USD-CNY

EUR-CNY

JPY-CNY

c

0.0124^***

0.000453^***

−9.27e−05^***

(3.05e−05)

(1.67e−05)

(1.79e−05)

a

0.0124^***

0.000453^***

−9.27e−05^***

(3.05e−05)

(1.67e−05)

(1.79e−05)

b

5.25e−08^***

1.51e−07^*

1.48e−07^*

(1.55e−08)

(8.14e−08)

(8.14e−08)

a * b

−1.20e−06^**

6.12e−08^**

6.29e−07^**

中介效应

(5.72e−07)

(3.53e−07)

(6.84e−07)

a * b

0.00704190

−0.0000599

−0.0128284

(95%BootCI)

(0.0000337)

(0.0005493)

(0.0001324)

C’

6.528e−10

6.858e−11

−1.368e−11

直接效应

Yes

Yes

Yes

中介效应

Yes

Yes

Yes

效应占比 = a * b/c

56.7895%

13.2230%

73.7864%