Maintenance in progress

the people's bank of china, the hong kong monetary authority, and bank indonesia signed a memorandum establishing direct bilateral settlement between the indonesian rupiah and the offshore chinese renminbi, removing the us dollar from the clearing mechanism for cross-border trade and investment. a separate central-bank discussion in austria openly questioned whether standard monetary-policy frameworks still hold as the rules-based order fragments. building a working currency channel that bypasses the dollar is a slow, deliberate institutional act, not rhetoric.

asian central bank communiques