Table 17 Estimation results with CNY/USD and CNY/JPY.

From: The COVID-19 pandemics and import demand elasticities: evidence from China’s customs data

Monthly: 2019m1 to 2021m3

(1)

(2)

(3)

All trade modes (Y = Δ ln v)

CNY_USD

CNY_JPY

CNY_USD &CNY&JPY

CNY/USD

−0.480 (0.638)

 

0.0693 (1.463)

CNY/JPY

 

−0.453 (0.389)

−0.488 (0.946)

Δ ln RER_CNY

1.955*** (0.432)

1.927*** (0.422)

1.926*** (0.406)

Δ ln RER_CNY × Policy

−4.087*** (0.871)

−4.071*** (0.846)

−4.072*** (0.853)

Δ ln RER_CNY × HHI

0.639* (0.363)

0.628* (0.369)

0.628* (0.365)

Δ ln RER_Comp

0.115*** (0.011)

0.115*** (0.011)

0.115*** (0.011)

Δ ln RER_Comp × Policy

−0.0249*** (0.007)

−0.0249*** (0.007)

−0.0249*** (0.007)

Δ ln RER_Comp × HHI

−0.0870*** (0.009)

−0.0870*** (0.009)

−0.0870*** (0.009)

Constant

−0.00873** (0.003)

−0.124*** (0.006)

−0.151*** (0.009)

Controls

Yes

Yes

Yes

Province-time FE

No

No

No

Province-product-country FE

Yes

Yes

Yes

Time FE

Yes

Yes

Yes

N

2352568

2352568

2352568

R2

0.049

0.049

0.049

Prob > F-statistic

0.000

0.000

0.000

  1. Note: We employ the Chinese customs data on China’s imports, which contain information regarding different Asian countries’ exports to different Chinese provinces. An increase in ΔlnRER_Comp implies a real appreciation of competitors’ currencies, and an increase in ΔlnRER_CNY implies a real depreciation of RMB against that one Asian trading partner’s currency (bilateral). To be consistent with the baseline regression, we include the lagged one exchange rate movements of the CNY/USD and CNY/JPY to check for whether the dominant currency effect would alter our explanations of the baseline results. A larger HHI implies a higher degree of market concentration for Asian economies in exporting to China. *, **, *** indicate variables significant at 10%, 5%, and 1% level respectively. Clustered standard errors at provincial level are reported in parenthesis.
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