Egypt and China push to settle trade in yuan amid de-dollarization push
During Xi Jinping's Cairo visit, Egypt and China agreed to boost trade settled in their own currencies and expand currency swap arrangements, signaling a shift away from the dollar as part of BRICS de-dollarization. The RMB Clearing Bank of Africa is giving Africa direct yuan access, with about 500 million dollars in yuan transactions in four months. Separately, talks point to up to 2 billion dollars in new investment for an expanded Egyptian-Chinese industrial zone in the Suez Canal Economic Zone, covering renewable energy, auto manufacturing, textiles and chemical fibers.