The People's Bank of China has issued an official authorization for the Jakarta branch of Bank of China (Hong Kong) Limited to serve as the renminbi clearing bank in Indonesia.
This appointment brings the number of countries and regions where Bank of China acts as an RMB clearing bank to 19, maintaining its leading position in the market.
Indonesia's Strategic Role and Bilateral Ties
Indonesia, the largest economy within ASEAN, has seen its comprehensive strategic partnership with China develop steadily in recent years, accompanied by increasingly close economic and trade ties.
The establishment of an RMB clearing bank in Indonesia represents a key practical achievement from the joint working mechanism between the central banks of China and Indonesia.
It is expected to further facilitate the use of the renminbi in bilateral trade and investment, advancing economic and financial cooperation between the two nations to a new level.
Bank of China's Established Presence and Contributions
As the first Chinese-funded bank to enter Indonesia, Bank of China has grown to become the largest provider of RMB services and the primary channel for RMB clearing in the local market.
For many years, it has actively supported bilateral economic and trade cooperation, continuously working to deepen the international use of the renminbi and the development of financial markets.
Innovation in Application Scenarios
The bank has focused on innovating and expanding the application scenarios for the renminbi.
It leverages its roles as an Authorized Cross Currency Dealer under the Local Currency Settlement framework and as the Chinese settlement bank for the cross-border QR payment interconnection between China and Indonesia.
Through ongoing product and service innovation, it actively promotes the international adoption of the RMB.
Expanding Global Financing Channels
In October 2025, the bank assisted the Indonesian government in its debut issuance in the global RMB bond market.
To date, it has helped issue two tranches of offshore RMB bonds with a total value exceeding 10 billion yuan, providing the issuer with integrated and comprehensive financial services.
Driving Offshore Market Development
As the sole Chinese-funded bank approved as a primary dealer in Indonesia's money and foreign exchange markets, it provides two-way direct quotes for the RMB against the Indonesian rupiah.
This activity continuously injects RMB liquidity into the Indonesian market, effectively meeting local demand.
Commitment to Future Service
Bank of China has pledged to continue utilizing its global strengths, diligently fulfilling its duties as an RMB clearing bank, and deepening product innovation.
It aims to provide superior financial services for economic and trade exchanges between China and Indonesia and contribute significantly to the nation's high-level opening-up.
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