mo4ch:>Ditching dollars: China seals currency swap deal with Indonesia | Mo4ch News

A bilateral currency swap agreement worth $28.81 billion has been clinched between China and Indonesia, China’s central bank announced on Monday.According to the People’s Bank of China (PBOC), the three-year deal is aimed at facilitating bilateral trade, boosting mutual investments, and maintaining financial market stability. It will reportedly allow the partners to swap a total of 200 billion yuan for 440 trillion Indonesian rupiah, and vice versa.The deal, signed at the annual meeting of leaders of Asia-Pacific Economic Cooperation (APEC), comes as an extension of the previously sealed agreement and doubles the amount of local currency exchanged between the central banks of the two countries.Read more “The agreement reflects the strengthening of the monetary cooperation between Bank Indonesia and the PBOC, while also showing the two central banks’ commitment to safeguard financial stability amid ongoing uncertainty in the global financial market,” Bank Indonesia Governor Perry Warjiy…