Yuan fees for ships to pass Hormuz boost Chinese payment stocks
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Shares of Chinese payment companies surged after the commerce ministry announced that the yuan is now accepted for tolls in the Strait of Hormuz. CNPC Capital Co. rose 10%, Lakala Payment Co. increased by 7.9%, and Shenzhen Forms Syntron Information Co. gained 9.4%. This development supports China's goal of yuan internationalization and is expected to attract more capital to related sectors amid ongoing geopolitical tensions. Vessels are reportedly paying $2 million fees to Iran, which can be settled in yuan, highlighting the yuan's growing role in global trade.
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