House Appreciates BI's Move to Cooperate with China to Strengthen Rupiah

Jakarta (ANTARA) - The Deputy Speaker of the House of Representatives (DPR RI), Sufmi Dasco Ahmad, has expressed appreciation for Bank Indonesia’s initiative to collaborate with the People’s Bank of China (PBOC) to strengthen the rupiah’s exchange rate.

According to Dasco, the Bilateral Currency Swap Arrangement (BCSA), signed on 11 June 2026 in Shanghai, China, represents a concrete step forward. “This agreement allows transactions between Indonesia, Mainland China, and Hong Kong to be conducted using the rupiah or renminbi without having to depend on the United States dollar,” Dasco stated in Jakarta on Sunday.

Furthermore, Dasco noted that the Memorandum of Understanding (MoU) includes the implementation of cross-border QRIS between Indonesia and China. This will enable transactions between Chinese and Indonesian entrepreneurs to utilise international QRIS connectivity.

“This system already involves 191 service providers in China and 24 in Indonesia, all of which are connected,” he said.

He also mentioned that the signing of the MoU regarding Local Currency Transactions (LCT) has been expanded to include the Hong Kong region.

With the agreement between Bank Indonesia and the People’s Bank of China, Indonesia’s export and import transactions with China can be conducted without further reliance on the US dollar. “This is a very serious effort to reduce the need for the US dollar in trade transactions, including the use of cross-border QRIS between Indonesia and China. Bank Indonesia is undertaking this to strengthen the rupiah,” he added.

Previously, on Thursday (11/6), Bank Indonesia and the People’s Bank of China (PBOC) deepened bilateral cooperation to increase the use of local currencies (LCT) in bilateral transactions and to strengthen cross-border payment connectivity between Indonesia and China.

Bank Indonesia Governor Perry Warjiyo emphasised that this financial cooperation strengthens local currency transactions between Indonesia and China, develops financial infrastructure, and expands cooperation between central banks, including the establishment of an RMB Clearing Bank in Indonesia.

Meanwhile, PBOC Governor Pan Gongsheng added that China and Indonesia, as major economies and strategic partners in the region, share a responsibility to deepen bilateral economic and financial cooperation.