VIRAL INDONESIAN RUPIAH 1 ( ONE ) DENOMINATIONS. IS IT A REVALUATION OR REDENOMINATION?

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20 Indonesians Ordered Tesla Cybertruck, Check The Price
Reporter: Tempo.co

 

 

Editor: Wawan Priyanto
Sunday, June 14, 2020 08:00 WIB
TEMPO.CO, Jakarta - During the launch of the Lamborghini Huracan EVO in Jakarta on Friday, June 12, 2020, President Director of Prestige Image Motorcars, Rudy Salim, said that there were already customers in Indonesia who ordered the Tesla Cybertruck. Not just one, but 20 units!

"In 2022, Indonesia will enter, there are many who are interested, about 20 people, there are," said Rudy at the time.

The Tesla Cybertruck was introduced on November 22, 2019. Its appearance had invited ridicule because it looked like a planetary car. However, Tesla CEO, Elon Musk, is confident that the Cybertruck will become a trend in the future. He claimed there were already 150 thousand orders when this model was introduced.

 

 

The Tesla Cybertruck is offered in three variants with the lowest price, US$ 39,000 (equivalent to Rp. 554.4 million, the current exchange rate is US$ 1 equivalent to Rp. 14,216), the middle model (midrange) US$ 49,000 (Rp. 696.6 million) and the highest model (triple motor range) US$ 69,000 (Rp 980.9 million).

For the lowest model, the battery has a range of 250 miles or 402.3 kilometers on a single charge. While the medium model can go 300 miles (482 kilometers) and the highest variant of the Tesla Cybertruck can be used to drive as far as 500 miles (804.6 kilometers).

 

link  :  https://otomotif.tempo.co/read/1353288/20-orang-indonesia-pesan-tesla-cybertruck-simak-harganya/full&view=ok

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This is a list of Tesla Electric Car Accidents, Fires and Lives
Reporter: Dicky Kurniawan

 

 

Editor: Jobpie Sugiharto
Monday, 5 July 2021 15:35 WIB

TEMPO.CO, Jakarta - Incidents of accidents on Tesla cars often occur in a number of countries in the world. The causes also vary, from the battery to the problematic autopilot system.

The United States Safety Agency noted that there have been 30 traffic accidents involving Tesla electric cars since 2016. Not only have they caused damage, but these accidents have even claimed the lives of the drivers.

Here is a list of accidents involving Tesla electric cars from various sources:

 

1. Tesla Accident in China
In April 2021, there was a fatal accident involving a Tesla Model S in Zengcheng District, China.

The car lost control while overtaking and caused an accident until the car caught fire. As a result, the Tesla driver died.

According to Zengcheng Police, Guangzhou, the accident was most likely caused by damage to the car battery.

 

2. Tesla Accident Kills Police
Tesla's deadly accident happened again in China in May 2021. Horrifyingly, this incident resulted in the death of the Tesla driver and a policeman.

Chinese authorities are investigating the case. Reportedly, this accident was caused by a faulty autopilot system.

 

3. Accident Kills Apple Engineer
An Apple engineer, Walter Huang, died in an accident while driving a Tesla Model X electric car. The incident occurred on a Los Angeles highway in March 2018.

The cause of this accident lies in the Tesla Model X autopilot system that is problematic. From the chronology, it is known that there is a bug in the driver assistance system that affects performance and makes the car turn on its own.

 

4. Tesla's Fatal Collision in Texas
A fatal collision involving a Tesla Model S occurred in Harris County, Texas in April 2021.

At that time, the Tesla, which was in autopilot mode, drove at high speed. But the car failed to pass the bend and hit a tree and caught fire.

This accident killed one passenger in the front passenger seat and the owner in the back seat. The cause again lies in a faulty driving assistance system.

 

5. Tesla Model S Plaid After 3 Days Purchased
The latest incident is the burning incident of a Tesla Model S Plaid electric car in Pennsylvania, United States.

Terrible, the car that had just been bought for three days caught fire while driving on the road.

The chronology of the incident begins with the car driving normally around Haverford Street, near the driver's house. But suddenly a fire appeared from the back of the car.

When it caught fire, the car continued to drive for approximately 12 meters until the car finally caught fire.

The driver was initially unable to get out of the car because the electronic door system failed. Finally the driver forced the door open and immediately got out of the car.

The cause of the Tesla Model S Plaid fire is not yet known. The National Highway Traffic Safety Administration (NHTSA) is seeking information from accident victims and Tesla to collect investigation data.

 

link  :  https://otomotif.tempo.co/read/1479967/ini-daftar-kecelakaan-mobil-listrik-tesla-kebakaran-hingga-nyawa-melayang/full&view=ok

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Thousands of US Troops Enter Indonesia, Indonesian Army: All Follow Strict Procedures
Rifki Arsilan
Mon, 26 July 2021 5.57 PM

 

 

VIVA – Thousands of United States military or soldiers (US Army) will enter Indonesia. Since last Saturday, July 24, as many as 330 first batches of US Army troops have started arriving to Palembang. The arrival of 330 United States troops to Indonesia is in order to take part in the 15th Garuda Shield exercise in 2021 with the Indonesian Army which will be held at several TNI Army combat training centers.

Head of the Army Information Service (Kadispenad) Brigadier General Tatang Subarna emphasized that the arrival of US troops to Indonesia was carried out with very strict Health Protocol (Prokes) and administrative procedures.

"In addition to the strict procedures from the COVID-19 Task Force, the applicable provisions are also applied to the American soldiers, such as inspections from the Customs and Immigration to ensure safe and orderly training," said Head of the Indonesian National Police, Brigadier General Tatang Subarna, Monday. 26 July 2021.

Furthermore, Kadispenad explained that the arrival of the 330 US troops was the arrival of the first wave of those that had been scheduled.

{{photo_id:1356621' caption='VIVA Military: US troops undergo SWAB examination according to procedures' description='US soldiers undergo SWAB examination according to procedures}}

The 15th Garuda Shield joint exercise this year, continued Kadispenad, will involve thousands of soldiers from the Army and US Army, namely 2,246 Army personnel and 2,282 United States Army personnel.

The Head of Dispenad emphasized that this year's Garuda Shield will be the largest exercise in the history of cooperation between the Indonesian Army and the US Army. In the joint exercise, several training materials will be presented, including, Staff Exercise, Field Training Exercise, Live Fire Exercise, Medical Exercise, and Aviation.

"The purpose of this joint exercise is to increase the cooperation and capability of Indonesian Army soldiers with the United States Army in carrying out operational tasks," he said.

For information, the Garuda Shield 2021 joint exercise will be held from August 1 to 14, 2021, and will be held in three combat training areas of Baturaja, Amborawang, and Makalisung.

