SHANGHAI: Shares of some Chinese companies engaged in cross-border payments surged on Friday, after commerce ministry mentioned that ships had used the Chinese yuan to pay tolls passing through the Strait of Hormuz.
CNPC Capital Co, the financial service arm of China National Petroleum Corp, ended 7.9 per cent higher on Friday. Beijing Cuiwei Tower Co leapt 10 per cent at the close. Lakala Payment Co and Shenzhen Forms Syntron Information rose as much as 8.0 per cent and 9.0 per cent, respectively.
Sharp gains followed a Ministry of Commerce post published on Thursday, citing Lloyd’s List, which said that fees for passage through the Strait of Hormuz were settled via an intermediary after customs clearance. The fee was set at $2 million and can be paid in Chinese yuan.
