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Indonesia and China to reduce U.S. dollar in bilateral trade
By Vincent Fabian Thomas
The Jakarta Post
Monday, June 28, 2021
Indonesia and China are closer to reducing their reliance on the U.S. dollar as they plan to start using their own currencies for bilateral trade and investment within weeks.
The switch to local currency settlement (LCS) is expected to take place in the third quarter of this year. Bank Indonesia's head of financial market development, Donny Hutabarat, said the move was part of Indonesia's effort to diversify currencies used in trade and investment with bilateral partners.
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So far, Indonesia has agreed on LCS with Malaysia, Thailand, and Japan. "So we do not depend 100 percent on the U.S. dollar anymore,” Donny told reporters during an online media briefing on Friday. ...
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