Businesses across global markets see growing scope to increase borrowing in China’s currency, a trend that could provide fresh momentum to China’s long-running effort to expand the global role of the Chinese yuan in trade and finance.

A survey of 300 corporate clients by Standard Chartered found that many companies have greater exposure to the yuan through revenue streams, procurement, and supply chains than through debt, suggesting that the currency remains underutilized as a financing tool.

Nearly a quarter of companies with existing yuan exposure said they expect to increase either onshore or offshore yuan borrowing within the next three years. Overall, about 31% of firms surveyed expect yuan financing to either increase or remain steady over that period.

“Across sectors, RMB revenue exposure through sales, procurement and supply-chain activity exceeds RMB debt exposure,” the bank said in the report, using the formal name for the yuan, the Renminbi.

“This imbalance points to a structural underutilization of RMB financing.”

The findings suggest that many companies are effectively operating with a currency mismatch — earning revenues or paying suppliers in yuan while relying on funding in other currencies such as the U.S. dollar or the Euro.

Corporate treasurers often seek to align liabilities with revenues to reduce exposure to exchange-rate volatility. As trade flows with China deepen, borrowing in yuan could therefore become a natural hedge for companies with growing commercial ties to the world’s second-largest economy.

The survey, conducted between December and January through emailed invitations to Standard Chartered clients, underscores how supply chains and cross-border trade are quietly expanding the yuan’s role in corporate finance.

For Beijing, that shift aligns with a strategic policy goal that has taken shape over the past decade: transforming the yuan from a largely domestic currency into one used more widely for global trade settlement, investment, and financing.

China has pursued that ambition through a range of initiatives, including the development of offshore yuan markets, currency swap agreements with foreign central banks, and cross-border payment infrastructure designed to support international transactions in the currency.

One such initiative is the Cross-Border Interbank Payment System, a Chinese platform created to facilitate international yuan transactions and provide an alternative channel to the dollar-centric global financial architecture.

The growth of yuan-denominated debt markets has been gradual but noticeable. China’s domestic bond market — now one of the largest in the world — has opened more broadly to foreign investors in recent years, while offshore “dim sum” bond markets have expanded to accommodate issuers seeking to raise capital outside mainland China.

Still, the yuan’s footprint in global finance remains small relative to dominant currencies. Data from the financial messaging network SWIFT show the yuan accounts for roughly 3% of global payments, compared with about 50% for the U.S. dollar. The gap underscores the entrenched role of the dollar as the world’s primary currency for trade, reserves, and global capital markets.

Even so, incremental shifts in corporate financing behavior could gradually strengthen the yuan’s presence, particularly in regions where trade links with China are expanding rapidly.

The Standard Chartered survey found significant regional variations in how companies are adopting yuan financing.

In Southeast Asia, adoption is being driven largely by supply chains tied to Chinese manufacturing. Companies sourcing components or finished goods from China increasingly settle trade in yuan, and some are beginning to finance those transactions in the same currency.

Meanwhile, in the Middle East and parts of Africa, the use of yuan is concentrated in sectors such as energy trade, infrastructure development, and large-scale construction projects where Chinese companies and state-backed lenders are heavily involved.

That pattern reflects China’s growing economic footprint across emerging markets through infrastructure financing, commodity trade, and investment projects linked to its overseas development initiatives.

Energy transactions in particular have become an area of interest for policymakers in Beijing seeking to expand yuan usage. In recent years, Chinese officials have encouraged oil exporters to accept yuan payments for crude shipments, a move that could gradually increase the currency’s presence in global commodity markets.

For multinational companies, however, the decision to increase yuan borrowing is influenced by several practical considerations. Access to yuan liquidity, hedging instruments, and regulatory frameworks all play a role in determining whether corporate treasurers are comfortable raising debt in the currency. Capital controls and the relative depth of China’s financial markets also remain important factors shaping investor participation.

Nonetheless, analysts say the structural gap identified in Standard Chartered’s survey — between corporate yuan revenues and yuan-denominated debt — suggests there is significant room for growth. If companies begin to align their financing more closely with their operational currency exposure, demand for yuan funding could expand steadily over time.

