... spot exchange rate, the 3-month forward exchange rate, the interest rate on 3-month local currency-denominated assets and the interest rate on 3-month foreign currency-denominated assets. 10 ... Q4 20 02. Since then, however, deviations increased sharply through Q1 20 04. This period coincides with the period when speculation for the renmnbi appreciation increased greatly. During Q2-Q3 ... estimated TCr for the Cross-Border Market and the estimated TCr for the Onshore Market. The ninth column shows that, except Q2 20 01, the transaction costs for the Cross-Border Market are estimated...