China and Egypt central banks sign 18 billion yuan, three-year currency swap deal

China and Egypt have concluded an 18 billion yuan three-year bilateral currency swap deal. Importers and economists say the move will facilitate trade and improve foreign currency liquidity in cash-strapped Egypt. Egypt's central bank says the deal with the People's Bank of China could be extended by mutual consent. China has carried out swaps with more than 30 central banks around the world to increase the use of the yuan as a global reserve currency, and to stimulate bilateral trade. The yuan is traded onshore against 16 major currencies. Egyptian importers say the deal with China will allow them to source yuan directly, facilitating imports from China while reducing demand for dollars and easing pressure on the Egyptian pound.

Comments

1. good, the us dollar hegemony is exploiting the developing countries
2. Holla at me
3. The indigenous Egyptians are Black, not Arabic at all.