BEIJING - The China Banking Regulatory Commission(CBRC), the country's banking regulator, said here Monday that it has signed a memorandum of understanding with Indonesia's central bank, Bank Indonesia, to improve the bilateral supervision of financial transactions.

Both regulators agreed to strengthen cooperation on information exchanges, said the CBRC in a statement on its website.

To date, the CBRC has signed MOUs or bilateral agreements with financial supervisory bodies from 39 countries and regions including the United States, Australia and Nigeria, said the statement.

With such cooperation, both sides could more quickly step up communications and uncover problems or adverse trends to ensure the stable operation of each other's branch offices, it said.