StanChart shuts renminbi solutions team in US, Europe at a time when Chinese currency trade is on a high

A woman walks past a Standard Chartered bank in London October 13, 2010. REUTERS/Stefan Wermuth

Standard Chartered has shut its renminbi (RMB) solutions group in the United States and Europe, according to a source with direct knowledge of the matter, as part of a major restructuring that has forced the lender to take an axe to a fast-growing business in the industry.

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