Ef fective and robust catalyst is the core of water splitting to produce hydrogen.Here, we report an anionic etching method to tailor the sulfur vacancy(VS) of NiS_(2) to further enhance the electrocatalytic performan...Ef fective and robust catalyst is the core of water splitting to produce hydrogen.Here, we report an anionic etching method to tailor the sulfur vacancy(VS) of NiS_(2) to further enhance the electrocatalytic performance for hydrogen evolution reaction(HER). With the VS concentration change from 2.4% to 8.5%, the H* adsorption strength on S sites changed and NiS_(2)-VS 5.9% shows the most optimized H* adsorption for HER with an ultralow onset potential(68 m V) and has long-term stability for 100 h in 1 M KOH media. In situ attenuated-total-reflection Fourier transform infrared spectroscopy(ATR-FTIRS) measurements are usually used to monitor the adsorption of intermediates. The S-H* peak of the Ni S_(2)-VS 5.9% appears at a very low voltage, which is favorable for the HER in alkaline media. Density functional theory calculations also demonstrate the Ni S_(2)-VS 5.9% has the optimal |ΔG^(H*)| of 0.17 e V. This work offers a simple and promising pathway to enhance catalytic activity via precise vacancies strategy.展开更多
Lymphatic metastasis is a continuous and complicated process. The detailed mechanisms of lymphatic metastasis are still not very clear, despite considerable research efforts in recent years. Previously, it was commonl...Lymphatic metastasis is a continuous and complicated process. The detailed mechanisms of lymphatic metastasis are still not very clear, despite considerable research efforts in recent years. Previously, it was commonly accepted that there were no lymphatic vessels in the primary tumor. However, recent studies have demonstrated that lymphatic vessels are detectable in certain types of cancer, and more and more evidence has shown that cancer cells invade into local lymph nodes mainly via peritumoral lymphatic vessels, Moreover, activated endothelial cells may also be important, having an influence on lymphatic metastasis of cancer cells. This article, based on recent research findings, provides an in-depth discussion of the relationship between lymphangiogenesis, tumor-derived lymphatic endothelial cells and lymphatic metastasis in head and neck cancer.展开更多
Devices with variable stiffness are drawing more and more attention with the growing interests of human-robot interaction,wearable robotics,rehabilitation robotics,etc.In this paper,the authors report on the design,an...Devices with variable stiffness are drawing more and more attention with the growing interests of human-robot interaction,wearable robotics,rehabilitation robotics,etc.In this paper,the authors report on the design,analysis and experiments of a stiffness variable passive compliant device whose structure is a combination of a reconfigurable elastic inner skeleton and an origami shell.The main concept of the reconfigurable skeleton is to have two elastic trapezoid four-bar linkages arranged in orthogonal.The stiffness variation generates from the passive deflection of the elastic limbs and is realized by actively switching the arrangement of the leaf springs and the passive joints in a fast,simple and straightforward manner.The kinetostatics and the compliance of the device are analyzed based on an efficient approach to the large deflection problem of the elastic links.A prototype is fabricated to conduct experiments for the assessment of the proposed concept.The results show that the prototype possesses relatively low stiffness under the compliant status and high stiffness under the stiff status with a status switching speed around 80 ms.展开更多
BACKGROUND In recent years,the detection rate of ground-glass nodules(GGNs)has been improved dramatically due to the popularization of low-dose computed tomography(CT)screening with high-resolution CT technique.This p...BACKGROUND In recent years,the detection rate of ground-glass nodules(GGNs)has been improved dramatically due to the popularization of low-dose computed tomography(CT)screening with high-resolution CT technique.This presents challenges for the characterization and management of the GGNs,which depends on a thorough investigation and sufficient diagnostic knowledge of the GGNs.In most diagnostic studies of the GGNs,morphological manifestations are used to differentiate benignancy and malignancy.In contrast,few studies are dedicated to the assessment of the hemodynamics,i.e.,perfusion parameters of the GGNs.AIM To assess the dual vascular supply patterns of GGNs on different histopathology and opacities.METHODS Forty-seven GGNs from 47 patients were prospectively included and underwent the dynamic volume CT.Histopathologic