 

link  :  https://id.yahoo.com/berita/ribuan-tentara-masuk-indonesia-tni-105730703.html

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Note Here! Indonesia, China, and Japan Compact 'Knock' the US Dollar
MARKET - Chandra Gian Asmara & Maikel Jefriando, CNBC Indonesia 23 July 2021 17:49

 

 

Jakarta, CNBC Indonesia - The business world can now have other options in using currency when transacting exports, imports and investments. In particular to the four main trading partners, namely Japan, Thailand, Malaysia and China.
This is indicated by the agreement between Bank Indonesia (BI) and the central banks of the four countries in the use of local currency or local currency settlement (LCS).

LCS is Indonesia's collaboration with a number of central banks of other countries, which aims to use local currency whenever bilateral trade and investment transactions take place.
Transactions in the LCS include the use of direct exchange rate quotes as well as interbank trading for the country's currency and rupiah. In addition, there is also information sharing and regular discussions between authorities.

So far, these transactions are using United States (US) dollars. This creates a high risk of uncertainty.

As in recent years, when Indonesia wanted to boost the economy, a surge in imports was inevitable. At the same time, Indonesia also needs a supply of US dollars to meet its debt repayment obligations.

When coupled with negative sentiment from global or domestic, the rupiah exchange rate is difficult to control alias weakening. Even though BI is still working hard to keep the rupiah stable according to its fundamentals.

The LCS agreement between Indonesia and Japan, Thailand and Malaysia has already been implemented. There are many entrepreneurs who take advantage of this. The latest is with China.
China is Indonesia's main trading partner. In 6 months of this year, non-oil exports to China reached US$ 21.2 billion and imports US$ 25.2 billion. Both countries have completed the technical mechanism for implementing the SCS.

"The technical appointment of banks has been completed, as well as the technical mechanism," said BI Governor Perry Warjiyo in a press conference to announce the results of the July Edition of the Board of Governors' Meeting (RDG).

In the near future, the business world will be able to take advantage of these facilities. So that the purpose of the LCS can be achieved.

"This LCS not only facilitates trade payments through the LCS, namely the yuan and rupiah, but we direct them to implement various money market deepening programs so that it is not only currency for transactions but how from this mechanism supports rupiah yuan foreign exchange transactions," he explained.

 

link  :  https://www.cnbcindonesia.com/market/20210723171019-17-263182/catat-nih-ri-china-hingga-jepang-kompak-depak-dolar-as

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Indonesian Entrepreneurs Who Have Donated Trillions of Rupiah
Trio Hamdani - detikFinance
Tuesday, 27 Jul 2021 11:40 WIB

 

 

Jakarta - The action of the family of the late businessman Akidi Tio in providing a grant of Rp 2 trillion ( =US$ 150 million ) has become a public spotlight. The trillions of funds were given to help deal with COVID-19. The assistance was received by the Head of the South Sumatra Police, Inspector General Eko Indra Heri.
The grant was handed over by Tio's family to the South Sumatran Police Chief Inspector General Eko for the COVID-19 response, especially to residents affected by PPKM.

"The fund was given by a family member I knew while still on duty in Aceh. And now he wants to help South Sumatran residents affected by COVID-19," said Inspector General Eko Indra, yesterday (26/7/2021).

Donations of trillions of rupiah are indeed not small aids. Well, apart from Akidi Tio's family, there are Indonesian businessmen who have also contributed trillions of rupiah. He is the national businessman Dato Sri Tahir.

One of the richest people in Indonesia often distributes his wealth even around the world.
His well-known contribution is US$ 75 million, equivalent to Rp 1.085 trillion when referring to today's exchange rate (Rp 14,474/US$) for The Global Fund in the fight against TB, HIV and Malaria in Indonesia. He is partnered with the Bill & Melinda Gates Foundation, the charitable foundation of one of the world's richest billionaires, Bill Gates.

"I am an Indonesian who signed the only Giving Pledge. I am committed that 50% of my wealth is donated to the community. The Giving Pledge is Bill Gates who is driving it," said Tahir at the d'Preneur event at Ice Palace, Lotte Shopping Avenue, Jakarta, Monday ( 22/5/2017) ago.

In the midst of this difficult situation due to the COVID-19 pandemic, of course it would be very helpful if wealthy entrepreneurs emerged who were willing to set aside a little of their wealth.

 

link  :  https://finance.detik.com/berita-ekonomi-bisnis/d-5658310/pengusaha-pengusaha-ri-yang-pernah-nyumbang-triliunan-rupiah?tag_from=news_mostpop

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Whip of Economic Recovery, BI Accelerates Payment System Digitization
Husen Miftahudin • 22 July 2021 18:24

 

 

Jakarta: Bank Indonesia (BI) is committed to continuing to accelerate the digitization of the payment system to accelerate the digital financial economy. This is done in order to support the recovery of the national economy.
 
"Economic transactions and digital finance grew high in line with increasing public acceptance and preference for online shopping, expansion and convenience of digital payment systems, as well as digital banking acceleration," said BI Governor Perry Warjiyo in an announcement of the results of the BI Monthly Board of Governors' Meeting (RDG) virtually. , Thursday, July 22, 2021.
 
The value of e-commerce transactions in the first and second quarters of 2021 increased by 63.36 percent (yoy) to Rp. 186.75 trillion, and is projected to increase by 48.4 percent (yoy) to reach Rp. 395 trillion for the whole of 2021.
The value of Electronic Money (EU) transactions in the first and second quarters of 2021 also increased by 41.01 percent (yoy) to reach Rp132.03 trillion, and is projected to grow 35.7 percent (yoy) to reach Rp278 trillion for the whole of 2021.
 
Similarly, the value of digital banking transactions in the first and second quarters of 2021 increased by 39.39 percent (yoy) to Rp17,901.76 trillion, and is projected to increase by 30.1 percent (yoy) to reach Rp35,600 trillion for the whole of 2021. .
 
"Bank Indonesia continues to accelerate the implementation of payment system policies in accordance with the 2025 BSPI (Indonesian Payment System Blueprint) in order to encourage the acceleration of inclusive and efficient economic and financial digitization," he stressed.
 
Perry revealed that the central bank's efforts to encourage the acceleration of inclusive and efficient economic and financial digitization include increasing transactions and expanding QR Code Indonesian Standard (QRIS) merchants, distributing government social assistance (bansos), and strengthening the payment system industry ecosystem.
 
"On the cash side, circulating currency (UYD) in June 2021 reached Rp832.4 trillion, an increase of 11.74 percent (yoy)," he explained.
 
