Research on the Impact of Sino-US Trade Structure on the Real Effective Exchange Rate of RMB

Table 1

Stationarity test.

Variables	Test equation form	ADF	Conclusion
DINREER	(C, T, 0)	−10.1	Yes
DINTS	(C, T, 2)	−12.1	Yes
DATTC	(C, T, 1)	−12.5	Yes
DCTTA	(C, T, 4)	−10.9	Yes

Note. The form of the test equation is (C, T, L), where C, T, and L represent the constant term, the trend term, and the lag order, respectively; the selection of the optimal lag order is based on the AIC and SC criteria. T statistics are in parentheses. , , and .