The People's Bank of China announced on June 3 that it has renewed a bilateral currency swap agreement with the Central Bank of Egypt. The maximum swap amount was expanded from the previous 18 billion yuan (approximately 423 billion yen) / 80.7 billion Egyptian pounds to 30 billion yuan (approximately 705 billion yen) / 203 billion Egyptian pounds. The agreement is valid for 3 years and can be extended with mutual consent.

The renewal and expansion of the bilateral currency swap agreement between China and Egypt are expected to further deepen cooperation between the two countries in the financial and monetary fields, expand the use of their respective currencies between the two countries, facilitate bilateral trade and investment, and contribute to maintaining stability in financial markets. (Provided by/CGTN Japanese)