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

Table 3

HEGY test results.

	INIZBMJ	INEZBMJ	INILDMJ	INELDMJ	INIZYMJ	INEZYMJ	INREER
	1.121	−0.109	−0.460	−0.003	−1.523	0.040	−1.329
Conclusion	Yes	Yes	Yes	Yes	Yes	Yes	Yes
	−0.509	1.605	0.339	0.388	1.935	1.161	1.518
Conclusion	Yes	Yes	Yes	Yes	Yes	Yes	Yes
	1.618	1.234	0.323	2.086	0.425	0.261	1.421
Conclusion	Yes	Yes	Yes	Yes	Yes	Yes	Yes