BI, People's Bank of China to Increase Trade

Nusa Dua, InfoPublik - Bank Indonesia (BI) and the People's Bank of China (PBoC) agreed to strengthen cooperation to increase trade volume between the two countries. Both central banks achieved the agreement on the sidelines of the International Monetary Fund -World Bank Group 2018 Annual Meetings at the Nusa Dua Beach Hotel, Saturday (13/10).

BI Deputy Governor Dody Budi Waluyo explained the meeting was held to strengthen the existing bilateral cooperation that has been carried out so far. "The meeting with the People's Bank of China (PBoC) aims to improve trade relations that have been running so far," Dody said after the press conference.

Dody added that the bilateral cooperation also discussed policies and capacity building that became the foundation of relations between the two countries. "The basis of our relation with our trading partners from China is to strengthen the policies and capacity building of the two countries," he added.

The meeting was attended by the governors of both central banks, namely Perry Warjiyo from BI and Yi Gang from the People's Bank of China. "The increased cooperation that is continually strengthened by Indonesia and China is expected to support the nation's economic resilience," said Dody.

Previously, BI and PBoC had collaborated in the establishment of BI's representative office in Beijing-China in early 2018. "This agreement is an important milestone in the bilateral relations of the two central banks that are in line with the increasing importance of China's role in the global and regional economy, including for Indonesia," Explained Dody.

The Bank Indonesia Representative Office in Beijing will further strengthen cooperation that has gone well between Bank Indonesia and the People's Bank of China. The Representative Office will also have an important role as the main contact and liaison with the People's Bank of China, other Chinese Government Agencies, and financial market players in China.

The Representative Office in Beijing is the fifth foreign representative office established by Bank Indonesia following Tokyo (Japan), Singapore, London (UK), and New York (United States).