China expands currency swap with Egypt as trade ties reach new heights

Egypt’s expanded currency swap with China could encourage wider use of the yuan in trade and investment. Experts, however, say any reduction in reliance on the US dollar will take time.

Chinese President Xi Jinping and Egyptian President Abdel-Fattah el-Sisi supported greater use of their currencies this week. A joint statement released during Xi’s state visit to Cairo linked the closer financial relationship to plans for new factories, energy projects and digital infrastructure.