Period	Variable	$y_{t}$	$Δ y_{t}$
A	CNH	0.9333	0.0000***
A	CNY	0.9366	0.0000***
B	CNH	0.3931	0.0000***
B	CNY	0.1889	0.0000***
C	CNH	0.4916	0.0000***
C	CNY	0.3987	0.0000***
D	CNH	0.7030	0.0001***
D	CNY	0.6888	0.0001***
E	CNH	0.6285	0.0000***
E	CNY	0.6803	0.0000***
Full sample	CNH	0.0843*	0.0000***
Full sample	CNY	0.0705*	0.0001***