China, Egypt agree to expand local-currency trade settlement

China and Egypt have agreed to strengthen the use of their local currencies in trade and investment, a development relevant to companies managing cross-border payment and settlement arrangements between the two markets.

The two countries encouraged more trade and investment settlement in their own currencies, according to a joint statement issued during Chinese President Xi Jinping’s state visit to Egypt.

China and Egypt have agreed to increase the use of their local currencies for trade and investment settlement.
The move gives exporters, importers and sourcing teams a policy signal on possible settlement choices in bilateral business.
The agreement was part of a joint statement on deepening the comprehensive strategic partnership during Xi Jinping’s state visit to Egypt.

A local media outlet reported that Xi and Egyptian President Abdel Fattah El-Sisi agreed to the currency-settlement push in the joint statement.

The statement was issued as the two countries set out steps to further deepen their comprehensive strategic partnership. 

The move gives exporters, importers and sourcing teams a policy signal on possible settlement choices in bilateral business.

Fibre2Fashion News Desk (CG)