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Bank Indonesia considers the recent rupiah volatility a result of overshooting that has left the currency undervalued. Consequently, Bank Indonesia has and will continue to intervene on the foreign exchange market in order to stabilise the rupiah. Bank Indonesia will also continue to optimise its macroprudential and monetary policy mix, while simultaneously coordinating with the government and other relevant authorities. Recent rupiah volatility is a direct consequence of global economic developments. 

The market continues to react uncertainly to the devaluation measures initiated by the Chinese government to buoy export performance, which slumped to a four-year low in July, losing 8.3% (yoy). Globally, yuan depreciation has hit China’s trading partners that rely on shipments of natural resources, including Indonesia. Similar policy was instituted by China in 1994, which also spilled over to the global economy. The latest US data, including the ISM Non-Manufacturing Index and labour market data, indicates positive signs of improvement, thus spurring expectations of an imminent FFR hike. Nearly all global currencies have depreciated recently. bni