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

Table 4

Tests on the 0, 1/2, and 1/4 frequency cointegration.

		ZBMJ		LDMJ		ZYMJ
0	t value
		−2.380	−2.722	−1.932	−2.050	−2.578	−2.748
		Yes	Yes	Yes	Yes	Yes	Yes
1/2	t value
		−3.833	−3.053	−2.868	−3.498	−2.390	−3.543
		Yes	Yes	Yes	Yes	Yes	Yes
1/4	t value
		−3.432	−2.634	−4.748	−3.748	−2.563	−3.256
		Yes	Yes	Yes	Yes	Yes	Yes

Note. The critical values of the seasonal cointegration test for all import and export trade structures determined in this article are as follows: the critical value of 1% is −2.605, the critical value of 5% is −1.946, and the critical value of 10% is −1.613; rejecting the nonstationary hypothesis at the 1% significance level, rejecting the nonstationary hypothesis at the 5% significance level, and rejecting the nonstationary hypothesis at the 10% significance level.