“The Chinese government said Thursday that the yuan cross-border settlements with ASEAN had almost doubled, reaching almost $1.3 trillion in value, as Southeast Asia distances itself from the American dollar.”
“In recent years, China has been settling trade and investment transactions with several Southeast Asian countries, including Indonesia, in their respective local currencies. The use of Chinese yuan and rupiahs will make it easier for businesses as they no longer have to convert to dollars. According to Liu Jun, a counsellor at the Chinese Mission to ASEAN, the no-dollar trend had surged dramatically in the region.”
“A People’s Bank of China (PBOC) report wrote that around 2.4 trillion yuan settlements registered with ASEAN in 2024 had come from goods trade. Some 900 billion yuan were direct investments. Jakarta is in the lead with its local currency settlement that took effect in September 2021. The cumulative renminbi settlement with Indonesia hit 46.2 billion yuan.”
“As de-dollarization goes into full swing, the PBOC described the CNY/IDR as the ‘most actively traded currency pair’ in China’s regional foreign exchange market, notching a cumulative trading volume of 14.4 billion yuan. As of the end of 2024, the Chinese central bank had inked bilateral local currency settlement deals with its Indonesian, Vietnamese, Cambodian, and Laotian counterparts.”
https://jakartaglobe.id/business/no-more-dollar-chinaasean-crossborder-yuan-use-nears-13-trillion