Hey US, remember that soft power you used to have? Yeah.

For the unaware, Egypt is chronically short on foreign currency, which is probably part of why they're willing to do this even though America probably won't like it.

Good

Nobody is dropping the US dollar all at once. I would expect to see a continuing transition to other currencies over time.

China and Egypt have agreed to increase trade and investment settlements in their local currencies, moving away from the US dollar.

A bit of a sensational headline.

China could probably raise even more debt than America. I'm just looking forward to number go up