Egypt and China renew currency swap
The People's Bank of China has decided to renew and expand the bilateral currency swap agreement with the Central Bank of Egypt. The size of the facilities has been increased from 18 billion yuan ($2.65 billion) to 30 billion yuan, for a period of three years, extendable. This agreement aims to strengthen financial cooperation between the two countries, promote the use of local currencies in trade and investment, and support financial market stability while mitigating the impact of dollar fluctuations and global interest rate changes on emerging markets.
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