Yuan Fees for Ships to Pass Hormuz Boost Chinese Payment Stocks

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.Author of the article:You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — 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.Subscribe now to read the latest news in your city and across Canada.Subscribe now to read the latest news in your city and across Canada.Create an account or sign in to continue with your reading experience.Create an account or sign in to continue with your reading experience.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.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.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.Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information.365 Bloor Street East, Toronto, Ontario, M4W 3L4© 2026 Financial Post, a division of Postmedia Network Inc. All rights reserved. Unauthorized distribution, transmission or republication strictly prohibited.This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.You can manage saved articles in your account.and save up to 100 articles!You can manage your saved articles in your account and clicking the X located at the bottom right of the article.