Study on the Path of RMB Internationalization Based on Carbon Trading—Insights from Empirical Evidence in European Carbon Trading Markets
Against the background of building a strong financial country and promoting the internationalization of RMB in a prudent and solid manner,this paper analyzes the possible impact of carbon emissions trading on currency internationaliza-tion based on the global climate crisis and the carbon emissions trading market derived from the energy revolution.By analyzing the path of international currency formation,this paper explores the transmission path of carbon emissions trading on currency internationalization as well as empirical research using the TVP-VAR model,and the quarterly data of the EU carbon trading market from 2005 to 2021.The study shows that at the early stage of the establishment of the EU carbon trading market,the EU carbon price has a certain inhibitory effect on the EU's economic strength and the degree of internation-alization of the euro;however,since 2009,the EU carbon price has significantly enhanced the EU's economic strength and the degree of internationalization of the euro.In addition,in the short and medium term,the EU carbon trading volume can enhance the EU's economic strength,but its effect on the internationalization of the euro is gradually weakening in the short term.It is difficult to rely solely on the expansion of the carbon trading volume to sustainably improve the currency's international stand-ing.This paper proposes the valuation and settlement path as well as the enterprise cost path for carbon emissions trading to promote RMB internationalization,and suggests a three-step strategy of"peripheralization-regionalization-international-ization"to realize RMB internationalization by means of carbon trading,to explore the focal point of the future strategy of RMB internationalization,to provide theoretical support and decision-making basis for the steady and solid promotion of RMB inter-nationalization,to build a strong financial country,and to unswervingly take the road of currency internationalization with"Chi-nese characteristics".
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