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NEWS UPDATES Asean Affairs   23 September 2013  

Indonesia to sign forex swap deal with China

INDONESIA next month will sign a bilateral currency swap deal with China worth at least US$15 billion, an industry ministry official said yesterday, a move aimed at bolstering the ailing rupiah.

The swap agreement will be signed by the central banks of the two countries during an Indonesia visit by Chinese President Xi Jinping that begins Oct. 2.

"We just got government-to-government cooperation... that is a US$15 billion currency swap to strengthen our foreign exchange reserves and our currency," Agus Tjahajana, director general of the international industry cooperation at Indonesia's Industry Ministry, told Reuters.

Earlier, Trade Minister Gita Wirjawan was quoted by the Jakarta Post as saying the deal with China would be for up to US$40 billion.

The officials provided no details, including what terms China might require.

A spokesman at Bank Indonesia, the central bank, declined to comment.

In 2009, China and Indonesia agreed to a 100 billion yuan ($16.34 billion) bilateral swap deal, which expired last year.

Late last month, Bank Indonesia renewed a swap deal with Tokyo. Traders in Jakarta said news of the coming swap did not impact the rupiah yesterday, when dollar demand from Indonesian companies kept pressure on it. Reuters

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This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More






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