He further stressed that Bank Indonesia will continue to ensure the availability of rupiah currency. "This is to meet the money needs of the people throughout the territory of the Republic of Indonesia while still paying attention to health protocols," he concluded.

 

link  :  https://www.medcom.id/ekonomi/makro/8ko4B95K-pecut-pemulihan-ekonomi-bi-percepat-digitalisasi-sistem-pembayaran?utm_source=dable

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Bank Of Indonesia Encourages Expansion of Payment System Digitization
Insi Nantika Jelita • June 30, 2021 19:46

 

 

Jakarta: Governor of Bank Indonesia (BI) Perry Warjiyo asked the Indonesian Payment System Association (ASPI), fintech and other payment system companies to accelerate the digitization of payment systems. This is aimed at boosting the national economy in the midst of the COVID-19 pandemic.
 
"In the short term, there are three initiatives that need to be prioritized. First, to achieve the target of 12 million standard Indonesian QR merchants, because most of them are MSMEs. Thus, supporting economic and financial inclusion in Indonesia's digital finance," Perry said in a virtual presentation from Mediaindonesia.com, Wednesday, June 30, 2021.
 
Second, continued Perry, in the near future BI will launch a standardization of open application programming interfaces. This is very important to strengthen the interlink service (API) of payment services from digital banking and fintech.
"We have received input from the industry. Even BI and ASPI have formulated the API standard together. We are in the process of finalizing it," he added.
 
Third, namely the success of regulatory reform in strengthening the payment system industry. His party will issue an end-to-end payment regulation for the integration of the financial economy ecosystem.
 
During the COVID-19 pandemic, the digital financial economy showed improvement. For example, electronic money transactions in May 2021 amounted to IDR 23.7 trillion, or grew 57.4 percent. Then in digital banking, transaction volume grew 56.5 percent to reach 601.2 million transactions, with the value of e-banking transactions amounting to IDR 3117.4 trillion.
 
In addition, standard Indonesian QR transactions also grew rapidly by 210.4 percent and the transaction value increased by 307.9 percent.
 
On the same occasion, President Director of LinkAja Haryati Lawidjaja said that in the last year the number of digital transactions using LinkAja reached Rp1.4 billion. The active users reached 71 million, up 43 percent.
 
"LinkAja has partnered with 1.1 million MSMEs, 750 traditional markets, 240 transportation mode services, facilitated 1.7 million pre-employment card recipients, is in 400 thousand national merchants and serves 7.5 thousand online marketplaces," said Haryati.

 

link  :  https://www.medcom.id/ekonomi/keuangan/GNG7LejN-bi-dorong-perluasan-digitalisasi-sistem-pembayaran?utm_source=dable

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Up 63%, E-commerce Transactions Reach IDR 186 Trillion in First Semester 
Between • July 25 2021 20:26

 

 

Jakarta: Governor of Bank Indonesia (BI) Perry Warjiyo revealed that e-commerce transactions grew by 63.4 percent to Rp. 186.7 trillion in the first semester of 2021.
 
"Many of these transactions are carried out by retail traders who are also MSMEs," Perry said in an online discussion in Jakarta, reported by Antara, Sunday, July 25, 2021.
 
Thus, he estimates that e-commerce transactions will increase by 48.4 percent throughout 2021 to IDR 395 trillion.
The high number of e-commerce transactions is a reflection that the digitization of MSMEs is very important, especially considering that the digital economy and finance in the midst of Covid-19 are growing very fast.
 
Currently, there are already eight million MSMEs connected on digital platforms, while for the whole year it is targeted to reach 12 million MSMEs.
 
"For next year, hopefully it can reach 20 million and we will continue to increase it so that many MSMEs enter the digital platform and are connected to e-commerce," said Perry.
 
In addition, he explained that the majority of e-commerce currently use electronic money in their payment transactions.
 
As for electronic money transactions in the first half of this year, it managed to grow 41 percent to reach Rp132 trillion, so that the whole year is estimated to reach Rp278 trillion.

 

link  :  https://www.medcom.id/ekonomi/bisnis/Gbmoq7oK-naik-63-transaksi-e-commerce-capai-rp186-triliun-di-semester-i?utm_source=dable

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Rp64 Million ( US$ 4,413 ) Sophisticated Car ( Made In China ) Landed in Indonesia
Yunisa Herawati
Mon, 26 July 2021 3.28 PM

 

 

VIVA – Tesla is currently touted as the most sophisticated car in the world, because it is equipped with a variety of electronic devices that are capable of doing many things.

In addition to being able to slide on the streets without the driver's control, this car made in the United States also uses emission-free electrical energy as its heart.

One of the models offered, namely the Tesla Model 3, is the cheapest, even though the price in Indonesia is still above IDR 1 billion due to additional import duties and other taxes.

However, last June, the Tesla Model 3 sales figures were far behind the electric car made in China, namely the Wuling Mini EV. The tiny vehicle sold 29 thousand units, while the Model 3 only sold 16 thousand units.

The Wuling factory in the Bamboo Curtain country is capable of producing 50,000 units of Wuling Mini EV per month. This model is offered with a starting price of 28,800 Yuan, or the equivalent of Rp. 64 million.

The Wuling Mini EV, which was presented for the first time in 2020, has dimensions of 2.9 meters long, 1.49 meters wide and 1.6 meters high. It weighs less than 700 kilograms empty, and can only be filled with two people.

This car is equipped with an electric motor that can produce 17.4 horsepower and 85 Newton meters of torque. There are two battery options, 9.2 kilo Watt hours with a distance of 120 kilometers and 13.8 kWh which stores electrical power for use as far as 170 km.

From VIVA Automotive's search on the @lukman avengers YouTube page, Monday, July 26 2021, several Wuling Mini EV units are seen already in Indonesia and are queuing up to be taken by truck.

The type is not only the standard, there is also the Macaron which is the most luxurious version. Unfortunately, all units are equipped with a steering wheel in the left position. Not yet known, whether the car is for sale or just on display.

