Indonesia, Hong Kong Ditch Dollar for Yuan and Rupiah
Part of composite article Title: Indonesia and China Ditch the Dollar: New Yuan-Rupiah Deal to Supercharge Trade View full article →
Hong Kong and Indonesia signed a deal on Thursday to allow direct transactions between the Chinese yuan and the Indonesian rupiah. The agreement, signed by the People’s Bank of China, the Hong Kong Monetary Authority (HKMA), and Bank Indonesia, creates a framework for the direct exchange and settlement of the two currencies. This move aims to simplify cross-border trade and investment for companies and institutions in both regions, reducing their reliance on the US dollar. The HKMA confirmed the initiative in a statement.