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Just In: Egypt Issues Chinese Yuan-Denominated Bonds

Published:

Egypt issued the Chinese Yuan-denominated panda bonds to pay off foreign loans, making the nation the 1st Mena (Middle East North Africa) nation to do so.

Egypt, a country riddled with debts, made a move that displays another shift towards de-dollarization by issuing the Chinese currency valued at 3.5 billion yuan or $479 million.

Even though Egypt is short of cash, it still faces a deep foreign loan repayment after its extended loan spree, which made the country shunned mainly by the international capital markets and ask the IMF for help.

As a result, the country attempts to move away from transacting with expensive dollar-denominated debts by issuing the Chinese Yuan.

READ ALSO:30-Year-Old Miami Resident Convicted for Crypto Fraud

In Brief

  • Reportedly, the North African nation launched bonds with an interest rate of 3.5% to diversify Egypt’s funding sources.
  • Furthermore, reports from a reliable source disclosed that the interest rate on these panda bonds is lower than that which the country would usually pay if they were denominated in dollars.
  • Moreover, this recent bold step by Egypt has reduced the country’s credit rating position to Caa1 and some seven levels reduced to junk status.
  • According to a rating agency, Moody, one of the significant reasons Egypt’s credit status was reduced was its declining debt affordability.
  • Meanwhile, Panda bonds are yuan-denominated notes issued by non-Chinese entities in Chinese markets.
  • The bonds are the strategy that international companies, international institutions, and governments use to creep into the Chinese capital market, which Egypt desperately needs.

What’s Happening In Crypto Today?

As of this writing, Bitcoin is changing hands at $34,448.68 while recording an increase in market cap by 12.77% and an increase in trading volume by 185.68%.

On the other hand, Ethereum is now selling at $1,829.66 while seeing a 9.31% increase in market cap and a 108.98% rise in trading volume.

  • On the side of Solana right now, its price is at $31.66, with a bit of a rise in market cap by 6.65% and an increase in trading volume by 45.47%.
  • While Cardano is at the moment trading at $0.2841 while recording an increase in market cap of 7.10% and a 111.40% increase in trading volume.
  • On its side, Dogecoin presently sells at $0.06748, with a slight increase in market cap by 5.12% and an increase in trading volume by 129.28%.
  • On the other hand, TRON trades at $2.96% while recording a rise in market cap of 2.96% and an increase in trading volume by 54.18%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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