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经济 · 本币结算

4家央行扩大本币协议范围；支付成本降低尚无证据

菲律宾加入马来西亚、印度尼西亚和泰国，参与更广泛的本币框架。下一步要检验的是企业能够使用哪些支付渠道，以及成本是多少。

文字 阅读需 5 分钟 · 18 个来源

HeyDex

原语言视频

译自英文原文。

4家央行加入一项统一合作协议，旨在扩大马来西亚、印度尼西亚、泰国和菲律宾之间的本币支付范围。这让该安排覆盖面更广，但尚未为每家企业开辟新的支付渠道，也未带来更低的账单。眼下的变化，是菲律宾央行加入了一个共同框架；该框架建立在此前其他3家央行的合作基础上。⁠3

这份谅解备忘录于2026年11月13日签署，涵盖在参与国以各自货币结算双边贸易、投资及其他符合条件交易的合作。它取代了印度尼西亚、马来西亚和泰国于2023年8月签署的双边谅解备忘录。这是对现有体系的扩展，并非创立本币结算，更不是推出共同货币。⁠11

这一区别很重要，因为协议的目标与实际带来的好处并非一回事。各央行希望提高结算效率，减少反复兑换货币所产生的成本，并增强外汇风险管理的灵活性。公告没有提供节省金额的估算、结算时间改善的实测数据，也没有给出扩大安排的具体实施日期。⁠3

签署方为印度尼西亚银行行长Destry Damayanti、马来西亚国家银行行长Abdul Rasheed Ghaffour、泰国银行行长Vitai Ratanakorn，以及菲律宾中央银行行长Eli M. Remolona, Jr.。他们接下来的任务，是将更广泛的合作转化为企业实际能够获得的服务。⁠11

换一条支付渠道能带来什么

本币交易框架（通常简称LCT）针对的是一个实际问题：资金在买卖双方之间流转时经过哪些货币。每次兑换都可能产生费用，也会增加一个需要管理的汇率。直接兑换可以省去一次货币转换，但无法完全消除汇率风险。

马来西亚国家银行对早前三国框架的说明提供了一个具体例子。马来西亚进口商向印度尼西亚出口商采购时，可以通过指定银行将林吉特直接兑换为印尼盾。进口商以印尼盾付款，出口商收到印尼盾，无需再进行一次兑换。同一示例还展示了向泰国出口商付款时采用林吉特兑换泰铢的渠道。合同可用林吉特、印尼盾或泰铢计价。⁠14

这解释的是已经建立的渠道，并不能确认新谅解备忘录下等同的菲律宾比索服务已经投入运营。直接兑换也不会锁定汇率或保证某个具体费用。对客户而言，有用的比较依据是银行提供的总价和条款，而不是协议中提到了多少种货币。

马来西亚此前提供的服务也不限于即时支付时的货币兑换，还包括即期、远期和掉期外汇交易、本币贷款及贸易和直接投资融资，以及本币存款账户。列出的用途包括商品和服务、直接投资、证券投资、收入和转账。因此，能否使用相关服务，既取决于交易本身，也取决于经办银行。⁠14

基础工作已就绪

据ANTARA援引印度尼西亚银行的信息报道，印度尼西亚与马来西亚、泰国的合作始于2016年的一份谅解备忘录，并于2018年开始实施。此后的调整扩大了规则适用范围和参与银行网络。2026年11月的签署建立在这段合作历史之上。⁠16

从双边规则到4家银行合作

  1. 2023年8月

    印度尼西亚、马来西亚和泰国签署双边谅解备忘录；如今，新协议将取代这些备忘录。

    3
  2. 2025年2月17日

    3家央行公布统一的操作指南，并将证券投资纳入符合条件的交易。

    18
  3. 2025年8月5日

    新增指定银行，扩大林吉特—印尼盾、林吉特—泰铢和印尼盾—泰铢渠道的服务覆盖范围。

    12
  4. 2026年11月13日

    菲律宾央行加入4家银行的谅解备忘录，扩大共同合作框架。

    11

操作指南旨在让流程更加统一、透明，并能应对业务增长，同时兼顾各国的监管要求。将证券投资——例如股票和债券持仓——纳入适用范围，使符合条件的交易不再局限于商品和服务贸易及直接投资。⁠18

