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

North America Business Thu, 03 Sep 2026 20:54:21 GMT Moderate confidence — 64/100

As the world’s second-largest economy by nominal GDP, China has actively sought to conduct international trade with its commercial partners using its own currency rather than the United States dollar.
The East Asian nation presented this idea to Egypt, one of its largest trading partners in Africa, after the Chinese president, Xi Jinping, made a historic visit to Cairo.
In a joint statement, the two heads of state advocated for an increase in trade and investment settlements denominated in their respective national currencies, as seen on Xinhuanet.

As the world’s second-largest economy by nominal GDP, China has actively sought to conduct international trade with its commercial partners using its own currency rather than the United States dollar.
The East Asian nation presented this idea to Egypt, one of its largest trading partners in Africa, after the Chinese president, Xi Jinping, made a historic visit to Cairo.
In a joint statement, the two heads of state advocated for an increase in trade and investment settlements denominated in their respective national currencies, as seen on Xinhuanet.

Sources: Businessinsider