Period

Variance Decomposition of CNY:

Variance Decomposition of CNH:

CNY

CNH

CNY

CNH

1

100

0

100

0

2

97.1008

2.899204

99.96687

0.033133

3

95.51903

4.480967

99.96766

0.032339

4

94.75392

5.246082

99.81554

0.184455

5

94.29819

5.701813

99.40486

0.595136

6

94.25276

5.747236

98.89245

1.107545

7

94.05016

5.949839

98.66614

1.333858

8

93.73569

6.264307

98.54378

1.456223

9

93.38454

6.615456

98.46199

1.538007

10

93.0074

6.992603

98.3909

1.609104