Hypothesized

Trace

5 Percent

1 Percent

No. of CE(s)

Eigenvalue

Statistic

Critical Value

Critical Value

None *

 0.023583

 16.36175

 15.41

 20.04

At most 1 *

 0.008754

 4.404927

  3.76

  6.65

 Trace test indicates 2 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

 0.023583

 11.95682

 14.07

 18.63

At most 1 *

 0.008754

 4.404927

  3.76

  6.65

 Max-eigenvalue test indicates no cointegration at both 5% and 1% levels

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

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

RMBPUSD

STOCKB

 0.167170

 0.028192

-0.055285

-0.020450

 Unrestricted Adjustment Coefficients (alpha): 

D(RMBPUSD)

 0.041099

 0.046015

D(STOCKB)

-0.728759

 0.203484

1 Cointegrating Equation(s): 

Log likelihood

-1951.965

Normalized cointegrating coefficients (standard error in parentheses)

RMBPUSD

STOCKB

 1.000000

 0.168640

 (0.01835)

Adjustment coefficients (standard error in parentheses)

D(RMBPUSD)

 0.006870

 (0.00421)

D(STOCKB)

-0.121826

 (0.03900)