diagnoses were obtained within two weeks after the CT examination.Blood flow from the bronchial artery[bronchial flow(BF)]and pulmonary artery[pulmonary flow(PF)]as well as the perfusion index(PI)=[PF/(PF+BF)]were obtained using first-pass dual-input CT perfusion analysis and compared respectively between different histopathology and lesion types(pure or mixed GGNs)and correlated with the attenuation values of the lesions using one-way ANOVA,student’s t test and Pearson correlation analysis.RESULTS Of the 47 GGNs(mean diameter,8.17 mm;range,5.3-12.7 mm),30(64%)were carcinoma,6(13%)were atypical adenomatous hyperplasia and 11(23%)were organizing pneumonia.All perfusion parameters(BF,PF and PI)demonstrated no significant difference among the three conditions(all P>0.05).The PFs were higher than the BFs in all the three conditions(all P<0.001).Of the 30 GGN carcinomas,14 showed mixed GGNs and 16 pure GGNs with a higher PI in the latter(P<0.01).Of the 17 benign GGNs,4 showed mixed GGNs and 13 pure GGNs with no significant difference of the PI between the GGN types(P=0.21).A negative correlation(r=-0.76,P<0.001)was demonstrated between the CT attenuation values and the PIs in the 30 GGN carcinomas.CONCLUSION The GGNs are perfused dominantly by the PF regardless of its histopathology while the weight of the BF in the GGN carcinomas increases gradually during the progress of its opacification.展开更多
Bemisia tabaci(Gennadius)(Hemiptera:Aleyrodidae)is a cosmopolitan insect pest causing serious damage to crop production.Cytochromes P450(CYPs)of B.tabaci are widely known to be involved in the metabolic resistance to ...Bemisia tabaci(Gennadius)(Hemiptera:Aleyrodidae)is a cosmopolitan insect pest causing serious damage to crop production.Cytochromes P450(CYPs)of B.tabaci are widely known to be involved in the metabolic resistance to a variety of insecticides,continuously increasing the difficulty in controlling this pest.In this study,four P450 genes(CYP6CMI,CYP6CXl,CYP6CX3,and CYP402CI)in B.tabaci exhibited correlations with the resistance to imidacloprid.We have focused on trying to understand the function and metabolism capacity of CYP402C1.The expression profiles of CYP402C1 were examined by reverse transcription quantitative real-time PCR and fluorescence in situ hybridizations.Its role in resistance to imidacloprid was investigated by RNA interference,transgenic Drosophila melanogaster,and heterologous expression.The results showed that CYP402CI was highly expressed in the active feeding stages of B.tabaci,such as nymphs and female adults.CYP402C1 was mainly expressed in midguts of nymphs and adults,especially in the filter chamber.Knockdown of CYP402CI significantly decreased the resistance of B.tabaci to imidacloprid by 3.96-fold(50%lethal concentration:186.46 versus 47.08 mg/L).Overexpression of CYP402CI in a transgenic D.melanogaster line(Gal4>UAS-CYP402CI)significantly increased the resistance to imidacloprid from 12.68-to 14.92-fold(129.01 and 151.80 mg/L versus 1925.14 mg/L).The heterologous expression of CYP402CI showed a metabolism ability of imidacloprid(imidacloprid decreased by 12.51%within 2 h).This study provides new insights for CYP402C1 function in B.tabaci and will help develop new strategies in B.tabaci control and its insecticide resistance.展开更多
In recent years,there has been an increasing focus on the application of hydrogels in tissue engineering.The integration of 3D bioprinting technology has expanded the potential applications of hydrogels.However,few co...In recent years,there has been an increasing focus on the application of hydrogels in tissue engineering.The integration of 3D bioprinting technology has expanded the potential applications of hydrogels.However,few commercially available hydrogels used for 3D biological printing exhibit both excellent biocompatibility and mechanical properties.Gelatin methacrylate(GelMA)has good biocompatibility and is widely used in 3D bioprinting.However,its low mechanical properties limit its use as a standalone bioink for 3D bioprinting.In this work,we designed a biomaterial ink composed of GelMA and chitin nanocrystal(ChiNC).We explored fundamental printing properties of composite bioinks,including rheological properties,porosity,equilibrium swelling rate,mechanical properties,biocompatibility,effects on the secretion of angiogenic factors and fidelity of 3D bioprinting.The results showed that adding 1%(w/v)ChiNC to 10%(w/v)GelMA improved the mechanical properties and printability of the GelMA hydrogels,promoted cell adhesion,proliferation and vascularization and enabled the printing of complex 3D scaffolds.This strategy of incorporating ChiNC to enhance the performance of GelMA biomaterials could potentially be applied to other biomaterials,thereby expanding the range of materials available for use.Furthermore,in combination with 3D bioprinting technology,this approach could be leveraged to bioprint scaffolds with complex structures,further broadening the potential applications in tissue engineering.展开更多
