Indonesia Wants to Use Yuan for Trades in Asean

Jakarta Globe, 2 August 2015

Jakarta. Indonesia is proposing the use of China's yuan for trade and investment purposes in Asean‎ countries in a bid to counter further impacts from the stronger US dollar against currencies in the region, a minister said on Tuesday.

The 10 members of the Asean region, including Indonesia, Myanmar, Malaysia, the Philippines, Singapore and Thailand, mostly use US dollars for international trade. But a strengthening greenback has made imports and servicing debt more expensive, pushing some to consider turning to the yuan.

"We want to push [the use of the yuan] when Indonesia trades with China in particular," Finance Minister Bambang Brodjonegoro said at the House of Representatives. "Bank Indonesia is preparing the mechanism so it will be attractive for traders."

Trade Minister Thomas Lembong also brought up the issue on Monday after a meeting with the president.

He said Indonesia should push harder for broader use of the Chinese currency in the region because Asean economies were "much more in tune" with China.

The rupiah traded at an average of 14,700 per US dollar on Monday morning, its weakest point since 1998, according to the counter price at state-owned Bank Rakyat Indonesia. It has lost about 13 percent of its value against the dollar this year.

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"The U in Kundalini"- Oct 18, 2012 (Kryon channeled by Lee Carroll) - (Subjects: Kundalini, Unification, EU, Nobel Peace Prize 2012, Middle East, South America, Only 5 Currencies on Earth, Old Souls, Duality will dismiss, 3D Humanity will melt with Multi dimensional higher self, Global Unity… etc.)