Foreign Media: China and Indonesia officially launch cross-border QR code payment system, allowing users to scan each other's QR codes via domestic apps such as Alipay and Indonesia's QRIS to complete retail payments in their respective local currencies.
This move marks the latest development in China's efforts to internationalize the renminbi and reduce reliance on the US dollar, as well as a strategic step toward deepening financial integration with ASEAN.
Alicia Garcia-Herrero, Chief Economist for Asia-Pacific at Natixis, pointed out that this initiative can lower transaction costs and currency risks, supporting the "de-dollarization" trend. Similar arrangements have already covered Thailand, Vietnam, Malaysia, and Singapore, with plans to expand to more ASEAN countries within the year.
Original article: toutiao.com/article/1864274116444167/
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