On April 10th, Bank of China successfully held a currency settlement multilateral dialogue event in Jakarta with the theme of "Improving Currency Settlement Efficiency, Accelerating Multilateral Trade and Investment". More than 200 representatives from financial regulatory departments, Indonesian government agencies, business associations, financial institutions, and industrial and commercial enterprises from Indonesia, mainland China, Hong Kong, and Macau attended the conference, engaging in in-depth exchanges on topics such as deepening local currency settlement cooperation and promoting regional financial connectivity. Indonesian National Economic Council Chairman Luhut stated in his speech that the global economy is facing multiple challenges of increasing complexity, fragmentation, and uncertainty, and strengthening dialogue and cooperation is particularly important. Local currency settlement is not only about efficiency, but also about building economic resilience. Indonesia will continue to adhere to the development concept of balancing openness and resilience, strengthen financial security, and enhance its ability to serve the real economy through currency swaps, diversified financing, and regional financial cooperation. Li Hongwei, Commercial Counselor of the Chinese Embassy in Indonesia, stated that the financial institutions of the two countries have closely cooperated, built a multi-level financial service system, supported the construction of a large number of key cooperation projects, and ensured that the "live water" of finance flows accurately to various fields and links of economic and trade cooperation between the two countries. After upgrading the domestic currency settlement mechanism of China and Indonesia to a domestic currency trading mechanism, it has significantly reduced enterprise costs, improved the level of trade and investment facilitation, and accelerated the release of institutional dividends. Lin Zhenhui, Deputy Director of the Macro Prudential Management Bureau of the People's Bank of China, introduced that the cooperation between China and Indonesia in local currency settlement has a solid foundation, and the trading activity of RMB against Indonesian Rupiah continues to increase. China will continue to expand the scope of licensed cross currency market makers, deepen cooperation with the Indonesian central bank, and promote the improvement and expansion of local currency settlement. Yang Jun, Vice President of Bank of China, believes that Indonesia, as the largest economy in ASEAN, plays an important role in promoting regional cooperation and local currency settlement mechanisms. In 2021, Indonesia and China launched a local currency settlement mechanism, which will be upgraded to a local currency trading mechanism in 2025. The scope of local currency settlement has expanded from trade and investment to all areas of international balance of payments. At the roundtable forum, Bloomberg Asia Pacific President Li Bing, Indonesian Ministry of Finance Deputy Director Chandra Vibovo, Indonesian Ministry of Trade International Trade Policy Center Director Rifan Ardianto, and experts in Indonesian banking, asset management, and other fields discussed the application and important role of local currency settlement in different scenarios, focusing on opportunities for cross-border trade and financial market cooperation. (New Society)