In July 2010, when the central banks of Hong Kong and China agreed to ease restrictions on renminbi transfers between banks and companies in the city, Bloomberg quickly realised the new offshore renminbi to emerge would be quoted differently from onshore renminbi spot (CNY). The New York-based market data, pricing and risk analytics and trading technology supplier immediately created an internal working group to look at ways it could help the evolution of the new market, including the
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