrangement value, and an expansion of local currency transactions. BI, PBOC and Hong Kong Monetary Authority also signed a Local Currency Transaction MoU covering Indonesia and Hong Kong. Under the new arrangement, Bank Mandiri was named a direct participant in China's Cross-border Interbank Payment System, or CIPS. BI said the move will speed up clearing and settlement of transactions and pave the way for the establishment of an RMB Clearing Bank in Indonesia.