The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 17 pips to 6.7174 against the U.S. dollar Thursday, according to the China Foreign Exchange Trade System.
In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.
The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.
Chinese yuan strengthens to 6.7174 against USD Thursday
China, Türkiye and Ethiopia on Wednesday jointly launched an initiative to enhance international cooperation on carbon crediting markets at the 31st United Nations Climate Change Conference (COP31) in the Turkish coastal city of Antalya.
Unveiled at the COP31 China Pavilion in a ceremony attended by government officials and representatives of international organizations, including the United Nations and the World Bank, the initiative calls for stronger cooperation to promote the sustainable development of the global carbon credit market and support the global green and low-carbon transition.
With the implementation rules of the market mechanisms under Article 6 of the Paris Agreement gradually taking effect in recent years, international demand for high-quality carbon credits has continued to grow.
The initiative urges governments and relevant intergovernmental institutions to take the lead in improving governance systems for high-quality carbon credits. It calls on carbon credit mechanisms and market participants to strengthen exchanges and collaboration to ensure high-quality supply, all social actors to use carbon credits responsibly to generate effective market demand, and all parties to deepen international exchanges and cooperation, enhance capacity building, and promote carbon credit information sharing and infrastructure connectivity.
"We believe this initiative can make a significant contribution. And all those years of progress and experience and measuring and cooperating and identifying the emission reduction potential, linking it with national policies and overall ambition aims, this is all very relevant experience that China has had and really needs to be shared with others, so that we all can make the same efforts to really build really well functioning climate markets," said James Grabert, head of the Mitigation Division under the United Nations Climate Change Secretariat.
COP31, which opened on Monday and runs through Nov. 20, has brought together representatives from nearly 200 countries and regions around the world.
China, Türkiye, Ethiopia launch carbon crediting initiative at COP31
