China and Egypt Sign Currency Swap Agreement

Yicai

2016-12-07

(Yicai Global) Dec. 7 – The People’s Bank of China (PBOC) and the Central Bank of Egypt (CBE) yesterday signed a currency swap agreement worth CNY18 billion (USD2.6 billion).

The agreement is aimed at facilitating bilateral trade and investment and helping safeguard financial stability in their respective markets. The term of the agreement is three years with an option to extend upon mutual consent.