Translation. Region: Russian Federal
Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
BEIJING, Sept. 11 (Xinhua) — The central banks of China and Indonesia on Thursday formally launched a local currency settlement framework for bilateral transactions to facilitate the further use of local currencies in bilateral trade and investment.
The new mechanism is based on a memorandum of understanding signed in May this year, which modernized the previous framework mechanism by extending settlements in national currencies to all balance of payments items.
In addition, the central bank governors of the two countries announced on the same day the official launch of a bilateral pilot project for cross-border connectivity through QR codes. The project, which will enable settlements in national currencies, is expected to be fully operational in 2025 and will mark an important advance in the payment cooperation between the two countries.
"The establishment of a national currency settlement framework for bilateral transactions and the interconnection of cross-border payments through QR codes are important achievements of China-Indonesian financial cooperation," said Pan Gongsheng, governor of the People's Bank of China (PBOC, central bank).
He pointed out that the central banks of the two countries should further deepen cooperation in areas such as the interconnection of payment systems, the use of national currencies and digital currencies.
The PBOC also announced that the central banks of China and Indonesia will establish a joint working mechanism to further enhance the institutionalization of bilateral cooperation to promote deeper and more productive financial cooperation. –0–
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