Egypt and China have renewed their bilateral currency swap agreement for three more years and raised its value from 18 billion yuan to 30 billion yuan.
Egypt and China renewed their currency swap agreement, increasing its size to 30 billion yuan, or about 4.4 billion dollars. The deal allows the Central Bank of Egypt to access Chinese yuan and the People’s Bank of China to receive Egyptian pounds. The agreement, first signed in 2016, functions as a reciprocal liquidity facility rather than a loan. It supports trade settlement between the two countries without requiring dollars for every transaction. China ranks among Egypt’s top trading partners and supplies industrial inputs and machinery. The expanded swap line gives Egypt more flexibility in managing foreign currency needs while aligning with efforts to diversify settlement options.