Bank Indonesia, the Hong Kong Monetary Authority, and the People's Bank of China signed a memorandum of cooperation to promote bilateral clearing of the Indonesian Rupiah and offshore Renminbi.

On June 11th, the Central Bank of Indonesia (Bank Indonesia), the Hong Kong Monetary Authority (HKMA), and the People's Bank of China (PBOC) signed a memorandum of cooperation, agreeing to establish a cooperation framework to promote the use of the Indonesian Rupiah and offshore Renminbi (bilateral currency) in bilateral transactions between Indonesia and Hong Kong. Based on this memorandum of cooperation, a bilateral currency trading framework will be established to facilitate Indonesian and Hong Kong enterprises and institutions in cross-border trade and investment to directly exchange and settle transactions in Indonesian Rupiah and offshore Renminbi, thereby enhancing the efficiency of cross-border transactions and promoting the wider use of regional currencies. Bank Indonesia and the HKMA will actively promote the preparation of the bilateral currency trading framework, including the formulation of comprehensive operational guidelines. Both parties will also appoint several local banks as licensed market makers to participate in this framework. Details of the operational procedures, specific timetable, and participating banks are expected to be announced later this year. Eddie Yue, Chief Executive of the HKMA, stated: "This memorandum of cooperation marks an important step for the three central banks in deepening currency and financial cooperation. Establishing a bilateral currency trading framework between Hong Kong and Indonesia is a significant breakthrough in promoting the use of regional currencies and Renminbi, highlighting Hong Kong's unique advantage as an offshore Renminbi hub."