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Table 1 Unit Root Test

From: Cointegration between macroeconomic factors and the exchange rate USD/CNY

Variables

ADF

PP

Intercept

Trend & Intercept

Intercept

Trend & Intercept

Level

 EXCR

−2.1617

−0.9660

−2.1196

− 0.9762

 GDPG

−4.4096

− 4.7044b

− 2.8107

− 2.5251

 INFR

−3.3827a

− 3.8371a

−2.4424

− 2.5542

 INTR

−3.5806a

− 3.5232

− 3.6007a

−3.6311

 TRDO

−0.7895

− 1.4466

− 1.8110

− 0.0517

First Difference

 EXCR

−5.1581-c

−5.7296c

−4.2031c

− 5.7286c

 GDPG

−5.9176c

− 5.8603c

−5.9144c

−6.2571c

 INFR

−4.8311c

−4.8610b

−6.8773c

−7.3084c

 INTR

−6.3198c

−6.2267c

− 6.6417c

− 7.4399c

 TRDO

−3.3199c

−4.4918a

−4.3199b

− 4.5144b

  1. a,b and c shows 1, 5 and 10% level of significance respectively