This paper studies different circulating current references for the modular multilevel converter. The circulating current references are obtained from the instantaneous values of the output current and modulation signal of the phase leg. Therefore, the determination of the amplitude and phase of the output current is not needed, which is a significant improvement compared to other methods such as those based on injecting specific harmonics in the circulating currents. Among the different methods studied in this paper, a new method is introduced, which is able to reduce the capacitor voltage ripples compared to the other methods. A closed-loop control is also proposed which is able to track the circulating current references. With the discussed methods, the average values of the capacitor voltages are maintained at their reference while the voltage ripples are kept low. Experimental results are presented to demonstrate the effectiveness of the proposed and discussed methods.