BI: CIPS Transactions Hit 3 Billion Yuan, Surge 200% in a Week

Bank Indonesia (BI) has revealed that direct transactions between the rupiah and renminbi through the Cross-Border Interbank Payment System (CIPS) have reached 3 billion yuan, equivalent to US$443 million, since 1 June 2026. Deputy Governor Thomas Djiwandono stated during an online press conference on Thursday (18/6/2026) that the total transactions recorded a weekly increase of more than 200%. He noted that the data demonstrates how BI’s policy innovation has been well received and is experiencing excellent demand. Governor Perry Warjiyo explained that CIPS connects participating banks to facilitate direct trade and investment with China using the rupiah-renmimbi currency pair. Currently, three Chinese banks with branches in Indonesia and Bank Mandiri have joined the CIPS connectivity. This integration aims to enhance settlement certainty for cross-border transactions, particularly for corporate clients engaged in trade and investment with Chinese partners. The move aligns with efforts to strengthen bilateral transaction cooperation between Indonesia and China, previously promoted by BI and the People’s Bank of China through the Local Currency Transaction (LCT) scheme, allowing more trade and investment to be settled in local currencies without relying on the US dollar as an intermediary.