House Deputy Speaker Dasco Applauds BI's New Move to Strengthen Rupiah

House Deputy Speaker Sufmi Dasco Ahmad has expressed appreciation for Bank Indonesia’s efforts to strengthen the rupiah exchange rate through a Bilateral Currency Swap Arrangement (BCSA) between Bank Indonesia Governor Perry Warjiyo and People’s Bank of China (PBOC) Governor Pan Gongsheng. The cooperation was signed on 11 June 2026 in Shanghai, China.

The signing of a Memorandum of Understanding (MoU) on an expanded Local Currency Transaction (LCT) now includes the Hong Kong region. The agreement also covers the establishment of a Renminbi Clearing Arrangement in Indonesia to support the development of the domestic RMB ecosystem by providing adequate renminbi liquidity for trade, investment and financial activities.

‘The agreement allows transactions between Indonesia, mainland China and Hong Kong to be conducted using rupiah or renminbi without having to rely on the US dollar,’ Dasco said on Sunday (14/6/2026).

Dasco stated that a cross-border QRIS between Indonesia and China has been agreed, so that transactions between Chinese and Indonesian businesses can use the national QRIS systems. The system already involves 191 service providers in China and 24 in Indonesia, all interconnected.

Dasco also mentioned that this agreement enables both countries’ export-import transactions to be carried out using LCT in rupiah and renminbi. This effort, he said, can reduce dependence on the US dollar.

‘With the agreement signed between Bank Indonesia and the People’s Bank of China, Indonesia-China export-import transactions, which reached US$154.5 billion in 2025, can now use LCT, namely rupiah and renminbi, without depending on the US dollar anymore,’ Dasco said.

‘This is a very serious effort to reduce the need for US dollars in trade transactions, including the use of cross-border QRIS between Indonesia and China. Bank Indonesia is doing this to strengthen the rupiah,’ Dasco stressed.