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

Table 5

Seasonal error correction model.

Variable	ZBMJ		LDMJ		ZYMJ
		0.040
		0.030
			0.041
				0.047
					0.044
						0.050
	−0.060	−0.013	−0.066	−0.074	−0.088	−0.050
	−0.090	−0.091	−0.039	−0.007	−0.047	−0.018
	−0.140	−0.458	−0.147	−0.230	−0.701	−0.594

Note. The model is shown. T statistics are in parentheses. , , and .