Asian Tech Press (Sep 6) -- China's central bank announced on Monday the official launch of cooperation in the local currency settlement framework with Indonesia.

Two countries' central banks, the People's Bank of China (PBOC) and Bank Indonesia (BI), announced to formally launch partnership on the local currency settlement famework from September 6, 2021, according to a memorandum of understanding signed between the PBOC and BI on September 30, 2020.

The announcement said that starting from September 6, 2021, the following commercial banks, as Appointed Cross Currency Dealers (ACCD), can handle the RMB/INR related trading business under the cooperation framework of China-Indonesia Local Currency Settlement in accordance with relevant regulations.

China: Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (ABC), Bank of China (BOC), China Construction Bank (CCB), Bank of Ningbo, Bank Mandiri Shanghai Branch, Maybank Shanghai Branch, United Overseas Bank (China) Limited.

Indonesia: PT Bank Central Asia Tbk, PT Bank Mandiri (Persero) Tbk, PT Bank Maybank Indonesia Tbk, PT Bank Permata Tbk, Bank of China (Hongkong) Ltd, PT Bank ICBC Indonesia, PT Bank China Construction Bank Indonesia Tbk, PT Bank Rakyat Indonesia (Persero) Tbk, PT Bank Negara Indonesia (Persero) Tbk, PT Bank Danamon Tbk, PT Bank (OCBC) NISP Tbk, PT Bank UOB Indonesia.