BOC Hong Kong Jakarta Branch Appointed as RMB Clearing Bank in Indonesia
Jakarta (ANTARA) - The central bank of China, the People’s Bank of China (PBOC), issued Announcement No. 17 of 2026 on Friday (26/6) in accordance with the Memorandum of Understanding (MoU) on Renminbi (RMB) Clearing Cooperation between the PBOC and Bank Indonesia (BI). The announcement designates Bank of China (Hong Kong) Limited, Jakarta Branch, as the RMB clearing bank in Indonesia.
With this appointment, BOC now serves as an RMB clearing bank in 19 countries and regions, further maintaining its position as a market leader in RMB clearing services.
Indonesia represents the largest economy in ASEAN. In recent years, the comprehensive strategic partnership between China and Indonesia has developed steadily, while bilateral trade and investment relations have grown increasingly close. The appointment of an RMB clearing bank in Indonesia is a concrete result of the cooperation mechanism between the central banks of both nations.
This step will further facilitate the use of RMB in bilateral trade and investment, while driving economic and financial cooperation between Indonesia and China to a higher level.
As the first Chinese bank to operate in Indonesia, BOC has become the largest provider of RMB services in the country and serves as the primary channel for RMB clearing services. For years, the bank has actively supported bilateral economic and trade cooperation and continues to promote the use of RMB in cross-border transaction settlements and financial market cooperation.
By leveraging its role as an Appointed Cross Currency Dealer (ACCD) within the Indonesia-China Local Currency Transaction (LCT) mechanism, as well as its role as the settlement bank on the Chinese side for cross-border QR code payment interconnection between the two nations, BOC continues to deepen product and service innovation. This supports the use of local currencies in transaction settlements and promotes the internationalisation of the RMB.
In October 2025, BOC supported the Indonesian Government in entering the global RMB bond market for the first time. To date, BOC has assisted the Ministry of Finance of the Republic of Indonesia in completing two offshore RMB bond issuances with a total value exceeding 10 billion yuan (1 yuan = Rp2,638), providing integrated and comprehensive financial services for the issuer.
As the only Chinese bank approved as a Primary Dealer in the Indonesian money and foreign exchange markets, BOC provides direct two-way quotations for the RMB-Rupiah pair and continues to supply RMB liquidity to the Indonesian market to effectively meet the needs of market participants.
Furthermore, BOC stated it will continue to utilise its global network advantages, fulfil its responsibilities as an RMB clearing bank, deepen RMB-based product innovation, and provide higher-quality financial services for trade and investment between China and Indonesia, contributing more significantly to economic openness at a higher level.