According to CoinMeta, China and Egypt have officially reached an agreement to shift cross-border transactions to settlement in their respective domestic currencies, in order to reduce dependence on the US dollar. The two countries have extended their swap agreement and are discussing further cooperation in areas such as construction, energy, manufacturing, and agriculture. The Chinese government has established a RMB clearing bank in Africa to help Egypt directly connect to China's financial system. China's investment in Egypt has reached $10 billion, demonstrating confidence in Egypt's monetary system. Egypt is one of China's largest trading partners in Africa, and the advocacy for using domestic currencies may spread to other countries as well. Egyptian President Abdel Fattah Sisi confirmed this agreement and stated that the reliance on the US dollar will be replaced by the use of local currencies.