ρ

Interest rate

Exchange rate

RAT

Bond (本)

gold

R2/LIK

W1

0.9845***

(0)

0.2075***

(0.0058)

0.4137

(186.6)

W2

0.9998***

(0)

0.2066***

(0.0059)

0.4144

(187.2)

W3

0.9997***

(0)

0.2084***

(0.0056)

0.4135

(186.5)