China, Egypt Deepen Financial Partnership Through Expanded Currency Swap Agreement

China, Egypt Deepen Financial Partnership Through Expanded Currency Swap Agreement

China and Egypt renewed and significantly expanded their bilateral local-currency swap agreement, marking a major step toward deepening financial cooperation and promoting the use of the Chinese yuan and Egyptian pound in growing trade and investment activities between the two countries.

Egypt-China currency swap: Financial instrument or strategic shift? - Dailynewsegypt

At a time when emerging economies are seeking to diversify their financial tools and reduce excessive reliance on the US dollar in selected trade and investment transactions, Egypt and China have renewed their bilateral currency swap agreement for another three years while increasing its value from 18bn yuan to 30bn yuan, equivalent to approximately $4.4bn.