Chinese cross-border payment companies saw their shares rise after the commerce ministry announced that the yuan is now being used to pay tolls for ships passing through the Strait of Hormuz. This development marks a significant step in China's efforts to internationalize its currency and reduce reliance on the US dollar in global trade. The Strait of Hormuz is a critical maritime chokepoint through which a substantial portion of the world's oil shipments pass.

The move to accept yuan for toll payments could signal broader acceptance of the currency in international transactions, potentially benefiting Chinese fintech companies that facilitate cross-border payments. This aligns with China's long-term strategy to increase the yuan's global usage and challenge the dollar's dominance in international trade. The commerce ministry's endorsement of yuan payments for such a strategic waterway underscores the currency's growing role in global commerce.

Investors responded positively to the news, driving up shares of companies involved in cross-border payment services. This development could accelerate the adoption of yuan-denominated transactions in international shipping and trade, creating new opportunities for Chinese financial technology firms. The use of yuan for Hormuz tolls represents a tangible step toward China's goal of establishing the yuan as a major global currency.