A memorandum of understanding (MoU) has been signed between the People’s Bank of China, Bank Indonesia (BI), and the Hong Kong Monetary Authority (HKMA) to facilitate bilateral currency transactions. This collaboration establishes a framework for using the Indonesian Rupiah and the Chinese Yuan directly in transactions, bypassing the US dollar. The agreement aims to promote greater economic integration between Indonesia, China, and Hong Kong. It seeks to reduce reliance on third-party currencies and lower transaction costs for businesses. The initiative signifies a growing international role for the Rupiah, expanding its use beyond Indonesia’s borders. Further details regarding the implementation of this framework are expected to be announced in the coming months. This move reflects a broader trend of de-dollarization efforts in international trade.