The world’s second-largest economy just decided, with one of its top African partners, to do away with the use of the US dollar

Live updates

1. 10d ago

   China and Egypt ditch US dollar in major economic shift

   China and Egypt have decided to do away with the use of the US dollar in their transactions, marking a significant shift in their economic relationship. This move is part of China's efforts to expand its influence in the Middle East and challenge US dominance in the region. The development comes as Chinese President Xi Jinping visits Egypt, his first stop on a rare foreign trip.

   Why it matters

   China's push to reduce reliance on the US dollar is part of its broader strategy to promote the use of its own currency, the yuan, in international transactions. Egypt, one of China's top African partners, is a key player in the region and has been strengthening its ties with China in recent years. The move is seen as a challenge to US influence in the Middle East.

   What is confirmed

   • China's President Xi Jinping visited Egypt, marking his first stop on a rare foreign trip.
   • China is seeking to expand its influence in the Middle East and challenge US dominance in the region.
   • China and Egypt have decided to do away with the use of the US dollar in their transactions.

   Still unconfirmed

   • The move is part of China's efforts to promote the use of its own currency, the yuan, in international transactions.

   What to watch next

   • China's future economic agreements with other Middle Eastern countries
   • The impact of this development on US influence in the region
   • The implementation details of the China-Egypt agreement
   Sources used for this update (10)

   1. Reuters — China's Xi lands in Egypt as Iran war reshapes Middle East alliances
   2. Financial Times — Xi Jinping visits Egypt in rare foreign travel flurry ahead of Donald Trump summit
   3. Reuters — Egypt welcomes Xi as Beijing expands influence in Middle East
   4. The New York Times — In Egypt, Xi Challenges America’s Influence in the Middle East
   5. Al Jazeera — China’s Xi urges new Middle East security framework during rare Egypt visit
   6. Euronews.com — China deepens its footprint in Egypt as Xi visits Cairo after a decade
   7. npr.org — Xi visits Egypt as China seeks deeper influence across the Mideast
   8. South China Morning Post — China’s call for Mideast to build security framework is a message to US: expert
   9. Business Insider Africa — The world’s second-largest economy just decided, with one of its top African partners, to do away with the use of the US dollar
   10. lemonde.fr — China's Xi criticizes US actions in the Middle East during Cairo trip
   confidence 73%