Cesium lead iodide(CsPbI_(3))is a promising photo-absorber for perovskite photovoltaics due to its high thermal stability and relatively small bandgap.However,there are many defects in solution processed polycrystalli...Cesium lead iodide(CsPbI_(3))is a promising photo-absorber for perovskite photovoltaics due to its high thermal stability and relatively small bandgap.However,there are many defects in solution processed polycrystalline CsPbI_(3)films especially at the grain boundaries(GBs),which limit the power conversion efficiency(PCE)of CsPbI_(3)solar cells.In this work,we introduced CsPbBr_(3)quantum dots(QDs)on top of the CsPbI_(3)film to passivate the defects.As CsPbBr_(3)QDs have a small size and a similar crystal structure as the CsPbI_(3),they are excellent modifiers to fill in the GBs and heal the defects.Moreover,we find there is an anion exchange reaction between the CsPbBr_(3)QDs and CsPbI_(3)films,which is evidenced by photoluminescence spectra and grazing incidence X-ray diffraction patterns.The QDs treated films show enhanced carrier lifetime and reduced defect density.Additionally,the ligands on CsPbBr_(3)QDs increase the hydrophobicity of the films.As a result,the QDs treated CsPbI_(3)solar cells prepared at high temperature obtain PCEs exceeding 16%with high stability.展开更多
Copper(Cu)-bearing stainless steel has testified its effectiveness to reduce the risk of bacterial infections.However,its antibacterial mechanism is still controversial.Therefore,three 430 ferritic stainless steels wi...Copper(Cu)-bearing stainless steel has testified its effectiveness to reduce the risk of bacterial infections.However,its antibacterial mechanism is still controversial.Therefore,three 430 ferritic stainless steels with different Cu contents are selected to conduct deeper research by the way of bacterial inactivation from two aspects of material and biology.Hereinto,electrochemical and antibacterial results show that the increase in Cu content simultaneously improves the corrosion resistance and antibacterial property of 430 stainless steel.In addition,it is found that Escherichia coli(E.coli)on the surface 430 Cu-bearing stainless steel by the dry method of inoculation possesses a rapid inactivation ability.X-ray photoelectron spectroscopy(XPS)aids with ion chelation experiments prove that Cu(Ⅰ)plays a more crucial role in the contact-killing efficiency than Cu(Ⅱ),resulting from more production of reactive oxygen species(ROS).展开更多
In this paper, we study strategic asset allocation for China's foreign reserves using a risk- based approach. Four aspects of the risk management are investigated: an investment universe, dependence structure, alloc...In this paper, we study strategic asset allocation for China's foreign reserves using a risk- based approach. Four aspects of the risk management are investigated: an investment universe, dependence structure, allocation strategies under risk minimization and trade-off between risks and returns. A regime-switching copula model is developed to investigate the dynamic dependence between assets. One regime emphasizes a short-term safe asset and the other regime emphasizes a long-term safe asset. The optimal allocation is derived following two strategies: risk minimization and trade-off between risks and returns in utility maximization with disappointment avoidance, lf the central bank focuses solely on risk minimization, the asymmetries in the asset return dependence encourage the flight to safety. However, if higher risks are allowed in exchange for higher returns, even the exchange is very conservative, and the asymmetries would discourage the flight to safety. Therefore, we suggest that China should mitigate its flight to safety after 2008 and increase holdings of short-term bank deposits, long-term treasury bonds and euro bonds.展开更多
