Deputy Speaker of the DPR RI, Sufmi Dasco Ahmad.

progresifjaya.co.id, JAKARTA – Bank Indonesia’s efforts to establish a Bilateral Currency Swap Arrangement (BCSA) between Bank Indonesia, Perry Warjiyo, and the People’s Bank of China (PBOC) to strengthen the Rupiah exchange rate were appreciated by the Deputy Speaker of the Indonesian House of Representatives (DPR RI), Sufmi Dasco Ahmad. The agreement was signed in Shanghai, China, on Thursday, June 11, 2026, by Bank Indonesia Governor Perry Warjiyo and the Governor of the People’s Bank of China (PBOC), Pan Gongsheng.

The Memorandum of Understanding (MoU) on Local Currency Transactions (LCT) also covers Hong Kong. The agreement also includes the establishment of a Renminbi Clearing Arrangement in Indonesia to support the development of the domestic RMB ecosystem by providing adequate Renminbi liquidity for trade, investment, and financial activities.

“This agreement allows transactions between Indonesia, mainland China, and Hong Kong to be conducted using Rupiah or Renminbi without having to rely on the US dollar,” said Sufmi Dasco on Sunday, June 14, 2026.

He explained, that this collaboration also includes the establishment of cross-border QRIS (Quick Response Code Indonesian Standard) between Indonesia and China, allowing transactions between Chinese and Indonesian businesses to use QRIS. This system already involves and connects 191 service providers in China and 24 in Indonesia.

Furthermore, this agreement is also said to enable export-import transactions between the two countries to be conducted using LCT Rupiah for Renminbi. This effort is believed to reduce dependence on the US dollar.

“With the agreement between Bank Indonesia and the People’s Bank of China, Indonesia’s export-import transactions with China, which will reach US$154.5 billion in 2025, can be settled using LCT (Long-Term Transaction) Rupiah for Renminbi, without having to rely on the US dollar,” explained Sufmi Dasco.

“This is a very serious effort to reduce the need for US dollars for trade transactions, including the use of QRIS across borders between Indonesia and China. This is being done by Bank Indonesia to strengthen the Rupiah. And this must be appreciated,” he added.

Penulis/Editor: Bembo