 

link  :  https://id.yahoo.com/berita/mobil-canggih-rp64-jutaan-mendarat-082817300.html

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This is the difference between Crypto Currency and BI CBDC Digital Money, which will later be called Digital Rupiah, which is being formulated by BI, not the same as crypto currency. CBDC is digital money issued and controlled by the central bank, and used as legal tender to replace currency.
Maria Elena - Bisnis.com July 26, 2021 | 12:12 WIB

 

 

Bisnis.com, JAKARTA - Cryptocurrencies are increasingly popular in Indonesia and internationally. Bank Indonesia (BI) is also in the middle of formulating the creation of a Central Bank Digital Currency (CBDC) digital currency or what is called digital rupiah. Public accounting firm and consulting firm RSM Indonesia views cryptocurrencies as digital or virtual currencies that are secured by cryptography, which makes them nearly impossible to counterfeit or duplicate. RSM Indonesia Audit Managing Partner Dedy Sukrisnadi said digital currency is decentralized, it does not require a central bank and banks in transactions because transactions take place peer-to-peer from sender to recipient.
Some examples of cryptocurrencies include Bitcoin, Litecoin, Peercoin, and Namecoin, as well as Ethereum, Cardano, XRP, and EOS. Cryptocurrencies are not legal tender in many countries, including Indonesia.
According to Dedy, the CBDC, which will later be called digital rupiah, which is being formulated by BI is not the same as crypto currency. "CBDC is digital money that is issued and its circulation is controlled by the central bank, and is used as a legal tender to replace currency," he said in an official statement, Monday (26/7/2021).
He explained, there are three CBDC models. First, indirect CBDC, in which claims are made to intermediaries or commercial banks, while the central bank only makes payments to commercial banks.
Second, direct CBDC, ie invoices are made directly to the central bank. And third, namely hybrid CBDC, the bill is made to the central bank, but the commercial bank makes the payment. Dedy said that cryptocurrencies have detrimental risks that need to be monitored closely. For example, the popular use of cryptocurrencies risks monetary stability if people use them as private digital currency. Another risk, there is the risk of an underground economy if the holder / owner of crypto currency does not record it as an asset he owns. "The increase in wealth from the increase in the value of cryptocurrencies that are not recorded in the financial statements will in turn have an impact on their small tax obligations," explained Dedy. Cryptocurrencies have several characters, among which their distribution is recorded using cryptography as collateral, is not issued by the competent authority, and there is no agreement or contract between the holder and other parties. Based on these characteristics, cryptocurrencies are not financial instruments because they do not meet the criteria as financial assets. However, cryptocurrencies meet the definition of intangible assets, i.e. they are identifiable non-monetary assets without physical form. Cryptocurrencies can also be separated from their owners and can be traded or transferred individually. The market price of cryptocurrencies is based on supply and demand, and cryptocurrencies are exchangeable for other currencies, so their market prices are highly volatile. Meanwhile, digital rupiah is digital money that is issued and its circulation is controlled by the central bank (BI), and is used as a legal means of payment to replace currency, which is the central bank's obligation to its holders. “With these characteristics, digital rupiah meets the definition as a financial instrument. So that Digital Rupiah can be recorded as cash,” said Dedy.

 

link  :  https://finansial.bisnis.com/read/20210726/11/1421781/ini-bedanya-mata-uang-kripto-dan-uang-digital-bi

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The Netherlands is among the top five major investors in Indonesia
Faisal Yunianto
Tue, 27 July 2021 2.59 PM

 

 

The Netherlands is included in the top five investors who have invested the most in Indonesia during the first semester of 2021.

According to Bahlil, the inclusion of the Netherlands in the top five shifts the dominance of Asian countries which usually dominate investment in Indonesia.

"Singapore is still number one, followed by Hong Kong, China, the Netherlands in the top four and then Korea. This patent is for this time, so there is no longer just Asian-Asian domination," he said in an online presentation on investment realization in Jakarta, Tuesday.

Based on the records of the Ministry of Investment/BKPM, during the January-June 2021 period, Singapore was ranked first as the country that realized the most investments of US$4.7 billion.

In second place is Hong Kong with investment reaching US$2.3 billion, then China at US$1.7 billion, the Netherlands at US$1.3 billion and South Korea at US$1.1 billion.

Meanwhile, based on data for the second quarter of 2021, Singapore is in first place with realized investment of US$2.1 billion, Hong Kong US$1.4 billion, the Netherlands US$1.1 billion, Japan US$700 million and China 600 million US dollars.

"In the first quarter yesterday, Switzerland was in the top five. Then in the second quarter, the Netherlands was in the top three. This means that this is a positive message for international confidence, especially Europe, in Indonesia," said Bahlil.

Just like Singapore, the Netherlands became a European investment hub after Britain left the European Union (Brexit).

The Ministry of Investment/BKPM noted that until the first semester of 2021, the realization of investment reached Rp442.8 trillion, or 49.2 percent of the target set by President Jokowi of Rp900 trillion.

The investment realization consists of the realization of PMA of Rp.228.5 trillion (51.6 percent) and the realization of PMDN of Rp.214.3 trillion (48.4 percent).

 

link  :  https://id.yahoo.com/berita/belanda-masuk-jajaran-lima-besar-075907071.html

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Donald Trump and Hary Tanoe Cooperation Projects in Indonesia
Liputan6.comLiputan6.com
13 Aug 2019, 09:31 WIB

 

 

Liputan6.com, Jakarta - Donald John Trump Jr, who is the eldest son of United States (US) President Donald Trump, visited Indonesia this Tuesday. It's not a political matter, this lord is to discuss business with MNC Group owner Hary Tanoesoedibjo.

Donald John Trump Jr. and Hary Tanoesoedibjo will discuss a number of large projects spread across several regions of Indonesia.

Following are the major projects of Hary Tanoe and Donald Trump in Indonesia. In fact, the project is worth up to IDR 7.05 trillion (=US 483 million).

 

Hotel and Resort Project in Lido

Last September 2015, MNC Group collaborated with Trump Hotel Collection to develop the Lido area, Bogor, West Java. There will be built amusement parks like Disneyland and Universal Studios.

The Trump Hotel Collection company is indeed trusted to manage a project called MNC Lido City. This project is built on an area of 3,000 hectares and requires funds of around Rp. 7.05 trillion (=US 483 million)

"But that (the company owned by Donald Trump is only specifically for the Trump cluster. Others are like the Theme Park we manage. Trump is a golf course, exclusive villas and six-star hotels," said Hary Tanoe.

 

6 Star Hotels in Bali
Trump Hotel Collection together with MNC Group also plans to develop a six-star luxury resort and residential area in Tanah Lot, Bali. The development of this tourist area is the first for a Trump-owned company in Asia.

Trump Hotel Collection is currently one of the most aggressive hospitality companies in the world. The Trump Hotel Collection has at least 14 luxury hotels in strategic locations around the world.

The Trump company was trusted by MNC Group to manage MNC Bali Resort. There will be a Trump International Bali Hotel consisting of 150 rooms. Then there is Trump Residences Bali, which plans to build 224 luxury condominium units and 144 luxury villas.

 

 

The inauguration was attended by Donald Trump's Eldest Son

 

The Pre Launching of MNC Lido City and MNC Bali Resort will be held soon. The launch will even be attended by Donald Trump's eldest son, Donald Trump Jr.