The present paper studies China's national level currency exposure since 2005 when the country adopted a new exchange rate regime allowing the renminbi (RMB) to move towards greater flexibility. Using generalized a...The present paper studies China's national level currency exposure since 2005 when the country adopted a new exchange rate regime allowing the renminbi (RMB) to move towards greater flexibility. Using generalized autoregressive conditional heteroskedastic and constant conditional correlation-generalized autoregressive conditional heteroskedastic methods to estimate the augmented capital asset pricing models with orthogonalized stock returns, we find that China equity indexes are significantly exposed to exchange rate movements. In a static setting, there is strong sensitivity of stock returns to movements of China's trade- weighted exchange rate, and to the bilateral exchange rates except the RMB/dollar rate. However, in a dynamic framework, exposure to all the bilateral currency pairs under examination is significant. The results indicate that under the new exchange rate regime, China's gradualist approach to moving towards greater exchange rate flexibility has managed to keep exposure to a moderate level. However, we find evidence that in a dynamic setting, the exposure of the RMB to the dollar and other major currencies is significant. For China, the challenge of managing currency risk exposure is looming greater.展开更多
基金funded by the National Natural Science Foundation of China (NSFC) (Nos. 22221001, 22201115, 21931001, and 21922105)the Special Fund Project of Guiding Scientific and Technological Innovation Development of Gansu Province (2019ZX–04)+3 种基金the 111 Project (B20027)by the Fundamental Research Funds for the Central Universities (lzujbky-2023-eyt03)support Natural Science Foundation of Gansu Providence (22JR5RA540)Gansu Province Youth Science and Technology Talent Promotion Project (GXH202220530-02)。
文摘Ef fective and robust catalyst is the core of water splitting to produce hydrogen.Here, we report an anionic etching method to tailor the sulfur vacancy(VS) of NiS_(2) to further enhance the electrocatalytic performance for hydrogen evolution reaction(HER). With the VS concentration change from 2.4% to 8.5%, the H* adsorption strength on S sites changed and NiS_(2)-VS 5.9% shows the most optimized H* adsorption for HER with an ultralow onset potential(68 m V) and has long-term stability for 100 h in 1 M KOH media. In situ attenuated-total-reflection Fourier transform infrared spectroscopy(ATR-FTIRS) measurements are usually used to monitor the adsorption of intermediates. The S-H* peak of the Ni S_(2)-VS 5.9% appears at a very low voltage, which is favorable for the HER in alkaline media. Density functional theory calculations also demonstrate the Ni S_(2)-VS 5.9% has the optimal |ΔG^(H*)| of 0.17 e V. This work offers a simple and promising pathway to enhance catalytic activity via precise vacancies strategy.
文摘Lymphatic metastasis is a continuous and complicated process. The detailed mechanisms of lymphatic metastasis are still not very clear, despite considerable research efforts in recent years. Previously, it was commonly accepted that there were no lymphatic vessels in the primary tumor. However, recent studies have demonstrated that lymphatic vessels are detectable in certain types of cancer, and more and more evidence has shown that cancer cells invade into local lymph nodes mainly via peritumoral lymphatic vessels, Moreover, activated endothelial cells may also be important, having an influence on lymphatic metastasis of cancer cells. This article, based on recent research findings, provides an in-depth discussion of the relationship between lymphangiogenesis, tumor-derived lymphatic endothelial cells and lymphatic metastasis in head and neck cancer.
基金Supported in part by National Key Research and Development Program of China(Grant No.2017YFE0111300)National Natural Science Foundation of China(Grant No.51875334)State Key Lab of Digital Manufacturing Equipment and Technology(Huazhong University of Science and Technology)(Grant No.DMETKF2019007).
文摘Devices with variable stiffness are drawing more and more attention with the growing interests of human-robot interaction,wearable robotics,rehabilitation robotics,etc.In this paper,the authors report on the design,analysis and experiments of a stiffness variable passive compliant device whose structure is a combination of a reconfigurable elastic inner skeleton and an origami shell.The main concept of the reconfigurable skeleton is to have two elastic trapezoid four-bar linkages arranged in orthogonal.The stiffness variation generates from the passive deflection of the elastic limbs and is realized by actively switching the arrangement of the leaf springs and the passive joints in a fast,simple and straightforward manner.The kinetostatics and the compliance of the device are analyzed based on an efficient approach to the large deflection problem of the elastic links.A prototype is fabricated to conduct experiments for the assessment of the proposed concept.The results show that the prototype possesses relatively low stiffness under the compliant status and high stiffness under the stiff status with a status switching speed around 80 ms.
基金Supported by the National Natural Science Foundation of China,No.81671680.
