China payment firms' stocks jump on yuan use as Hormuz transit fee

Shares of Chinese firms facilitating cross-border payments, including CNPC Capital, Lakala Payment, and Shenzhen Forms Syntron Information, rose by up to 10% on Friday. The surge followed a Chinese commerce ministry post that said the yuan was being used for toll payments through Strait of Hormuz. Reportedly, ships are paying $2 million in fees to Iran to use the route.