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Central banks also announce QR-based pilot for payments in local currencies
The central banks of China and Indonesia have expanded payments links to allow settlement in local currency for all payments between the two countries.
The People’s Bank of China said in a press release on September 11 that the agreement with Bank Indonesia (BI) followed an memorandum signed in May to expand a cross-border payments framework that began in 2021. Bilateral payment links were previously limited to current account transactions and direct investment.
PBoC governor Pan Gongsheng said
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