The People's Bank of China and Bank Indonesia released a package of bilateral financial cooperation outcomes at the second governors' meeting of their joint working mechanism, expanding arrangements for renminbi clearing, local currency settlement and cross-border payments. The measures include a memorandum on renminbi clearing arrangements and a trilateral memorandum with the Hong Kong Monetary Authority on local currency settlement for bilateral transactions. They also include the formal launch of cross-border QR code payment interconnection and Bank Mandiri becoming a direct participant in the Cross-border Interbank Payment System (CIPS). Governors Pan Gongsheng and Perry Warjiyo reviewed progress under the mechanism and discussed priorities for the next stage of bilateral financial cooperation. The joint working mechanism was established in September 2025 to advance financial cooperation between the two central banks. The release event was attended by Hong Kong Monetary Authority Chief Executive Eddie Yue, Indonesia's ambassador to China and representatives from banks and payment institutions from both countries.
Central Bank of the Republic of China2026-06-11
People's Bank of China and Bank Indonesia sign renminbi clearing memorandum and launch cross-border QR payment interconnection
The People's Bank of China and Bank Indonesia announced new bilateral financial cooperation measures at the second governors' meeting of their joint working mechanism. They signed a renminbi clearing memorandum and a trilateral local currency settlement memorandum with the Hong Kong Monetary Authority, while cross-border QR payment interconnection went live and Bank Mandiri became a direct participant in the Cross-border Interbank Payment System.