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Yes, that's what I thought, too.

You may know that, but just for others who may not be too much into this:

Egypt is not moving away from the USD. It is just further diversifying its trade and dependencies. It is also noteworthy that trade between Egypt and China moves mostly in one direction: from Egypt to China. Between 2021 and 2025, Egypt's imports from China increased from USD 14 billion to almost USD 19 billion, while Egypt's exports to China decreased from USD 1.5 billion to lesss than USD 0.5 billion.

While almost 20 percent of Egypt's imports come from China, less than 1 percent of Egypt's export go to China. It's a good business for Chinese companies, not necessarily for Egyptians as they face a huge and growing trade deficit. (Egypt largest trading partner is the EU btw.)

And the local swap agreement between the countries must be seen under China's somewhat special currency policy: The Chinese Yuan used within China (known as the CNY or onshore Yuan) is different from the Yuan used outside of China (the CNH or offshore Yuan). There is no free float for the offshore Yuan either as the Chinese Central Bank allows trade within a narrow range that is said to be of 2% above or below the mid-rate for the day. If the exchange rate moves outside these limits, the central bank steps in. However, it can change its policy at any time.

By this currency policy, the Chinese Communist Party has been able to determine an exchange rate regime that works in the interests of the Chinese leadership (not necessarily the Chinese people). It could depreciate its currency at any time as it has done in 2019, when the property crisis in China started, and this crisis is not yet over as we know.