Egypt, China extend currency swap deal for three more years

CAIRO - 3 June 2026: Egypt and China have extended their currency swap agreement for another three years, according to Reuters.

The renewed agreement has been increased to 30 billion yuan, equivalent to around $4.43 billion or LE 203 billion, compared to the previous value of 18 billion yuan, or nearly LE 80.7 billion.

In a statement issued on Wednesday, the People’s Bank of China said the agreement will remain valid for three years, with the option of renewal.

The two countries initially signed the bilateral currency swap deal in December 2016, with a value of 18 billion yuan, or $2.62 billion, for a three-year period.

At the time, China’s central bank said the agreement was designed to support bilateral trade and investment, while contributing to financial stability in both countries.

Trade between Egypt and China rose by 19.6 percent last year, reaching approximately $20.78 billion, compared to $17.37 billion in 2024.