文摘BACKGROUND In recent years,the detection rate of ground-glass nodules(GGNs)has been improved dramatically due to the popularization of low-dose computed tomography(CT)screening with high-resolution CT technique.This presents challenges for the characterization and management of the GGNs,which depends on a thorough investigation and sufficient diagnostic knowledge of the GGNs.In most diagnostic studies of the GGNs,morphological manifestations are used to differentiate benignancy and malignancy.In contrast,few studies are dedicated to the assessment of the hemodynamics,i.e.,perfusion parameters of the GGNs.AIM To assess the dual vascular supply patterns of GGNs on different histopathology and opacities.METHODS Forty-seven GGNs from 47 patients were prospectively included and underwent the dynamic volume CT.Histopathologic diagnoses were obtained within two weeks after the CT examination.Blood flow from the bronchial artery[bronchial flow(BF)]and pulmonary artery[pulmonary flow(PF)]as well as the perfusion index(PI)=[PF/(PF+BF)]were obtained using first-pass dual-input CT perfusion analysis and compared respectively between different histopathology and lesion types(pure or mixed GGNs)and correlated with the attenuation values of the lesions using one-way ANOVA,student’s t test and Pearson correlation analysis.RESULTS Of the 47 GGNs(mean diameter,8.17 mm;range,5.3-12.7 mm),30(64%)were carcinoma,6(13%)were atypical adenomatous hyperplasia and 11(23%)were organizing pneumonia.All perfusion parameters(BF,PF and PI)demonstrated no significant difference among the three conditions(all P>0.05).The PFs were higher than the BFs in all the three conditions(all P<0.001).Of the 30 GGN carcinomas,14 showed mixed GGNs and 16 pure GGNs with a higher PI in the latter(P<0.01).Of the 17 benign GGNs,4 showed mixed GGNs and 13 pure GGNs with no significant difference of the PI between the GGN types(P=0.21).A negative correlation(r=-0.76,P<0.001)was demonstrated between the CT attenuation values and the PIs in the 30 GGN carcinomas.CONCLUSION The GGNs are perfused dominantly by the PF regardless of its histopathology while the weight of the BF in the GGN carcinomas increases gradually during the progress of its opacification.
基金supported by grants from the National Natural Science Foundation of China(32072456 and 31601659)the Science and Technology Supporting Program for Young Innovative Teams in Higher Education of Shandong Province(2020KJF001)the Taishan Scholar Foundation of Shandong Province(tsqn20161040).
文摘Bemisia tabaci(Gennadius)(Hemiptera:Aleyrodidae)is a cosmopolitan insect pest causing serious damage to crop production.Cytochromes P450(CYPs)of B.tabaci are widely known to be involved in the metabolic resistance to a variety of insecticides,continuously increasing the difficulty in controlling this pest.In this study,four P450 genes(CYP6CMI,CYP6CXl,CYP6CX3,and CYP402CI)in B.tabaci exhibited correlations with the resistance to imidacloprid.We have focused on trying to understand the function and metabolism capacity of CYP402C1.The expression profiles of CYP402C1 were examined by reverse transcription quantitative real-time PCR and fluorescence in situ hybridizations.Its role in resistance to imidacloprid was investigated by RNA interference,transgenic Drosophila melanogaster,and heterologous expression.The results showed that CYP402CI was highly expressed in the active feeding stages of B.tabaci,such as nymphs and female adults.CYP402C1 was mainly expressed in midguts of nymphs and adults,especially in the filter chamber.Knockdown of CYP402CI significantly decreased the resistance of B.tabaci to imidacloprid by 3.96-fold(50%lethal concentration:186.46 versus 47.08 mg/L).Overexpression of CYP402CI in a transgenic D.melanogaster line(Gal4>UAS-CYP402CI)significantly increased the resistance to imidacloprid from 12.68-to 14.92-fold(129.01 and 151.80 mg/L versus 1925.14 mg/L).The heterologous expression of CYP402CI showed a metabolism ability of imidacloprid(imidacloprid decreased by 12.51%within 2 h).This study provides new insights for CYP402C1 function in B.tabaci and will help develop new strategies in B.tabaci control and its insecticide resistance.
基金supported by the National Natural Science Foundation of China(82270721)the National Natural Science Foundation of China(81873600).
文摘In recent years,there has been an increasing focus on the application of hydrogels in tissue engineering.The integration of 3D bioprinting technology has expanded the potential applications of hydrogels.However,few commercially available hydrogels used for 3D biological printing exhibit both excellent biocompatibility and mechanical properties.Gelatin methacrylate(GelMA)has good biocompatibility and is widely used in 3D bioprinting.However,its low mechanical properties limit its use as a standalone bioink for 3D bioprinting.In this work,we designed a biomaterial ink composed of GelMA and chitin nanocrystal(ChiNC).We explored fundamental printing properties of composite bioinks,including rheological properties,porosity,equilibrium swelling rate,mechanical properties,biocompatibility,effects on the secretion of angiogenic factors and fidelity of 3D bioprinting.The results showed that adding 1%(w/v)ChiNC to 10%(w/v)GelMA improved the mechanical properties and printability of the GelMA hydrogels,promoted cell adhesion,proliferation and vascularization and enabled the printing of complex 3D scaffolds.This strategy of incorporating ChiNC to enhance the performance of GelMA biomaterials could potentially be applied to other biomaterials,thereby expanding the range of materials available for use.Furthermore,in combination with 3D bioprinting technology,this approach could be leveraged to bioprint scaffolds with complex structures,further broadening the potential applications in tissue engineering.
