TEMPO.CO, Jakarta - Coordinating Minister for Economic Affairs Sofyan Djalil, said that the International Monetary Fund's (IMF) plan to endorse China's currency Yuan as the world reserve currency was nothing new.
"It's an old topic. We will adjust [with the plan]," Sofyan said at his office on Friday, July 31, 2015.
According to Sofyan, several currencies have been endorsed as reserve currencies, including the US dollar, euro and yen. Therefore, if Yuan was to be endorsed as a new reserve currency, the government would make efforts to strengthen clearing agent.
"We will hold a meeting with Bank Indonesia to discuss this matter," the Minister added.
Sofyan explained that Indonesia and China had set an agreement related to currency swap to allow bilateral transactions in Yuan or Rupiah.
IMF has planned to announce Yuan as the world reserve currency in October. Experts viewed that the announcement would affect the global economy. The plan to endorse Yuan as a reserve currency was initiated since China has shown impressive growth over the last few years.