Chinese-Arab ties grow in cross-border payments

Recently, there has been a noticeable increase in Chinese-Arab cooperation in the field of cross-border payments, aimed at supporting trade, investment, tourism, and people-to-people exchanges between the two sides. The acceptance of UnionPay cards has been expanded to over 100,000 stores in Egypt, including tourist areas, markets, and various shops, allowing cardholders to withdraw cash from ATMs. Additionally, the two parties renewed their currency swap agreement and increased the swap volume from 18 billion to 30 billion yuan, with the goal of promoting the use of local currencies in commercial and investment transactions. Furthermore, the two sides are collaborating to connect QR code payment systems, making purchasing easier for residents and tourists in both countries. This includes settlements in Renminbi and expanding its use in trade between China and the UAE. These efforts aim to reduce costs, speed up transactions, and facilitate economic exchanges between the two nations.

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