The plan is that he will come on August 13, 2019. "Yes, the eldest son of President Trump, Donald Trump Jr. will come to Indonesia in August 2019," said Hary Tanoe.

 

link  :  https://www.liputan6.com/bisnis/read/4036277/deretan-proyek-kerja-sama-donald-trump-dan-hary-tanoe-di-indonesia

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The figure of Donald Trump Jr who was sent to Indonesia in collaboration with Hary Tanoe
Wednesday, 14 August 2019 06:20
Reporter : Fellyanda Suci Agiesta

 

Merdeka.com - The eldest son of United States President Donald Trump, Donald Trump Jr., was trusted by his father to do business with MNC Group owner Hary Tanoesoedibjo. The two are currently working together in the property sector. Trump Hotel Collection is collaborating with MNC Lido City and MNC Bali Resort to undertake a tourism park and hotel development project in Lido and Bali.

 

Trump Jr. turned out to have a business background to be reckoned with. The following is the profile of Donald Trump Jr, Donald Trump's eldest son who is trusted to manage The Trump Organization:
Have a Bachelor's Degree in Property

 

Donald Trump Jr. holds a Bachelor's degree in Finance and Real Estate from the Wharton School of Finance at the University of Pennsylvania. Trump Jr. also studied psychology at Marymount Manhattan College.

With a lot of knowledge and experience in the fields of economics and property, Trump Jr. was trusted by his father to manage The Trump Organization with his younger siblings, Ivanka Trump and Eric Trump.

 

Executive Vice President at The Trump Organization
Donald Trump Jr. is trusted as Executive Vice President at his father's company, The Trump Organization. The company develops residential properties, hotels, resorts, residential towers and golf courses in various countries.

In 2003, Trump Jr. began overseeing some of the construction of the Trump International Hotel & Tower, Chicago. The hotel is set on 2.6 million square feet of land along the Chicago River.

 

Pioneers to Grow the Trump Company
Trump Jr. spearheaded efforts to develop the Trump Organization by introducing four outstanding properties, namely Trump Towers Pune, Trump Tower Mumbai, Trump Tower Kolkata and Trump Towers Delhi NCR in India.

In addition, Trump Jr. played an important role in the development of the Vancouver hotel, which houses the Trump International Hotel and Tower. This hotel is a world class luxury hotel with residential properties in downtown Vancouver.
Smart Speaker

 

Not only smart in the property sector, Trump Jr. is also good at speaking. Trump Jr has given keynote speeches internationally, particularly in Dubai and India.

He also appeared as an advisor on the NBC show "The Apprentice" and the judges' "The Celebrity Apprentice" on several episodes of the television show The Apprentice from season 5 of 2006 through its final season.

 

link  : https://www.merdeka.com/uang/sosok-donald-trump-jr-yang-diutus-ke-indonesia-kerjasama-dengan-hary-tanoe.html?page=2

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Collaborating with Hary Tanoe, Donald Trump to build a luxury hotel in Bali
Wednesday, 26 August 2015 22:50
Reporter : Pandasurya Wijaya

 

Merdeka.com - United States presidential candidate Donald Trump has established a business partnership with MNC Group boss Hary Tanoesoedibjo to build a luxury hotel in Bali in 2016.

The cooperation agreement with the Trump Hotel Collection was made in New York City last week. However, both Trump and Hary Tanoe refused to mention the value of the business, as reported by the website bluoinartindo.com, earlier this week.

The development of this luxury hotel in Bali will be the 13th luxury property created by the Trump Hotel Collection worldwide.

"Our guests are eager to see more Trump Hotels in tourist destinations around the world. In addition, from a business perspective, Bali is a strong market, especially for the luxury segment," said a spokesman for the Trump Hotel collection.

Besides Bali, next year Trump Hotel will also build four luxury hotels in Washington D.C, Rio de Janeiro, Vancouver, and Baku.

"The success of the Trump family's globally recognized business will further increase the luxury of Bali," said Hary Tanoe at a press conference at the cooperation event. [pan]

 

link  :  https://www.merdeka.com/dunia/gandeng-hary-tanoe-donald-trump-bangun-hotel-mewah-di-bali.html

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It turns out that Hary Tanoe was right to buy Donald Trump's house!
MARKET - Monica Wareza, CNBC Indonesia 18 June 2019 08:06

 

 

Jakarta, CNBC Indonesia - The purchase of property belonging to the President of the United States (US) Donald Trump was actually carried out by media conglomerate Hary Tanoesoedibjo. The property in question is a mansion in Beverly Hills, California, Los Angeles, USA.

Special Assistant for Hary Tanoe, Veranika Gunawan, said that this purchase had indeed been made but not through MNC Group but through Hary Tanoe's private company, Hillcrest Asia Limited.
"We convey that it is true that Hary Tanoesoedibjo has bought US President Donald Trump's house in Beverly Hills through his private company, Hillcrest Asia Limited," Veronika told CNBC Indonesia, Tuesday (18/6/2019).
According to a report submitted by The Washington Post newspaper, a deed registered in L.A. County on May 31 saw Trump's eldest son, Donald Trump Jr., sign a transaction on the property to Hillcrest Asia Ltd., a company registered in the British Virgin Islands.

 

"The buyer's address listed in the deed is a Beverly Hills condominium owned by a company owned by Hary Tanoesoedibjo, a media conglomerate who also ran for vice president of Indonesia in 2014," wrote The Washington Post report, Thursday (13/6/2019).

The transaction value reached US$ 13.5 million, equivalent to Rp. 193.32 billion, assuming an exchange rate of Rp. 14,320/US$. This value is equivalent to almost twice the purchase price in 2007 which amounted to US$ 7 million.

 

link  :  https://www.cnbcindonesia.com/market/20190618080034-17-78917/ternyata-hary-tanoe-benar-beli-rumah-donald-trump

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Purchased by Hary Tanoe for Rp. 193 billion, is the former Donald Trump's house expensive?
NEWS - Wangi Sinintya, CNBC Indonesia 18 June 2019 20:37

 

 

Jakarta, CNBC Indonesia- The Real Deal broke the news on Wednesday that President Trump sold his Beverly Hills house for US$13.5 million to an entity called Hillcrest Asia Ltd.

The next day, the Washington Post reported that Hillcrest had ties to Indonesian billionaire Hary Tanoesoedibjo and suggested that the house might be selling for a high price.

The reported price of US$13.5 million is right in the range of what was predicted for the house. In February, Forbes valued the property at US$13 million as part of its twice-annual look at Donald Trump's wealth measure.
That estimate, just 4% of the reported sale price, is based on conversations with five local real estate brokers, who predict the property could be worth between US$11 million to US$15 million.

