Shares of Chinese companies that offer cross-border payments rose, after the commerce ministry noted that the yuan is being used to pay tolls for passage through the Strait of Hormuz.

CNPC Capital Co., a financial services unit of China National Petroleum Corp., jumped by as much as the 10% daily limit in Shenzhen. Lakala Payment Co., a leading Chinese third-party payments provider, climbed as much as 7.9%, while financial-technology firm Shenzhen Forms Syntron Information Co. rose 9.4% before paring gains.

While China has long been striving for yuan internationalization, actual application in the Hormuz provides a concrete use case that markets have been waiting for. Analysts said the development reinforces expectations that geopolitical conflicts may channel incremental capital toward China.

A post on the Ministry of Commerce website, which cited a recent Lloyd’s List report, said that vessels are paying $2 million fees to Iran for transit of the key energy transportation waterway, and that these can be paid in yuan.

“As the Iran war continues, the yuan is emerging as a key alternative for global capital due to China’s good relationship with Iran,” said Shen Meng, a director at Beijing-based investment bank Chanson & Co. “Thus, related sectors such as oil & gas capital companies and electronic payment stocks will receive more capital flows.”

Shen added that China’s push for yuan internationalization has been a key driver for promoting the currency’s use in Hormuz.

Iran has been exerting control over shipping through the Strait of Hormuz, with tolls starting at around $1 per barrel, paid in yuan or stablecoins, people with knowledge of the situation have told Bloomberg. A very large crude carrier, or VLCC, typically has a capacity of around 2 million barrels.