Following the trend, Indonesia, one of the largest economies in Southeast Asia, joined the BRICS group’s decision to move away from the dollar and trade with its own currency, initiating the diversification of the use of currency in the form of LCT [trade in local currency].
According to the governor of the Bank of Indonesia, Perry Warjiyo, its direction is the same as that of the BRICS. In fact, Indonesia has taken more concrete decisions, since Jakarta has already implemented local currency trading with several countries, including Thailand, Malaysia, China, Japan and South Korea.
It is worth mentioning that in this framework, as an expression of Chinese interest in internationalizing its currency, in March the yuan became the most used financial instrument for carrying out cross‐border transactions in China, surpassing the dollar for the first time. The yuan experienced an increase of 26% from the previous month, according to a Reuters calculation based on data from China’s State Administration of Foreign Exchange.
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