Even the broker offering the lowest estimate, Joe Babajian of Rodeo Realty, said US$13.5 million was not an exaggeration of money, "It's definitely within reach."

On Friday, Forbes interviewed a sixth broker, Sisatar Partners of Coldwell Banker. He said one of his colleagues tried to sell Trump's house a few months ago.

"He can't sell it, or he doesn't have a good enough way of selling it."

Even so, Sisatar said, US$13.5 million was within the range one might expect for the property.

So despite all the hype, the recent sale isn't necessarily an example of Trump getting richer from his presidency

Yes, Trump bought the place for US$7 million in 2007. And yes Los Angeles County values it for US$8.4 million today. But the market has changed over the past 12 years, and the true value of properties in Los Angeles County often deviates from what they are valued at.

If President Trump paid taxes on his originally US$6.5 million profit, his latest transaction could actually knock down his net worth estimate rather than increase it.

 

link  :  https://www.cnbcindonesia.com/news/20190618203018-4-79186/dibeli-hary-tanoe-rp-193-m-mahalkah-rumah-eks-donald-trump

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The Luxury of Trump's House Purchased by HT Rp 193 M
Danang Sugianto - detikFinance
Tuesday, 18 Jun 2019 14:27 WIB

 

 

Jakarta - MNC Group owner Hary Tanoesoedibjo has bought a mansion or luxury house belonging to the President of the United States (US) Donald Trump. The house was purchased at a price of US $ 13.5 million or equivalent to Rp. 193 billion (exchange rate of Rp. 14,300).

The house, located in Beverly Hills, Los Angeles, California, was secretly sold by one of Trump's companies. It was suddenly reported that the person who bought the house was Hary Tanoe.

Launching the LA Times, Tuesday (6/18/2019), the mansion has a Tudor style. Tudor itself is a style of home architecture from England.
Tudor style houses appeared from the Middle Ages around 1485 to 1603. The architectural style is dominated by wooden beam buildings and has a high chimney.

Trump's own home was built in 1927. The house has two floors and is opposite the Beverly Hills Hotel and Will Rogers Memorial Park on North Canon Drive.

The house has five bedrooms and six bathrooms with a building area of 5,395 square feet. While the land area reaches 0.67 hectares and is equipped with a grassy yard to a swimming pool in the back.
The house was previously a dark gray but was later painted orange during Trump's tenure.

Trump bought the property for $7 million in 2007. According to L.A. County, the property last year's value reached US $ 8.3 million.

 

link  :  https://finance.detik.com/properti/d-4590553/mewahnya-rumah-trump-yang-dibeli-ht-rp-193-m

[southbeach]

3 Bucks:  Thank you for great articles, and please continue.  Come Rupiah!

[3 bucks new rv rate]

Rupiah appreciates as Fed delays tapering

 7th September 2021

 

Rupiah is likely to strengthen to the US dollar on grounds of its previous strengthening.

Jakarta (ANTARA) - The rupiah exchange rate to the US dollar transacted at the Jakarta interbank market on Tuesday morning opened positive as the US central bank, Federal Reserve (Fed), delayed tapering.

The Indonesian currency opened eight points higher, or 0.05 percent, to Rp14,215 per US dollar as compared to Rp14,223 per US dollar during the closing of the previous trade.

“The rupiah is likely to strengthen against the US dollar on grounds of its previous strengthening,” Money market analyst Ariston Tjendra told Antara here on Tuesday.

The sentiment on delayed tapering due to unexpected US employment data continues to trigger the US dollar to weaken, according to Tjendra.

“In addition, the COVID-19 condition and the economic activity easing in Indonesia have also driven to appreciate the rupiah exchange rate,” he highlighted.

The daily COVID-19 case count in the country as of Monday (September 6) reached 4,413 cases that added to the 4.13 million total confirmed COVID-19 positive cases.

Meanwhile, the death toll due to COVID-19 reached 612, thereby totalling 136,473. On the other hand, the number of recoveries rose by 13,049, adding to 3.85 million of the total recovered patients. Thus, the total count of active COVID-19 cases reached 146,271.

With regard to vaccination, the number of residents receiving the first dose of vaccine reached 67.16 million, while those administered the second dose reached 38.47 million of the targeted 208 million residents.

Tjendra noted that the rupiah today potentially strengthened, from Rp14,180 to Rp14,200 per US dollar, with its potential resistance at Rp14,260 per US dollar.

On Monday, September 9, 2021, the rupiah closed 40 points higher, or 0.28 percent, to reach Rp14,223 per US dollar as compared to Rp14,263 per US dollar during the previous trade’s closure.

 

link  :  https://en.antaranews.com/news/187886/rupiah-appreciates-as-fed-delays-tapering

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Digital rupiah to improve economic efficiency: BI

 20th August 2021

 

We will circulate the digital rupiah through digital blockchain technology and distributed ledger technology (DLT) so it will really be efficient.

Jakarta (ANTARA) - Bank Indonesia (BI) Governor Perry Warjiyo has said he is optimistic the Central Bank Digital Currency (CBDC), or digital rupiah, will be able to increase national economic efficiency.

"We will circulate the digital rupiah through digital blockchain technology and distributed ledger technology (DLT) so it will really be efficient," Warjiyo said while announcing the outcome of the monthly meeting of the central bank’s board of governors in Jakarta on Thursday.

Banks connected to the DLT system, in the context of digital rupiah wholesale, will also feel the efficiency while making transactions in the money market since they will not incur transaction fees, he added.

The digital rupiah will also make retail trade efficient since it can lower transaction costs, Warjiyo said.

Transactions in retail trade will also be conducted very fast thanks to BI Fast, Standard National Open API1 Payment (SNAP), and Quick Response Code Indonesian Standard (QRIS) systems, he informed.

“These all will increase efficiency and the economic ecosystem,” he said, adding he believed the digital rupiah would bring much benefit, which will eventually spur economic growth in future.

However, it is undeniable that the use of digital rupiah will have risks related to technology and cyber security, he noted.

