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Accurate characterization of multiple-input multiple-output (MIMO) fading channels is an important prerequisite for the design of multiantenna wireless-communication systems. In this paper, a single-bounce two-ring statistical model for the time-varying MIMO flat fading channels is proposed. In the model, both the base and mobile stations are surrounded by their own ring of scatterers. For the proposed model, a closed-form expression for the spatio-temporal cross-correlational function between any two subchannels is derived, assuming single-bounce scattering. The new analytical expression includes several key physical parameters of interest such as the mean angle-of-departure, the mean angle-of-arrival, the associated angle spreads, and the Doppler spread in a compact form. The model includes many existing correlation models as special cases. Its utility is demonstrated by a comparison with collected MIMO data in terms of the spatio-temporal correlations, level crossing rate, average fade duration, and the instantaneous mutual information.