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.