“Several risks will emerge so we will consider its development,” he remarked.
 

link  :  https://en.antaranews.com/news/184794/digital-rupiah-to-improve-economic-efficiency-bi

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BI, Japanese finance ministry strengthen local currency cooperation

 5th August 2021

Documentation - Bank Indonesia Governor Perry Warjiyo (right) and Japanese Finance Minister Taro Aso in Tokyo, Thursday (5/12) agreed on a framework for cooperation in encouraging the use of local currency rupiah and yen to settle bilateral trade and direct investment (local currency)

 

 

The strengthening is meant to provide an easing of rules for foreign exchange transactions in the framework of settling bilateral transactions between the two countries with the rupiah-yen

Jakarta (ANTARA) - Bank Indonesia and Japan’s Ministry of Finance (JMOF) have agreed to strengthen the framework for local currency settlement (LCS) transactions between the two countries in rupiah-yen which has been implemented since August 31, 2020. "The strengthening is meant to provide an easing of rules for foreign exchange transactions in the framework of settling bilateral transactions between the two countries with the rupiah-yen," quoted an official statement from Bank Indonesia on Thursday.

The strengthening includes the expansion of hedging instruments, implementation of hedging based on trade and investment projections, increased flexibility in transfers for IDR accounts in Japan, and the increased threshold value for transactions without underlying documents up to US$500,000 per transaction.

The strengthening of the cooperation framework, which will take effect on August 5, 2021, is part of ongoing efforts to encourage trade and investment as well as strengthen macroeconomic stability by encouraging wider use of local currencies for trade settlements and direct investment between Indonesia and Japan.

It is also in line with the Memorandum of Understanding signed by BI and the JMOF on December 5, 2019.

The strategy for strengthening the LCS framework is part of the joint efforts of BI and the JMOF in encouraging the wider use of local currency for businesses and individuals to facilitate and increase trade, direct investment, and other transaction activities such as remittances between Indonesia and Japan.  

 

link  :  https://en.antaranews.com/news/182434/bi-japanese-finance-ministry-strengthen-local-currency-cooperation

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BI, 3 ASEAN central banks cooperate over local currency transactions

 5th April 2019

Bank Indonesia, Bank Negara Malaysia, Bangko Sentral ng Pilipinas, and Bank of Thailand signed three bilateral Letters of Intent (LOIs) on the local currency settlement framework in Bangkok, Thailand, on Friday, April 5, 2019.

 

Jakarta (ANTARA) - Bank Indonesia, Bank Negara Malaysia, Bangko Sentral ng Pilipinas, and Bank of Thailand signed three bilateral Letters of Intent (LOIs) on the local currency settlement framework on Friday.

The first LOI was between Benjamin E. Diokno, Governor of Bangko Sentral ng Pilipinas, and Perry Warjiyo, Governor of Bank Indonesia; the second one was between Benjamin E. Diokno, Governor of Bangko Sentral ng Pilipinas, and Nor Shamsiah Yunus, Governor of Bank Negara Malaysia; and the third LOI was between Benjamin E. Diokno, Governor of Bangko Sentral ng Pilipinas, and Veerathai Santiprabhob, Governor of the Bank of Thailand.

The three LOIs represent mutual interests with regard to the potential establishment of local currency settlement frameworks between the respective countries of the four central banks, Executive Director of BI Communication Department Onny Widjanarko said in a statement here on Friday.

Bank Indonesia and Bank of Thailand have agreed to start exploring the possibility of expanding the scope of their existing local currency settlement framework, Widjanarko remarked.

He said that the use of local currencies in the settlement of trade and other areas reduces transaction costs and foreign exchange risks, particularly amidst the current volatility faced by currencies.

Moreover, Widjanarko noted that the wider use of local currencies in the ASEAN Economic Community enhances economic and financial integration, and spurs further development of the foreign exchange and financial markets within the region.

The progress toward greater financial integration in the region is a welcome development as we witness the expansion of similar arrangements that were launched in 2017, namely, the Memoranda of Understanding (MoUs) concluded between Bank Indonesia and Bank Negara Malaysia, and between Bank Indonesia and the Bank of Thailand.

 

link  :  https://en.antaranews.com/news/123127/bi-3-asean-central-banks-cooperate-over-local-currency-transactions

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Deal to spur Indonesia trade: Currency arrangement with China that simplifies transactions welcomed

By PRIME SARMIENTO in Hong Kong | chinadaily.com.cn | Updated: 2021-09-09 15:14

An arrangement between the central banks of China and Indonesia on currency settlement is expected to spur more trade between the countries by smoothing foreign exchange transactions.

The agreement on local currency settlement, or LCS, came into effect on Monday.

The People's Bank of China and Bank Indonesia launched the bilateral local currency clearing mechanism based on the LCS framework. Under this scheme, dealers are allowed to use direct exchange-rate quotes in China-Indonesia trade and investments.

Also on Monday, the Bank of China and its Jakarta branch completed the first foreign exchange transactions between the renminbi and the rupiah based on direct quotes. The Bank of China is among the appointed cross-currency dealers for renminbi-rupiah transactions.

Nicholas Antonio Mapa, a senior economist at Dutch investment bank ING, said that the initiative was carried out to facilitate trade between the two countries.

The LCS agreement comes into force at a time when China and Indonesia are strengthening their economic ties.

China is one of Indonesia's biggest investment and trading partners. In 2020, bilateral trade between China and Indonesia reached $78.4 billion, according to China's Ministry of Commerce.

Huge demand

Zhang Chaoyang, country manager of the Bank of China (Hong Kong)'s Jakarta branch, said he expects that, in the long term, there will be huge demand for the bilateral currency clearing mechanism based on the local currency settlement framework.

"The bilateral economic and trade relations between China and Indonesia have been quite good over the past few years," Zhang said.

Zhang said the inclusion of the renminbi, the most important currency in the region, to the LCS framework will help promote the development of the regional financial industry because it not only enriches the regional LCS framework but can enhance connections between banks in China and Indonesia.

"The new mechanism will also allow companies from both countries to form business exchanges in a more convenient way, with reduced cost," Zhang said.

Before the implementation of the LCS, companies had to rely on the US dollar for trade and investment transactions.

The Indonesian embassy in Beijing said Indonesia's exports to China reached $37.4 billion in 2020, an increase of 10.1 percent compared with 2019.

Indonesian Ambassador to China Djauhari Oratmangun said earlier that business relations between Indonesia and China remained positive even during the COVID-19 pandemic, with Chinese investment in Indonesia reaching $4.8 billion in 2020.

A senior executive in an Indonesian bank said a growing number of the bank's clients are using the renminbi either for trade or travel to China. Likewise, Chinese traders are entering Indonesia for its large market; the nation is home to over 270 million people and is the world's fourth-most populous country.

Mapa cited the two countries' trade partnership and how this can also help further develop the China-proposed Belt and Road Initiative.

"Indonesia is a major supplier of commodities that China will likely need in volume for its Belt and Road infrastructure projects," he said.

Chinese and Indonesian central banks signed the LCS agreement in 2020, with the aim of promoting the local currencies in bilateral trade and investment transactions.

