BRI Projects & Programs: China, Indonesia enhance local currency settlements

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BRI Projects & Programs: China, Indonesia enhance local currency settlements

The Chinese and Indonesian central banks have been promoting local currency settlements. On January 2022, the People's Bank of China (PBOC) and Bank Indonesia renewed the Bilateral Currency Swap Arrangement. The agreement allows for the exchange of local currencies between the two central banks of up to 250 billion Chinese yuan or 550 trillion Indonesian rupiah (about $38.8 billion).