Jakarta, June 11 -- Bank Indonesia (BI) and the People's Bank of China (PBOC) have expanded financial cooperation to promote the use of local currencies in cross-border transactions and strengthen payment connectivity between Indonesia and China.

BI Governor Perry Warjiyo on Thursday said the initiatives would help expand local currency transactions, strengthen financial infrastructure, and deepen central bank collaboration, including through the establishment of an RMB Clearing Bank in Indonesia.

Meanwhile, PBOC Governor Pan Gongsheng added that China and Indonesia, as major economies and strategic partners in the region, have a shared responsibility to deepen bilateral economic and financial cooperation.

At a High Level Meeting in Sh...