In our BVAR model specification, the vector of endogenous variables t y consists of three China’s variables: the export volume ( t Export ), the import volume ( t Import ), and the transaction volume of the domestic FXD market ( t FXD ):
In our BVAR model specification, the vector of endogenousvariables t y consists of three China’s variables: the export volume ( t Export ), the importvolume ( t Import ), and the transaction volume of the domestic FXD market ( t FXD ):