JAKARTA -- Governor of People's Bank of China Yi Gang and his Indonesian counterpart Perry Warjiyo have agreed to establish cooperation on local currency settlement (LCS), according to the Indonesian central bank, Bank Indonesia.
The agreement was stated in a memorandum of understanding signed on Wednesday, Bank Indonesia (BI) said in an official statement here. BI further said that People's Bank of China and Bank Indonesia agreed to encourage the use of local currencies in the settlement of direct trade and investment. (Indonesia-China-Local currency settlement)
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