Yuan Ties: China's Currency Swap with Egypt and the Fading Dollar The recent renewal of the currency swap between China and Egypt has sparked interest among trade observers, who see it as a sign of Beijing's growing influence in Africa.
This deal marks a subtle but significant shift in the dollar's dominance.
When the People's Bank of China and the Central Bank of Egypt extended their currency swap for three years, they also increased its value to 18 billion yuan.