What affects China's green finance? Evidence from cryptocurrency market, oil market, and economic policy uncertainty.

This paper discusses the dynamic long- and short-term effects of bitcoin price (BTP), crude oil price (COP), and uncertainty of economic policy (EPU) on China's green bond (CGB) market, separately. Depending on the quantile autoregressive distributed lag method, the empirical results are shown that BTP and EPU exert substantial positive and negative effects on the CGB market in the long term for most circumstances, while their effects reflect not prominent in the short term. The main contributions can be summarized as follows. Given that China is the largest bitcoin mining state and a major green bond issuer, this study first explores the linkages between them. Furthermore, both long- and short-term effects are investigated from BTP, COP, and EPU to CGB, and long-term effects are dominated in the interrelationships among variables, indicating that the CGB market is mainly driven by permanent shocks. In addition, the mentioned long-term effects are deeply discussed from time- and quantile-varying aspects. This approach considers diverse situations in the bond market and various incidents that occur at various durations of time. The results underscore the significance of market participants gaining a deeper comprehension of how BTP, COP, and EPU impact green bond within varying market conditions. Implementing specific policies, such as establishing a cohesive and efficient bond market and making careful adjustments to economic policies, can be advantageous in maintaining stability within the CGB market.

[Fluorescence spectroscopy characterization of asphaltene liquefied from coal and study of its association structure].

Structure and association of asphaltenes from coal direct hydroliquefaction were studied by fluorescence spectrometry and UV-Vis absorption spectrometry in this paper. The results indicate that asphaltene is aromatic mixtures mainly containing naphthalene nucleus and shows strong fluorescent characteristic. The forming of exciplex between asphaltene and solvent results in the red shift of fluorescence peak and fluorescence quenching of asphaltene that increases with the polarity and electron acceptability. The self-aggregation of asphaltene is formed by non-covalent bond interaction, so that the asphaltene liquefied at higher temperture that shows high aromaticity has stronger association than that liquefied at lower temperature. Aggregation of asphaltene has been found to be a gradual process, in which there is no critical aggregation constant observed, and the inflection point of the plot of apparent fluorescence intensity as a function of asphaltene concentration varies with the excitation wavelength.