Jakarta. Bank Indonesia or BI, Indonesia's central bank, has signed an agreement with the People's Bank of China (PBOC) to open a new representative office in Beijing to strengthen economic ties between the two countries.
The opening of the office "will deepen the cooperation between two central banks and further promote bilateral economic and trade ties," the PBOC said in a statement on Friday (12/01).
BI Governor Agus Martowardojo, in a separate statement, said the Beijing office would "foster understanding of economic and financial development and policies in China, and the implications for Indonesia."
China was Indonesia's biggest trade partner in 2017. In January-November, Beijing accounted for 14 percent of Indonesia's exports and supplied 27 percent of its imports.
BI and the Indonesian government have also encouraged Indonesian exporters and importers to use yuan for transactions to reduce their dependency on the US dollar.