An Analysis of China's Onshore and Offshore Exchange Rates-Adjusted Thermal Optimal Path Approach Based on Pruning and Path Segmentation.The study of the lead-lag relationship between the Hong Kong offshore Renminbi (CNH) spot market and onshore (CNY) spot market is of great importance for its wide application in market risk management.  Furthermore, we detect the local lead-lag dependence relationships between CNH/CNY pairwise change and BAS by using a non-parametric approach-adjusted Thermal Optimal Path (TOP) method. 
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