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Egypt is still struggling with its dollar shortage. It has sought to face the shortage through a series of decisions, the last of which entailed floating the exchange rate on Nov. 3. But the crisis persists, thus pushing Egypt to seek another currency that would reduce demand for the dollar. The choice has fallen on the Chinese yuan in the country’s battle against the dollar.
On Dec. 6, China’s Central Bank, the People’s Bank of China, signed a three-year currency swap bilateral agreement with the Central Bank of Egypt worth 18 billion yuan ($2.62 billion).
