Cur­rency swop

African Independent - - EDUCATION -

CAIRO: The Egyp­tian and Chi­nese cen­tral banks have signed an 18-bil­lion-yuan ($2.6bn) cur­rency swop agree­ment to ease pres­sure on Cairo’s for­eign re­serves, Egypt’s cen­tral bank said. Un­der the deal, Egypt can use the yuan in trans­ac­tions with China which can use the Egyp­tian pound in re­turn trans­ac­tions. The agree­ment is for an ini­tial three years but can be ex­tended. – AFP

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