Before revision:  We investigate whether the model is able to consistently reproduce the implied volatility of FX cross rates , once the single components are calibrated to univariate shifted lognormal mixture dynamics models  .
After revision:  We investigate whether the model is able to consistently reproduce the implied volatility of FX cross rates , once the single components are calibrated to univariate shifted lognormal mixture dynamics models . We consider in particular the case of the Chinese renminbi FX rate, showing that the shifted MVMD model correctly recovers the CNY/EUR smile given the EUR/USD smile and the USD/CNY smile, thus highlighting that the model can also work as an arbitrage free volatility smile extrapolation tool for cross currencies that may not be liquid or fully observable .