China, Egypt sign 3-yr 18bn yuans bilateral currency swap

China’s central bank has signed an 18 billion yuan ($2.62 billion) three-year bilateral currency swap with Egypt’s central bank, the People’s Bank of China (PBOC) said on Tuesday.

The move is aimed at promoting bilateral trade and investment and maintaining financial stability in both countries, the PBOC said in a statement on its website.

Source: Reuters

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