Chinese payment stocks jump as SWIFT sanctions against Russia boosts yuan hopes

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SHANGHAI: Chinese payment-related stocks jumped on Monday (Feb 28) as investors bet that the United States and Europe kicking Russia out of SWIFT would benefit China\u0027s cross-border payment system and accelerate digital currency development. Ratcheting up sanctions following Russia\u0027s invasion of Ukraine, th

SHANGHAI: Chinese payment-related stocks jumped on Monday as investors bet that the United States and Europe kicking Russia out of SWIFT would benefit China's cross-border payment system and accelerate digital currency development.

Shares of leading Chinese companies involved in developing payment infrastructure for the digital yuan, including Newland Digital Technology Co, Lakala Payment Co and Client Service International Inc rose strongly, despite weakness in the broader Chinese market. "Although it's hard to replace SWIFT in the short term, this incident is very beneficial to yuan's globalisation over the long run."

 

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