Research On RMB Internationalization Based On The Perspective Of Pricing And Settlement Currency Of Carbon Emissions Permit Trading

After the 2008 international financial crisis,the current international monetary system dominated by the dollar has exposed a series of defects again.On the one hand,"dollar hegemony" is one kind of credit standard system,which makes the development of world economyat the mercy of dollar credit;on the other hand,under the international monetary system dominated by dollar,the negative externality of American fiscal policy and monetary policy and the absence of monitoring of capital flow and finance have magnified and infected international financial crisis.In such an external environment,the economic development of countries and regions,including China,has always been under the high cost from the current international monetary system.Therefore,it is of great significance for China's macro-economic stability and development to actively explore the international road of RMB.From the perspective of the history of two kinds of international currency—sterling and dollar,the binding of currency to the rights of pricing and settlement of and the international commodity,especially the strategic trade goods plays an important role in the process of currency internationalization.On the basis of summarizing the successful experiences of sterling and dollar,this paper argues that,in order to further promote the process of internationalization of RMB,RMB should strengthen the binding to the rights of pricing and settlement of international commodity,especially the strategic trade goods.Take future trend of development of world economy and resource endowment facts into consideration,this paper demonstrates that carbon emission permit maybe an ideal choice for RMB.Based on such kind of a theoretical point of view,this paper,combines with the trend of development of world carbon trading market and current situation of Chinese carbon trading,explores how China make strategic arrangements to promote RMB to become pricing and settlement currency of carbon emissions trading,and to expand the international influence of the RMB as medium of exchange,and further to promote the process of internationalization of RMB.