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 |