During a state visit to Cairo, Chinese President Xi Jinping and Egyptian President Abdel-Fattah el-Sisi endorsed an expanded bilateral currency swap agreement to promote the use of their domestic currencies in trade and investment. A joint statement issued on Wednesday linked these deepened financial arrangements with future initiatives in manufacturing, energy, and digital infrastructure. While the measure facilitates broader adoption of the Chinese yuan in cross-border settlements between the two nations, analysts observe that diminishing dependence on the US dollar remains a gradual process.
Source : South China Morning Post
Photo : South China Morning Post
