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Dispatches: Hong Kong fund managers keen to capture renminbi market

Hong Kong-based fund managers have found much of interest in the Chinese authorities’ latest announcements concerning the internationalisation of the renminbi. Proposals to allow investors to access their renminbi deposits and buy renminbi-denominated financial products are expected to capture the imagination of the investing public. (Financial Times)

Bad loans at overseas banks in Shanghai dropped in the first half of this year on tight risk controls, says the Shanghai Bureau of the China Banking Regulatory Commission. (Shanghai Daily)

ICICI Bank net earnings exceeded analysts’ estimates, rising 17 per cent in the first quarter as the bank benefited from a sharp drop in provisions for bad loans and a fall in expenses. (Wall Street Journal)

The financial year of 2009 was more feast than famine for more than a quarter of chief executive officers included in the 2010 Ernst & Young Executive and Board Remuneration Report. Of the 55 listed Singapore firms studied, 28 per cent of them were helmed by CEOs who earned more than S$5m in total remuneration – the highest band in the report – compared to just 15 per cent in FY2008. (Asia One)

Macquarie Group plans to use its powerful balance sheet to do more corporate lending deals to regain its competitive advantage. (The Australian)

Credit Suisse Group AG, Switzerland’s second-largest bank, appointed Myo Schollum as head of prime services coverage in Japan as part of efforts to expand the business catering to hedge funds. (Bloomberg)

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