Notice of RetractionEmpirical research on the effect on listing corporation from different industry of RMB appreciation

Notice of Retraction

After careful and considered review of the content of this paper by a duly constituted expert committee, this paper has been found to be in violation of IEEE´s Publication Principles.

We hereby retract the content of this paper. Reasonable effort should be made to remove all past references to this paper.

The presenting author of this paper has the option to appeal this decision by contacting TPII@ieee.org.

The paper examines the impacts of RMB appreciation on stock returns and volatility of different industry since the exchange rate system reform in 2005. The results indicate that the shocks from exchange rate market to stock return exhibit the same signal as economics theories expect, but at the same time the shock coefficient is not significant, which means that impact depth of RMB appreciation on stock returns is not significant. Volatility shock effects to three industries are larger. Time-varying volatility plots show that as exchange rates fluctuate wider, the volatility of stock market become larger, which means that the risk in our stock market is large currently.