China–Indonesia Launch Yuan–Rupiah Settlements, QR Payments

China-Indonesia launch Yuan–Rupiah local-currency settlements and a QR payments link; transactions hit $6.23b in Jan–Jul 2025.
Governor of Bank Indonesia (BI) Perry Warjiyo and Governor of the People's Bank of China (PBoC) Pan Gongsheng. (Xinhua)

China and Indonesia on Thursday launched a local-currency settlement framework for bilateral transactions. Both countries also began a two-way trial of cross-border QR code payments. The central bank chiefs called the steps important milestones.

Bank Indonesia said the local-currency scheme aims to make transactions more efficient, reduce conversion costs, and support financial stability.

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by Edwin Shri Bimo

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