Purpose The development of China's foreign exchange market and the reform of Chinese yuan (hereinafter “CNY”) exchange rate are closely linked with each other. Their respective journey through the past 70 years can both be divided into three historical periods; as follows: China's foreign...

Functional linear regression has been widely used to model the relationship between a scalar response and functional predictors. If the original data do not satisfy the linear assumption, an intuitive solution is to perform some transformation such that transformed data will be linearly related....