China and Egypt agree to expand local currency trade to reduce dollar reliance
Chinese President Xi Jinping and Egyptian President Abdel Fattah al-Sisi agreed to increase trade settlements in their national currencies and expand local currency swap agreements during a historic visit to Cairo. This move aims to reduce dependence on the US dollar, aligning with broader BRICS de-dollarization efforts. The visit also marked the 70th anniversary of diplomatic ties, featuring new investments in the Suez Canal Economic Zone and highlighting Chinese investment in Egypt exceeding $10 billion.