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China carbon prices near record high as regulations tighten

TOKYO -- China's carbon allowances are trading in record-high territory as the country's biggest polluters scramble to buy emissions credits amid tightening government regulations.

The average spot price of emissions traded on the Shanghai Environment and Energy Exchange hit 101.51 yuan ($14.05) on April 24, exceeding the 100 yuan milestone for the first time, before rising to 104 yuan on April 29.