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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Xitler supports Putler.