基金supported by the National Key Research and Development Program of China(No.2018YFB1502003 and 2019YFE0123400)the Tianjin Distinguished Young Scholars Fund(No.20JCJQJC00260)the Chinese Thousand Talents Program for Young Professionals.
文摘Cesium lead iodide(CsPbI_(3))is a promising photo-absorber for perovskite photovoltaics due to its high thermal stability and relatively small bandgap.However,there are many defects in solution processed polycrystalline CsPbI_(3)films especially at the grain boundaries(GBs),which limit the power conversion efficiency(PCE)of CsPbI_(3)solar cells.In this work,we introduced CsPbBr_(3)quantum dots(QDs)on top of the CsPbI_(3)film to passivate the defects.As CsPbBr_(3)QDs have a small size and a similar crystal structure as the CsPbI_(3),they are excellent modifiers to fill in the GBs and heal the defects.Moreover,we find there is an anion exchange reaction between the CsPbBr_(3)QDs and CsPbI_(3)films,which is evidenced by photoluminescence spectra and grazing incidence X-ray diffraction patterns.The QDs treated films show enhanced carrier lifetime and reduced defect density.Additionally,the ligands on CsPbBr_(3)QDs increase the hydrophobicity of the films.As a result,the QDs treated CsPbI_(3)solar cells prepared at high temperature obtain PCEs exceeding 16%with high stability.
基金This work was financially supported by the National Key Research and Development Program of China(No.2016YFB0300205)the Youth Innovation Promotion Association CAS(No.2018221).
文摘Copper(Cu)-bearing stainless steel has testified its effectiveness to reduce the risk of bacterial infections.However,its antibacterial mechanism is still controversial.Therefore,three 430 ferritic stainless steels with different Cu contents are selected to conduct deeper research by the way of bacterial inactivation from two aspects of material and biology.Hereinto,electrochemical and antibacterial results show that the increase in Cu content simultaneously improves the corrosion resistance and antibacterial property of 430 stainless steel.In addition,it is found that Escherichia coli(E.coli)on the surface 430 Cu-bearing stainless steel by the dry method of inoculation possesses a rapid inactivation ability.X-ray photoelectron spectroscopy(XPS)aids with ion chelation experiments prove that Cu(Ⅰ)plays a more crucial role in the contact-killing efficiency than Cu(Ⅱ),resulting from more production of reactive oxygen species(ROS).
文摘In this paper, we study strategic asset allocation for China's foreign reserves using a risk- based approach. Four aspects of the risk management are investigated: an investment universe, dependence structure, allocation strategies under risk minimization and trade-off between risks and returns. A regime-switching copula model is developed to investigate the dynamic dependence between assets. One regime emphasizes a short-term safe asset and the other regime emphasizes a long-term safe asset. The optimal allocation is derived following two strategies: risk minimization and trade-off between risks and returns in utility maximization with disappointment avoidance, lf the central bank focuses solely on risk minimization, the asymmetries in the asset return dependence encourage the flight to safety. However, if higher risks are allowed in exchange for higher returns, even the exchange is very conservative, and the asymmetries would discourage the flight to safety. Therefore, we suggest that China should mitigate its flight to safety after 2008 and increase holdings of short-term bank deposits, long-term treasury bonds and euro bonds.
文摘The present paper studies China's national level currency exposure since 2005 when the country adopted a new exchange rate regime allowing the renminbi (RMB) to move towards greater flexibility. Using generalized autoregressive conditional heteroskedastic and constant conditional correlation-generalized autoregressive conditional heteroskedastic methods to estimate the augmented capital asset pricing models with orthogonalized stock returns, we find that China equity indexes are significantly exposed to exchange rate movements. In a static setting, there is strong sensitivity of stock returns to movements of China's trade- weighted exchange rate, and to the bilateral exchange rates except the RMB/dollar rate. However, in a dynamic framework, exposure to all the bilateral currency pairs under examination is significant. The results indicate that under the new exchange rate regime, China's gradualist approach to moving towards greater exchange rate flexibility has managed to keep exposure to a moderate level. However, we find evidence that in a dynamic setting, the exposure of the RMB to the dollar and other major currencies is significant. For China, the challenge of managing currency risk exposure is looming greater.