Impulse Response of CNY

Periods of time

stage

Impulse Response of Developing Economies

Impulse Response of Developed Economies

2006/08/01- 2008/9/15

ARS

BRL

IDR

LKR

NIS

PHP

THB

TWD

ZAR

JPY

EUR

USD

1

0.0037

2

0.0021

0.0015

0.0015

4

0.0011

2008/09/16- 2010/6/18

1

0.0058

2

0.0035

0.0022

0.0015

0.0034

3

0.0019

−0.0016

4

0.0016

0.0012

0.0014

6

0.0016

0.0015

0.0015

0.0013

2010/06/19- 2015/8/11

1

0.0045

2

0.0027

0.0022

0.0013

0.0021

0.0005

7

-0.0008

9

0.0009

2015/08/12- 2018/12/31

1

0.0041

2

0.0012

0.0009

0.0015

3

−0.0001

5

0.0003

7

0.0012

8

−0.0003

9

0.0005

0.0007