Indonesia, China Expand QRIS, Cross-Border Payment in Local Currency

Indonesia and China expand Cross-Border Payment with Local Currency deal, aiming to reduce dollar reliance and deepen trade ties amid U.S. scrutiny.
A coffee shop provides payments using Quick Response Indonesian Standard (QRIS) and National Payment Gateway (GPN) at Portal Coffee in Malang, East Java, Indonesia, on April 23, 2025. Indonesia and China expand Cross-Border Payment with Local Currency deal, aiming to reduce dollar reliance and deepen trade ties amid U.S. scrutiny. (Photo by Aman Rochman/NurPhoto). (Photo by AMAN ROCHMAN / NurPhoto / NurPhoto via AFP)

Indonesia and China have renewed and expanded a key financial agreement to promote the use of local currency in bilateral transactions and cross-border payments QRIS. Bank Indonesia and the People’s Bank of China signed the updated Memorandum of Understanding (MoU) at the Merdeka Palace in Jakarta on Sunday. Indonesian President Prabowo Subianto and Chinese Premier Li Qiang witnessed the signing.

The MoU, signed by BI Governor Perry Warjiyo and PBOC Governor Pan Gongsheng, builds on a 2020 agreement and extends its scope beyond trade to include capital and financial market transactions.

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by Edwin Shri Bimo

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