Group 1 - The People's Bank of China and Bank Indonesia launched a bilateral local currency settlement (LCT) framework and cross-border QR code interoperability project, enhancing financial cooperation between the two countries [2][3] - The LCT framework expands the scope of local currency settlement to all items in the balance of payments, facilitating the use of local currencies in bilateral trade and investment [2][3] - In the first seven months of 2025, the local currency settlement scale under the LCT framework reached $6.23 billion, accounting for 45% of Indonesia's total local currency settlements with all trade partners [3] Group 2 - The establishment of the LCT framework and cross-border payment QR code interoperability is seen as a significant achievement in China-Indonesia financial cooperation, driven by deepening political trust and economic ties [3] - Both central banks agreed to establish a joint working mechanism to enhance the institutionalization of bilateral cooperation and promote deeper financial collaboration [3] Group 3 - The cross-border QR code interoperability project is set to officially launch in 2025, utilizing local currency settlement methods, marking an important advancement in payment cooperation [2][3]

Core Points - The People's Bank of China and Bank Indonesia have jointly launched a bilateral local currency settlement (LCT) framework and a cross-border QR code interoperability cooperation project [1][4][6] - The LCT framework aims to expand the scope of local currency settlement to all items in the balance of payments, facilitating the use of local currencies in bilateral trade and investment [6][12] - The cross-border QR code interoperability project is set to begin trial operations and is expected to be fully operational by 2025, marking significant progress in payment cooperation between the two countries [6][10] Group 1: Bilateral Cooperation - The LCT framework was officially announced by the central bank governors of both countries, with a memorandum of cooperation signed in May 2025 [6][10] - The framework aims to enhance financial cooperation, reflecting the deepening political trust and the growing economic ties between China and Indonesia [8][12] - A joint working mechanism will be established to further improve the level of bilateral cooperation [10] Group 2: Financial Data and Impact - From January to July 2025, the local currency settlement scale under the LCT framework reached $6.23 billion, accounting for 45% of Indonesia's total local currency settlements with all trade partners [10] - The local currency settlement cooperation has been expanded from current accounts and direct investments to include capital and financial accounts [12] - A bilateral currency swap agreement was renewed with a scale of 400 billion RMB / 878 trillion Indonesian Rupiah, effective for five years [12]

Group 1 - The People's Bank of China and Bank Indonesia have jointly launched a bilateral local currency settlement (LCT) framework and a cross-border QR code interoperability cooperation project, marking a significant advancement in payment cooperation between the two countries [1][2][3] - The LCT framework was officially activated, expanding the scope of local currency settlement to all items in the balance of payments, facilitating the use of local currencies in bilateral trade and investment [2][3] - The cross-border QR code interoperability project has commenced a two-way pilot operation, with full production expected by 2025, utilizing local currency settlement methods [1][2] Group 2 - In the first seven months of 2025, the local currency settlement scale under the LCT framework between Indonesia and China reached $6.23 billion, accounting for 45% of Indonesia's total local currency settlement with all trade partners [3] - The establishment of the bilateral local currency settlement framework and cross-border payment QR code interoperability is seen as a key outcome of financial cooperation between China and Indonesia, driven by deepening political trust and growing economic ties [3] - Both central banks have agreed to establish a joint working mechanism to enhance the institutionalization of bilateral cooperation and promote deeper financial collaboration [3]