Core Points - The People's Bank of China and Bank Indonesia officially launched the bilateral Local Currency Transaction (LCT) framework on September 11, expanding the scope of local currency settlement to all items of international balance of payments [1] - The two central banks also initiated a cross-border QR code interoperability project, expected to be fully operational by 2025, which will utilize local currency settlement [1] - The LCT framework was upgraded from a previous memorandum signed in May 2023, aimed at facilitating the use of local currencies in bilateral trade and investment [1] - From January to July 2025, the local currency settlement volume under the LCT framework reached $6.23 billion, accounting for 45% of Indonesia's total local currency settlement with all trade partners [1] Financial Cooperation - The establishment of the LCT framework and cross-border QR code interoperability is seen as a significant achievement in China-Indonesia financial cooperation [1] - The two central banks plan to deepen collaboration in areas such as payment system connectivity, local currency usage, financial market openness, and digital currencies [1][2] - A joint working mechanism will be established to enhance the institutionalization of bilateral cooperation and promote deeper financial collaboration [2]

Core Points - The China-Indonesia cross-border QR code interconnectivity project is expected to be fully operational by 2025, utilizing local currency settlement [1] - The People's Bank of China and Bank Indonesia have launched a bilateral local currency transaction (LCT) framework to enhance the use of local currencies in bilateral trade and investment [1][2] - The LCT framework was upgraded from a previous agreement established in 2020, expanding the scope of local currency settlement to all items in the balance of payments [1] - The initial pilot operation of the cross-border QR code interconnectivity project has commenced, marking significant progress in payment cooperation between the two countries [1] - In the first seven months of 2025, the local currency settlement scale between Indonesia and China reached 6.23 billion USD, accounting for 45% of Indonesia's total local currency settlement with all trade partners [2] - The initiative aims to enhance financial system connectivity and improve financial security and inclusiveness between the two nations [2]