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| Tuesday, 6 October 2015, 04:00 HKT/SGT | |
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North Sulawesi, Indonesia, Oct 6, 2015 - (ACN Newswire) - Bank Indonesia (BI) welcomes the idea of making China's yuan as an alternative official international currency to US dollar. "The BI position is positive and supports yuan if it is made an official international currency," head of the BI Representative office in North Sulawesi Peter Jacobs said here on Saturday.
Peter said with yuan as an international there would be less dependence on hard currencies especially on the US dollar. An alternative would be needed especially when there was instability in financial market, he said. "The banking industry should positively welcome yuan as an international currency as it would give us alternatives," he said.
Meanwhile, head of the state lender Bank Mandiri for Manado Hotman Nainggolan also spoke favorably about the possibility of yuan as an international currency. "We would have an alternative to the dollar if the International Monetary Fund (IMF) officially announced yuan as an international currency," Hotman said.
He said banks could make diversification of portfolio in time of disruption of financial stability if there are more than one official international currencies.
He said it is certain that the dollar value would fall if the IMF announced yuan as an international currency. "Especially now, many people already buy yuan on that expectation," he said.
Regional Chief of BNI for Manado, Agus T Poputra said the possibility of yuan as an international currency has become a serious international issue. Yuan is even considered not only as an alternative but to replace dollar as an international currency, Agus said.
The possibility of yuan as an international currency would benefit the banking industry, Agus said. Banks would not be worried too much if there was instability in exchange rate against the US dollar, he added.
Topic: Press release summary
Sectors: Daily Finance, Daily News
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