Such a shift would not immediately challenge the dominance of the U.S. dollar in global finance. But it would represent another incremental step in China’s broader strategy to internationalize its currency and reduce reliance on dollar-based financial channels.

However, the survey indicates that corporate finance decisions, particularly among companies deeply embedded in China-centered supply chains, could quietly become one of the most important drivers of the yuan’s global expansion in the years ahead.

OpenAI is preparing to integrate its artificial intelligence video generator Sora into ChatGPT, a move that could accelerate the spread of AI-generated video and deepen competition among technology companies racing to dominate the next phase of generative artificial intelligence.

According to a report by The Information, the company plans to bring the text-to-video technology directly into ChatGPT, allowing users to generate video content within the chatbot’s interface. The move would significantly broaden the accessibility of the tool by placing it inside one of the world’s most widely used AI platforms.

OpenAI has not publicly confirmed the timeline for the rollout. But the integration would mark a significant expansion of the company’s ambitions in multimodal AI — systems capable of producing and understanding different forms of media such as text, images, audio, and video.

Video emerges as the next frontier in generative AI

The planned move comes as generative AI development shifts beyond text-based chatbots toward richer forms of content creation.

Tools capable of generating written responses, code, and summaries have already become widely adopted in offices, schools, and homes. But video-generation systems represent a far more complex technological leap, requiring AI models to simulate motion, spatial relationships, lighting, and object consistency across multiple frames.

As a result, video generation is increasingly viewed within the technology sector as the next major disruptive frontier for artificial intelligence. If widely adopted, text-to-video systems could transform industries ranging from filmmaking and advertising to education, gaming, and social media, enabling users to create short videos or animated scenes from simple prompts.

OpenAI unveiled Sora in 2025 as part of its push into multimodal AI technologies. The system is designed to generate realistic videos based on written prompts, combining advances in large language models with sophisticated image and motion synthesis. The company later launched Sora as a standalone application in September 2025. The platform allows users to generate short videos and share them through a social-media-style stream inside the app.

The tool quickly drew attention across the technology industry for its ability to create visually coherent scenes and cinematic camera movements from simple text instructions.

Despite the planned integration into ChatGPT, the report indicates that OpenAI intends to continue operating Sora as a standalone platform, suggesting the company sees value in maintaining a dedicated space for creative experimentation and content sharing.

Embedding Sora into ChatGPT would expose the technology to a much larger user base. ChatGPT has become one of the most widely used AI applications globally, with millions of individuals and businesses relying on it for tasks ranging from writing and research to coding and data analysis.

Bringing video generation into that environment could effectively turn the chatbot into a unified creative platform where users can generate text, images, and video content in one place.

For creators and businesses, that integration could simplify content production workflows by allowing scripts, visuals, and final video clips to be produced through a single AI interface.

The move also underscores the escalating competition among major technology companies seeking leadership in generative AI. OpenAI’s video technology competes with tools under development by companies including Meta Platforms and Alphabet, both of which have invested heavily in text-to-video and image-generation systems.

These companies view multimedia AI as a strategic battleground because it could reshape how digital content is created and consumed across the internet. For instance, advertising agencies could generate promotional videos instantly, educators could create animated learning materials on demand, and social media users could produce short clips without traditional filming or editing tools.

Copyright and misinformation concerns

At the same time, the rapid evolution of video-generation technology has raised concerns about copyright and misinformation. AI-generated media can be created using prompts that reference copyrighted characters, styles, or scenes, potentially triggering disputes over intellectual property rights.

There are also fears that realistic AI-generated videos could be used to produce convincing misinformation or manipulated media.

OpenAI has said previously that it is developing safeguards to prevent misuse, including moderation systems designed to block harmful content and mechanisms to detect AI-generated media.

Toward a full multimedia AI ecosystem

For OpenAI, integrating Sora into ChatGPT represents a broader strategy of building a comprehensive AI ecosystem. The company has steadily expanded the capabilities of its chatbot beyond simple text responses to include image generation, voice interactions, and advanced reasoning tools.

Adding video generation would push the platform further toward becoming a full multimedia creation environment capable of producing nearly every form of digital content from a single prompt.

If the integration proceeds as reported, it could also intensify the race among technology companies to embed increasingly sophisticated creative tools directly into widely used digital platforms. The result could be a rapid transformation in how online content is produced — shifting from traditional video production workflows to AI-driven creation systems accessible to anyone with a prompt and an internet connection.

