Hypothesized

Trace

5 Percent

1 Percent

No. of CE(s)

Eigenvalue

Statistic

Critical Value

Critical Value

None *

 0.033499

 19.89849

 15.41

 20.04

At most 1

 0.005628

 2.827760

  3.76

  6.65

 Trace test indicates 1 cointegrating equation(s) at the 5% level

 Trace test indicates no cointegration at the 1% level

 *(**) denotes rejection of the hypothesis at the 5%(1%) level

Hypothesized

Max-Eigen

5 Percent

1 Percent

No. of CE(s)

Eigenvalue

Statistic

Critical Value

Critical Value

None *

 0.033499

 17.07073

 14.07

 18.63

At most 1

 0.005628

 2.827760

  3.76

  6.65

 Max-eigenvalue test indicates 1 cointegrating equation(s) at the 5% level

 Max-eigenvalue test indicates no cointegration at the 1% level

 *(**) denotes rejection of the hypothesis at the 5%(1%) level

 Unrestricted Cointegrating Coefficients (normalized by b'*S11*b=I): 

RMBPUSD

STOCKA

-0.158528

-0.001534

-0.154265

-0.002499

 Unrestricted Adjustment Coefficients (alpha): 

D(RMBPUSD)

-0.048794

 0.037028

D(STOCKA)

 9.662281

 1.765617

1 Cointegrating Equation(s): 

Log likelihood

-3154.712

Normalized cointegrating coefficients (standard error in parentheses)

RMBPUSD

STOCKA

 1.000000

 0.009675

 (0.00110)

Adjustment coefficients (standard error in parentheses)

D(RMBPUSD)

 0.007735

 (0.00400)

D(STOCKA)

-1.531740

 (0.40769)