ρ

Interest rate

Exchange rate

RAT

Bond(本)

gold

R2/LIK

W1

0.7923***

(0)

1.1621***

(0)

−0.2712***

(0.0003)

−1.1881***

(0)

0.2145

(30.2)

W2

0.8013**

(0)

1.1588***

(0)

−0.2713***

(0.0003)

−1.1819***

(0)

0.2114

(29.7)

W3

0.8468***

(0)

1.1566***

(0)

−0.2717***

(0.0003)

−1.1797***

(0)

0.2153

(30.4)