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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