任命交易商则补上了另一个关键要素：能够提供这项服务的银行。这些符合资格的商业银行称为指定跨货币交易商，获增列以扩大客户覆盖面及本币融资渠道。2025年8月新增的银行涵盖马来西亚、印度尼西亚和泰国之间的全部3组货币对。这并不是落实菲律宾参与2026年11月协议的银行名单。⁠12

交易量可观，但来自较早的体系

有证据表明，在此次签署之前，本币交易已得到大量使用。ANTARA于2025年9月19日援引印度尼西亚银行的信息报道，截至2025年7月，印度尼西亚本币交易额折合141亿美元，而2024年同期为67亿美元。公布的增幅为112%；美元金额经过四舍五入。⁠16

这些数字的适用范围必须准确理解。该报道描述的是印度尼西亚较早的网络；当时网络已扩展至6个合作国家，但未按合作伙伴逐一细分数据。这不是2026年11月签署的四国协议的交易总额，也不是衡量菲律宾参与程度的数据。美元等值金额是报道采用的计量单位，并不能证明底层支付是以美元结算的。⁠16

同一报道指出，在当时可得的2025年数据中，月均客户数为7,568人，2024年为5,020人。后一个数字是当年截至当时的平均值，并非完整年度的最终结果。这些数据支持一个较为有限的结论：在新协议签署之前，印度尼西亚现有渠道的使用范围已经扩大。⁠16

新公告仍缺少评估此次扩展所需的操作细节：完整的菲律宾双边货币安排、面向4国的新交易商名单、详细的适用资格规则以及时间表。各央行承诺继续推进并逐步扩大合作，但没有说明下一步何时进行。⁠3

声明也没有依据表明该协议禁止使用美元，或要求每家企业都改用其他货币结算。协议的目的是推广并便利本币交易。如今的检验标准很明确：银行能办理哪些新增支付，尤其是涉及菲律宾的支付？客户实际支付的费用又是多少？在这些问题得到回答之前，取得的成果是合作范围扩大，而不是已证实的成本节省。⁠11

来源12

在此处引用的来源中，Asean Coverage Finance最先发布，比本报道播出早28小时。 随后还有6家媒体发布。
  1. Asean Coverage Finance
  2. The Edge Malaysia
  3. Google News Philippines (PH:en)
  4. https://rm.id/
  5. The Star
  6. สำนักข่าวอินโฟเควสท์
  7. Djakarta Network
  8. HeyDay News

