Table 8 Exchange rate elasticity of total import value with country heterogeneity.

All trade modes	Y= Δ ln v		Y= Δ ln uv		Y= Δ ln q
Monthly: 2019m1 to 2021m3	(1)	(2)	(3)	(4)	(5)	(6)
	High-income	Middle- and low-income	High-income	Middle- and low-income	High-income	Middle- and low-income
Δ ln RER_CNY × Policy	−1.934^*** (0.624)	−1.498^* (0.840)	−0.301 (0.365)	0.380^*** (0.0987)	−1.957^** (0.945)	−2.172^** (0.856)
Δ ln RER_Comp	0.122^*** (0.013)	0.111^*** (0.009)	0.0173^*** (0.003)	0.00759^** (0.003)	0.104^*** (0.012)	0.0988^*** (0.009)
Δ ln RER_Comp × Policy	−0.00289 (0.008)	−0.0197^*** (0.005)	0.00217 (0.003)	−0.00290 (0.003)	−0.00900 (0.007)	−0.0131^** (0.005)
Δ ln RER_Comp × HHI	−0.0789^*** (0.010)	−0.152^*** (0.008)	−0.0109^*** (0.003)	−0.0167^*** (0.003)	−0.0724^*** (0.011)	−0.131^*** (0.007)
Constant	−0.0839^*** (0.013)	−0.0960^*** (0.017)	−0.0135^*** (0.003)	−0.0206^*** (0.004)	−0.0481^*** (0.012)	−0.0673^*** (0.014)
Controls	Yes	Yes	Yes	Yes	Yes	Yes
Province-time FE	Yes	Yes	Yes	Yes	Yes	Yes
Province-product-country FE	Yes	Yes	Yes	Yes	Yes	Yes
Time FE	Yes	Yes	Yes	Yes	Yes	Yes
N	1242476	1110092	1188647	1060106	1188652	1060112
R²	0.053	0.056	0.031	0.034	0.049	0.053
Prob > F-statistic	0.000	0.000	0.000	0.000	0.000	0.000

Note: The classification of countries based on income level is from the World Bank Country and Lending Groups Classification. 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). 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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