China and Indonesia have launched a new cross-border QR payment system, allowing users to make retail payments in either country using domestic mobile apps and home currencies. This initiative is part of Beijing's strategy to internationalize the yuan and reduce reliance on the US dollar.

China and Indonesia have launched a new cross-border QR payment system, marking the latest step in Beijing’s drive to build a regional digital payments network as it pushes to internationalise the yuan and reduce dependence on the US dollar. Users can now use domestic mobile apps – such as China’s Alipay and Indonesia’s QRIS – to scan QR codes and make retail payments in either country using their home currencies. Alicia Garcia-Herrero, chief economist for the Asia-Pacific region at French...