Bank of China hosted a promotion for the international use of RMB in Indonesia on September 2, themed on "Building the RMB Ecosystem in Indonesia — Strengthening RMB Clearing, Cross-Border Connectivity and PUVA Markets". 

Over 100 guests attended the event, including representatives from Bank Indonesia, the Indonesia Financial Services Authority, the Ministry of Finance of Indonesia, the Indonesia Payment System Association, and local financial corporations and banks.

During the event, BOC focused on topics such as the development of the RMB market, investment and financing opportunities in the RMB bond market, cross-border RMB clearing, and the operational rules of the RMB clearing bank in Indonesia. Participants engaged in in-depth discussions on RMB clearing services, cross-border payments, RMB liquidity management, and financial market connectivity, exploring new opportunities for RMB development in the Indonesian financial market.

As the first Chinese bank to enter Indonesia, BOC has long been operating in the Indonesian RMB market. It has continuously improved the RMB financial service ecosystem of clearing, payment, financing, investment, and liquidity management, and has become the main service provider and primary channel for RMB business in the region.

In June, the People's Bank of China authorized Bank of China (Hong Kong)'s Jakarta Branch to serve as the RMB clearing bank in Indonesia. With the appointment, BOC has been acting as the RMB clearing bank in 19 countries and regions, maintaining the market lead.

As a global coordinator and lead underwriter, BOC assisted the Indonesian government in its debut in the offshore RMB bond market and the panda bond market. To date, it has assisted in issuing two tranches of offshore RMB bonds totaling over RMB 10 billion, as well as the largest-ever debut Panda Bond, providing the issuer with integrated and comprehensive high-quality financial services.

As an Appointed Cross Currency Dealer (ACCD) bank under the China-Indonesia Local Currency Transaction (LCT) mechanism in bilateral trade between China and Indonesia, BOC continues to enhance two-way direct quotations of RMB/Indonesian Rupiah and RMB liquidity, meeting market demands.

Acting as an RMB clearing bank, Bank of China aims to better meet the growing demand for RMB business in the Indonesian market. BOC will provide more efficient and convenient financial support for trade and investment cooperation between the two countries, as well as the connectivity of their financial markets.