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Compliance Corner: HKMA, Bank Indonesia, People's Bank of China
Editorial Staff
16 June 2026
recently reported that the Asian city has matched Switzerland in cross-border size and is set to overtake it. The move also highlights Indonesia’s own efforts to boost its financial clout. The Hong Kong and Indonesian authorities will also identify and appoint selected banks in Indonesia and Hong Kong as Appointed Cross Currency Dealers to participate in the framework. “The signing of this MoU marks an important step in deepening monetary and financial cooperation among the three authorities,” Eddie Yue, CEO of the HKMA, said. “Introducing the bilateral currency transaction framework for Hong Kong and Indonesia also marks a major breakthrough in promoting regional currency and renminbi use, and highlights Hong Kong’s value proposition as the offshore renminbi hub.”