JPMorgan Chase has marked down the value of certain loans tied to software companies that are held by private-credit groups, a move that is drawing fresh attention to potential strains in the fast-growing $2 trillion private lending industry.

The markdowns, first reported by the Financial Times, which cited a person familiar with the matter, highlight rising concerns about the creditworthiness of borrowers in sectors that have long been a cornerstone of private-credit portfolios.

According to the source, the valuation adjustments apply to loans extended to software companies, a segment that private lenders have heavily financed over the past decade because of its recurring revenue models and perceived resilience.

Loan remarking — the process of revising the valuation of loans to reflect changing market conditions — does not occur frequently, but the person said it is a necessary step when underlying risks begin to shift.

“This isn’t the first time the bank has remarked loans,” the source said, adding that the process is “important to do when markets warrant it rather than waiting for a crisis to come along.”

The move comes as investors increasingly question the stability of the private credit market, which has expanded rapidly since the global financial crisis as stricter regulations pushed traditional banks away from riskier corporate lending.

Private credit refers to loans provided directly by non-bank lenders — including asset managers, private equity firms, and specialized credit funds — to companies that may struggle to secure financing from banks. These loans are often used to fund leveraged buyouts or to provide growth capital to mid-sized companies.

Because the loans are privately negotiated and rarely traded in open markets, their valuation can be difficult to assess, raising concerns about transparency and pricing accuracy during periods of financial stress.

The latest markdowns at JPMorgan come at a time when investor confidence in the sector is already being tested by rising interest rates, slowing economic growth, and mounting concerns about potential defaults among highly leveraged borrowers.

Software companies have been a particularly large recipient of private-credit financing, as lenders were drawn to subscription-based business models that generate predictable cash flows. However, that thesis is facing new pressure as technological shifts — including the rapid rise of artificial intelligence — threaten to disrupt parts of the software industry.

Some analysts warn that AI-driven tools could erode the market position of smaller or specialized software firms, potentially undermining the revenue streams used to service debt obligations.

The growing uncertainty has already prompted a wave of investor withdrawals from several major private-credit funds. Last week, BlackRock said it had limited withdrawals from one of its flagship private debt funds after a surge in redemption requests from investors seeking to pull money out of the vehicle.

Similarly, Blackstone disclosed that its private credit fund, known as Blackstone Private Credit Fund (BCRED), experienced a sharp increase in redemption requests during the first quarter, reflecting growing caution among investors.

The wave of withdrawal requests is highlighting one of the structural tensions within the private credit market: many funds promise investors periodic liquidity even though the underlying loans are relatively illiquid. That mismatch can create pressure on fund managers during periods of market stress, forcing them to impose withdrawal limits or delay redemptions.

The industry has also been facing broader scrutiny over valuation practices and risk exposure. Some investors have raised questions about how private-credit managers price loans that do not trade frequently, particularly when economic conditions begin to deteriorate.

Concerns have also surfaced over the practices of Blue Owl Capital, including whether some funds have used promised payouts or internal financing arrangements to manage client redemption requests. In addition, the sector was shaken last year by losses linked to several corporate bankruptcies, including those involving a U.S. auto parts supplier and a subprime auto lender, which exposed the extent of private-credit funds’ exposure to financially vulnerable borrowers.

The latest developments suggest that even large banks are becoming more cautious about the sectors that private lenders have embraced most aggressively.

At a leveraged finance conference last week, JPMorgan Chief Executive Jamie Dimon told investors the bank was adopting a more prudent approach when lending against software assets, according to the Financial Times.

His remarks signal a broader shift in sentiment as lenders reassess risk in an environment defined by higher borrowing costs and rapid technological change.

For years, private credit was viewed as one of the most resilient corners of global finance, benefiting from investors’ search for higher yields at a time when interest rates were historically low. But as financial conditions tighten and investors begin to scrutinize credit risk more closely, the sector is facing a more demanding test.

JPMorgan’s decision to mark down some of its loan exposures could therefore be seen as an early indication that parts of the private-credit market, particularly those tied to technology companies, may be entering a period of increased stress.