Hong Kong, Indonesia move towards direct transactions in yuan, rupiah

The People’s Bank of China, Hong Kong Monetary Authority (HKMA) and Bank Indonesia signed an agreement on Thursday to create a framework for bilateral transactions between Indonesia and Hong Kong. The parties aimed to implement a currency transaction framework for the direct exchange and settlement of Indonesian rupiah and Chinese yuan in cross-border trade and investment activities among companies and institutions in Indonesia and Hong Kong, according to an HKMA statement. This initiative was..