Banda Aceh, Aceh, Feb. 7 -- Bank Indonesia (BI) and the People's Bank of China (PBOC) have agreed to renew their bilateral currency swap arrangement (BCSA) for another five years.

The agreement was signed by BI Governor Perry Warjiyo and PBOC Governor Pan Gongsheng, and it has been made effective since January 31, 2025.

"The BCSA cooperation allows the two central banks to exchange local currencies up to 400 billion yuan (equivalent to USD55 billion) into equivalent rupiah value," Executive Director of BI's Communication Department, Ramdan Denny Prakoso, stated here on Friday.

Prakoso stated that both central banks are committed to promoting bilateral trade and direct investment in local currencies as well as aim to work together to ma...