Issues and Development Path of Carbon Market——Based on the Perspective of Constructing the"Carbon RMB"System
In the journey towards Renminbi(RMB)internationalization,identifying and cultivating novel application scenarios is crucial.On the foundation of delving into the historical trends of currency internationalization,the present stage of the Renminbi's(RMB)internationalization,and the evolving dynamics of the global carbon market,this study advocates for the establishment of a"Carbon-RMB"sys-tem.The introduction of this system capitalizes on the distinctive opportunities af-forded by the early phase of international carbon market connectivity.This strategic move is aimed at enhancing the network effects of the RMB,providing fresh impe-tus for its global adoption and integration.Acknowledging the status quo of China's carbon emissions trading system and carbon finance market,this paper advocates for capitalizing on the well-established regional carbon markets within the main-land,while also seeking partnership with the Hong Kong and Macao regions to pio-neer the development of cross-border carbon markets.This approach is proposed as the foundational step in creating the"Carbon RMB"system.It aims to streamline and enhance the efficiency of regional carbon markets,thereby establishing a solid base for integrating the RMB into the global carbon finance landscape.The paper outlines several specific measures.Firstly,to integrate regional carbon markets in both mainland China and Hong Kong as the initial step towards establishing the"carbon RMB"system.Secondly,to boost the momentum behind the internationali-zation of carbon markets through improving governance mechanisms.Thirdly,at-tention must be given to addressing green trade rules.All the measures might ulti-mately promote the integration and optimization of the regional carbon market,and enhance the application of the renminbi in international carbon financial transac-tions.
Carbon MarketRMB InternationalizationCross Border Emissions TradingInstitutional Development
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