IDR: Rupiah Strong in Morning Trade

Authorities remain pressured to stabilise employment and expand consumption, according to Guan Tao, former senior official at the State Administration of Foreign Exchange. Rising consumer loan interest rates have dampened residents' demand for credit and tariff-related economic pressures have reduced their risk appetite and willingness to spend, Guan added. The property market has not established a solid foundation in April as household's weak demand and unwillingness to accept additional leverage led to year-on-year declines in down payments and personal mortgage loans, widening by 7.1 and 12.9 percentage points, respectively, Guan noted. (Source: Yicai)

The People's Bank of China Governor Pan Gongsheng and Bank Indonesia Governor Perry Warjiyo have signed a memorandum of understanding to promote bilateral transaction settlement in local currencies, Xinhua news agency reported. The new agreement allows for local tender transactions through capital and financial accounts, expanding the scope of an MoU signed in 2020 covering the current account and direct investment, according to Xinhua.

China will accelerate innovation in renewable technology and find advanced solutions to deepen the green transformation of traditional industries, according to a State Council executive meeting, chaired by Premier Li Qiang. Authorities need to increase promoting clean energy and green products, while improving standards and policies to support enterprises to upgrade, the meeting said. (Source: Xinhua News Agency)