Egyptian official: Very seriously considering using local currency settlement with China

We are very, very, very seriously considering trying to import from various countries or regions and approving (using) the local currency of these countries to trade with Egyptian currency
According to Al Arabiya in Saudi Arabia, Egypt's supply minister, Ali Musellah, recently stated that Egypt is considering using the currencies of its commodity trading partners such as China, India, and Russia to reduce demand for the US dollar.
Ali Muselech stated that this goal has not yet been achieved. "This is a long process, and we have made progress, whether with China, India, or Russia. However, no agreement has been reached so far
Arab Television stated that in recent months, the dominance of the US dollar for decades has been questioned as global oil traders seek to make payments in currencies other than the US dollar. What drives this transformation is the Western sanctions imposed on Russia, as well as the shortage of US dollars in countries such as Egypt.
In early 2023, Russia added the Egyptian pound to its exchange rate list. Some traders told Reuters that they had to engage in non US dollar trading.
According to reports, as one of the main buyers of basic commodities, Egypt has encountered a foreign exchange crisis, which has led to a nearly 50% drop in the Egyptian pound against the US dollar exchange rate, suppressed imports, and pushed Egypt's overall inflation rate in March to 32.7%, close to historical records.
Since 2023, the actual action of "de dollarization" in many countries has continued to accelerate, and many economies have implemented "de dollarization" policies through innovative cross-border payment and settlement mechanisms, signing bilateral currency agreements, and promoting diversification of foreign exchange reserves.
On April 26th, the Argentine government announced that starting from April, some of its trade with China will be settled in RMB; On April 1, India and Malaysia agreed to use Indian rupee for trade; Indonesia, Russia, Iran, Türkiye and other countries are also continuing to promote local currency trade settlement.
Faced with this trend, "Business Insider" in the United States states that "the dominant position of the US dollar in global trade faces enormous challenges. The International Banker magazine in the United States analyzed that considering that about 1/4 of the global population is directly affected by US financial sanctions, the trend of "de dollarization" around the world may not be so surprising. The Financial Times also asserts that a multipolar currency world may come faster than imagined.