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Egypt to issue bonds in China’s currency yuan

The US dollar may be losing its dominance in the Middle East to the yuan.
Yuan banknotes and US dollars are seen on a table in Yichang, Hubei province, China, Aug. 14, 2015.

Egypt has decided to issue bond’s denominated in China’s currency, the yuan. Egyptian Finance Minister Mohamed Maait said at a press conference today that Egypt will issue $1.5 and $2 billion’s worth of the yuan-denominated bonds, multiple Arabic-language media outlets reported. 

What it means: Bonds are a financial security that represent a government’s obligation to repay the bond buyers. Government typically use bonds to help finance expenses. In this instance, Egypt will issue bonds with a monetary value denominated in yuan, as opposed to Egyptian pounds or US dollars.

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