1篇早期文章作为背景资料参阅。4家媒体未注明日期：bot.or.thbi.go.idbnm.gov.myBusinessToday

按媒体查看所有来源

来自 12 家媒体的 18 个来源· 引用最多的优先

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  1. Four central banks have widened their local-currency pact to include the Philippines.
  2. Businesses trading across these borders could gain more ways to pay while avoiding repeated currency conversions. The banks want lower costs and more flexibility in managing exchange-rate risk.
  3. What can businesses actually use now, and what still depends on putting this agreement into practice?
  4. Malaysia, Indonesia, Thailand and the Philippines signed the memorandum on November 13, 2026. Their central banks will cooperate on settling transactions between participating countries in local currencies, including trade, investment and other eligible payments.
  5. The Philippine central bank joins a shared arrangement built on earlier cooperation among the other three. The agreement broadens that institutional framework. Businesses will still depend on the banking services and currency routes available to them.
  6. Bank Indonesia Governor Destry Damayanti signed alongside Bank Negara Malaysia Governor Abdul Rasheed Ghaffour. Bank of Thailand Governor Vitai Ratanakorn and Philippine central bank Governor Eli M. Remolona, Jr. also signed.
  7. The new memorandum replaces the bilateral agreements Indonesia, Malaysia and Thailand concluded in August 2023. Those countries already had local-currency channels. The practical question is how the wider cooperation will translate into payment choices, particularly for Philippine transactions.
  8. A payment's route can affect its cost. Each conversion can bring a charge and expose the customer to another exchange rate. The Local Currency Transaction Framework, usually called LCT, supports ways to price and settle eligible business in the participating countries' own money.
  9. A Malaysian importer can use an appointed bank to convert ringgit directly into rupiah, then pay an Indonesian exporter. The exporter receives rupiah without another conversion. The earlier framework also illustrates the same route into Thai baht.
  10. That route describes an existing three-country channel. The banks haven't yet set out the complete Philippine arrangements under the new pact. And direct conversion still leaves a moving exchange rate. A customer's final fee depends on the terms the bank offers.
  11. The earlier Malaysian offerings extend beyond immediate currency exchange. Customers can arrange an exchange now, fix a rate for a future date, or use currency swaps. They can also obtain local-currency trade and investment financing and deposit accounts.
  12. The listed uses include goods and services, direct investment, portfolio investment, income and transfers. Portfolio investment covers holdings such as shares and bonds. Access depends on the eligible transaction and the bank handling it.
  13. Subscribe to this channel as we follow which payment routes open and what businesses actually pay.
  14. Indonesia signed its initial cooperation with Malaysia and Thailand in 2016, and implementation began in 2018. After the August 2023 agreements, the three banks harmonised their operating guidelines in February 2025. They added more appointed banks that August.
  15. The February 17, 2025 changes brought the earlier bilateral rules into common operating guidelines, while allowing for each country's regulations. The banks sought more consistent, transparent processes that could handle growth. They also added portfolio investments alongside trade and direct investment.
  16. The August 5, 2025 appointments expanded the ringgit–rupiah channel on both sides of the border. These qualified commercial banks, called Appointed Cross-Currency Dealers, were brought in to reach more customers and improve access to local-currency funding.
  17. The bank network is where a cooperation agreement becomes a service a customer can use. The 2025 appointments covered three currency pairs among Malaysia, Indonesia and Thailand.
  18. The ringgit–baht expansion included Malaysian banks and Bank of China Thai. The aim was to give businesses more cross-border options. These appointments belong to the earlier network; Philippine banking access still needs its own operational detail.
  19. For rupiah–baht transactions, Indonesia added Bank OCBC NISP and Bank of China's Hong Kong bank through its Jakarta branch. Bank of China Thai joined on the Thai side. Those additions supported trade and investment settlement between the two countries.
  20. An undated Malaysian factsheet lists 14 appointed dealers for its baht channel and 12 for its rupiah channel. Those figures describe that factsheet's network. They don't provide a current dealer count for the expanded four-country agreement.
  21. Indonesia's earlier local-currency transactions reached 14.1 billion US dollars equivalent through July 2025, compared with 6.7 billion in the same period of 2024. Bank Indonesia put the year-on-year growth at 112 percent.
  22. Those dollar equivalents express the value of transactions settled in local currencies. The totals are rounded. Indonesia's network then extended to six partner countries, so these figures cover a wider, earlier system than the four-country agreement signed now.
  23. The 14.1 billion dollars equivalent reached through July 2025 amounted to 87 percent of the previous full year's value. Across all of 2024, Indonesia's local-currency transactions had totalled 16.28 billion dollars equivalent.
  24. No country-by-country breakdown accompanied those totals. They show substantial use before this signing, while leaving Philippine participation and the new pact's performance to be measured separately.
  25. Monthly customers averaged 5,020 in 2024 and 7,568 in the 2025 figures available that September. The later number was an in-year average. It shows broader use of Indonesia's existing channels before the four-bank memorandum.
  26. For businesses, the wider agreement offers the prospect of more ways to price purchases, receive payments and manage currency exposure. Whether that produces meaningful savings depends on access and bank pricing. The central banks haven't given a savings estimate or measured improvement in settlement times for this agreement.
  27. The four banks plan to keep developing and implementing the framework, expanding local-currency use gradually. Businesses can already use established channels where available. The next test is which additional transactions banks can execute, especially involving the Philippines, and at what demonstrated cost.
  28. The central banks haven't announced a dated rollout milestone for those new arrangements.

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