Significant Growth: BI Governor Says Rupiah-Renminbi LCT Hits US$13 Billion by End of April 2026

Bank Indonesia (BI) Governor Perry Warjiyo reported that the total value of Indonesia-China Local Currency Transactions (LCT) between the rupiah and renminbi recorded significant growth, reaching US$13 billion as of the end of April 2026. He acknowledged that the growth in the first four months of 2026 was very significant compared to the full-year 2025 figure of US$18 billion. “If last year’s Indonesia-China LCT was US$18 billion, this year in just four months the total has reached US$13 billion,” Perry said during a press teleconference on Thursday, 18 June 2026. “So the Indonesia-China LCT is very large,” he stated. He explained that the direct settlement of trade and investment between the rupiah and renminbi has automatically reduced the need for US dollars in various transactions between the two countries. Therefore, Perry emphasised that diversification efforts in this area will be further strengthened by both parties, namely Bank Indonesia and the People’s Bank of China (PBOC). One approach is to encourage banks and businesses in both Indonesia and China to continue using the rupiah and renminbi in their transactions. “This step is also in line with the Chinese government’s efforts to internationalise the renminbi,” he said.