Variable | CNY | CNH |
CNY(−1) | 0.717489 | 0.052284 |
| (0.04334) | (0.05616) |
| [16.5550] | [0.93104] |
CNY(−2) | 0.095928 | −0.055391 |
| (0.05254) | (0.06808) |
| [1.82570] | [−0.81360] |
CNY(−3) | 0.150733 | 0.132391 |
| (0.05281) | (0.06843) |
| [2.85427] | [1.93478] |
CNY(−4) | 0.008464 | 0.043747 |
| (0.05284) | (0.06846) |
| [0.16019] | [0.63897] |
CNY(−5) | 0.032160 | −0.022961 |
| (0.05234) | (0.06782) |
| [0.61444] | [−0.33857] |
CNY(−6) | −0.069583 | −0.124566 |
| (0.04099) | (0.05312) |
| [−1.69742] | [−2.34514] |
CNH(−1) | 0.294690 | 0.984977 |
| (0.03341) | (0.04330) |
| [8.81934] | [22.7500] |