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

Table 2

Cointegration test results.

Variables	Trace statistics	value	5% level	Number of cointegration equations
(INREER, INTS)	28.19	0.003	20.26	None
	2.723	0.633	9.164	At most one
(INREER, INATTC)	21.66	0.040	20.26	None
	2.957	0.588	9.164	At most one
(INREER, INCTTA)	86.92	0.001	20.26	None
	2.227	0.732	9.164	At most one