China signs currency swap deal with Egypt

BEIJING - China's central bank on Tuesday signed a currency swap agreement with its Egyptian counterpart worth 18 billion yuan ($2.62 billion) to strengthen trade and financial cooperation.

The deal, signed between the People's Bank of China (PBOC) and the Central Bank of Egypt, will last for three years and can be extended upon agreement of both sides, the PBOC said in an online statement.

The currency swap deal allows the two institutions to exchange payments in one currency for equivalent amounts in the other, to facilitate bilateral trade settlements and provide liquidity support to financial markets.

The deal aims to maintain financial stability in the two countries and facilitate bilateral trade and investment, the PBOC said.