BI and PBOC seal 4 deals from cross-border QR to CIPS

Bank Indonesia and the People’s Bank of China reached four agreements at the Indonesia-China Central Bank Governors' Meeting on June 11. The package included a memorandum of understanding to establish a Renminbi Clearing Arrangement, a BI-PBOC-Hong Kong Monetary Authority trilateral MoU for local currency transactions, adoption of the newly launched Indonesia-China cross-border QR payment system, and Bank Mandiri's participation as a direct participant in the Cross-Border Interbank Payment System. China’s Ambassador to Indonesia Wang Lutong said deeper financial cooperation would smooth bilateral trade and investment. Citing data he referenced, China’s direct investment into Indonesia in 2025 reached US$7.5 billion, while trade between the two countries hit a record US$167.49 billion.