The Effectiveness and Sustainability of the Sterilization Policy in China

Table 2

Variables and data sources.

Variable	Data source
:	CEIC database
:	CEIC database
:	CEIC database
:	CEIC database
:	CEIC database
:	CEIC database
:	CEIC database
:	TEJ database
: the 3-month RMB/USD nondeliverable forward rate in logarithmic terms	Bloomberg
: the interest rate differential between People’s Bank of China and the US Federal Funds	TEJ database
: the stock return differential between China and the USA	CEIC database and TEJ database
: interest rate on 3-month central bank bills	PBC
: the interest on required reserves	PBC
: the value of the current issuance of central bank bills minus the value of maturing central bank bills	PBC
: the deposits with central bank from the balance sheet of other depository corporations	PBC
: the value of foreign exchange reserve expressed in RMB	CEIC database
: the rates of change in exchange rate	CEIC database
: the yield on 3-month US Treasury bills	TEJ database