The cooperation between the People's Bank of China and Bank Indonesia extends the latter's LCS cooperation framework with other central banks in Asia, including the Bank of Thailand, as well as Japan's Ministry of Finance.

The Chinese central bank has linked up with the China Foreign Exchange Trade System to launch a regional foreign exchange platform in East China's Zhejiang province.

Wee Ee Cheong, deputy chairman and chief executive officer of the Singapore-based United Overseas Bank (China), said the agreement will benefit its clients in China and across Southeast Asia.

 

link  :  http://global.chinadaily.com.cn/a/202109/09/WS6139b464a310efa1bd66e6b8.html

[3 bucks new rv rate]

China, Indonesia promote local currency settlements

By CHEN JIA | China Daily | Updated: 2021-09-09 07:41

http://img2.chinadaily.com.cn/images/202109/09/61394a15a310efa1e3bb72ae.jpeg

 

The People's Bank of China, the central bank, has forged a cooperation framework with Bank Indonesia, its Indonesian counterpart, for use of local currencies in bilateral trade and investment settlements.

The framework, a follow-up to the agreement signed on Sept 30,2020, marks "a key milestone" in strengthening monetary and financial cooperation between the two central banks, the PBOC said on its website.

"It is conducive to promoting the direct quotation between the Indonesian rupiah and the Chinese yuan, expanding the use of local currencies in bilateral trade, as well as facilitating trade and investment of the two countries."

The PBOC also said eight commercial banks and branches in China and 12 commercial banks and branches in Indonesia have been selected as the Appointed Cross Currency Dealers, or ACCDs, to undertake the transactions in the two currencies-the Indonesian rupiah and the Chinese yuan-under the new framework.

Bank Indonesia said the framework includes "the relaxation of relevant rules and regulations" to enhance the usage of local currencies.

This, observers said, will mark a further step toward the internationalization of the Chinese yuan, which will promote trade and direct investment in the region.

Analysts said the initiative for bilateral local currency settlement will enhance the stability of the Indonesian rupiah and the Chinese yuan by reducing dependence on other foreign currencies.

In 2018, the two central banks extended the bilateral local currency swap agreement for the promotion of trade and investment, as well as to sustain stability of domestic financial markets.

That agreement, which swapped 200 billion yuan ($30.94 billion) with 440 trillion rupiah, will expire by November, and monetary authorities of the two countries can continually extend the agreement if they achieve a consensus, according to a notice from the PBOC.

The RMB internationalization is now regarded as a process that has entered a new phase. Regions such as Southeast Asia and economies participating in the Belt and Road Initiative could be the key to expanding the use of RMB through cross-border trade and investment, said Fu Chenggang, chief economist of the International Financial Center Federation.

Bilateral trade, investment, logistics, transportation and personnel exchanges between China and many Southeast Asian countries have been promoted in recent years, which also helped increase the use of RMB. In addition, channels including currency swaps, RMB-denominated investments and loan funds have been expanded, which are innovative measures to facilitate the RMB internationalization, Fu said.

A flagship report from Invesco indicated that global central banks are increasing RMB-denominated foreign reserves while reducing the share of US dollar-denominated assets, as the US debt level has been increasing rapidly amid the COVID-19 pandemic.

The Chinese yuan has been a key beneficiary of this process and is widely seen as likely to eventually take a place within central bank portfolios, which will better reflect China's importance as an economy and as a trading partner, said the Invesco report published on Tuesday.

 

link  :  http://www.chinadaily.com.cn/a/202109/09/WS61394a15a310efa1bd66e407.html

[3 bucks new rv rate]

UOB appointed as cross currency dealer for yuan and rupiah in China and Indonesia

 

 

Atiqah Mokhtar

Mon, 6 September 2021, 1:53 am

 

UOB China and UOB Indonesia have been designated as Appointed Cross-Currency Dealers (ACCDs).

UOB China and UOB Indonesia, wholly-owned subsidiaries of United Overseas Bank (UOB), are now Appointed Cross-Currency Dealers (ACCDs) for Chinese Yuan and Indonesia Rupiah (CNY/IDR).

This makes UOB the first Singapore bank to hold the CNY/IDR ACCD status in both markets. UOB China is also the only Singapore-headquartered bank approved by the People’s Bank of China (PBC) to be a CNY/IDR direct market maker.

 

ACCDs aim to promote the settlement of international good and services trade and direct investments in the local currencies of China and Indonesia. They form part of the local currency settlement (LCS) framework between PBC and the Bank Indonesia (BI) to facilitate greater bilateral trade and investment flows between the two countries.

With the ACCD licences, UOB China and UOB Indonesia can open onshore IDR and CNY accounts respectively and offer cross-currency exchange, financing, swaps and forwards in this currency pair for UOB’s corporate and institutional clients in the two markets.

The CNY/ IDR solutions will enable UOB clients in Indonesia and China to have direct access to onshore CNY/IDR foreign exchange rates and liquidity for hedging their trade transactions and investments.

“Through our established network across ASEAN and China, UOB has been creating progressive solutions to support our clients’ growth, connecting businesses across the region. We see their increasing need for effective cross-border solutions, from financing and cash management to foreign exchange. By facilitating our clients’ use of local currencies for their regional operations, we will also help to drive greater trade and investment flows along the ChinaASEAN corridors while contributing to intra-regional financial integration and cooperation,” says Wee Ee Cheong, deputy chairman and CEO of UOB.

 

In 2020, bilateral trade between China and Indonesia reached US$78.4 billion ($105.1 billion), with China’s imports from Indonesia growing by 9.5%. In the same year, China’s foreign direct investment to Indonesia surged 86.5% to almost US$2 billion.

UOB China and UOB Indonesia applied for the ACCD licences in seeing the increasing demand for efficient cross-border cross-currency solutions from companies in the region. In addition, UOB China as a CNY/IDR direct market maker can offer two-way quotes on CNY against IDR in the interbank foreign exchange markets and its clients can access more competitive foreign exchange rates for greater cost-efficiency.

Leslie Foo, head of group global markets, UOB, says “At UOB, we are committed to providing our clients with convenient and customised foreign exchange solutions to meet their growing cross-border financial needs. Market licences such as ACCDs deepen our capabilities in ASEAN currencies-CNY as we can offer more cross-currency solutions that enhance our clients’ direct access to onshore foreign exchange markets. This way, we not only help our clients seize more regional opportunities, we can also contribute to increased liquidity of CNY and ASEAN currencies in Asia’s foreign exchange market.”

As at 10.52am, shares in UOB are trading up 7 cents or 0.27% higher at $25.63.

 

link  :  https://sg.finance.yahoo.com/news/uob-appointed-cross-currency-dealer-185350223.html