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Citic's downfall amid market meltdown leads to unease

Bank's short-selling strategies, cross border swaps, all permitted before, now under scrutiny

Wang Dongming, Citic Securities' outgoing chairman, had earlier called the swaps an innovation that brokerages could use to serve foreign institutional clients and high net-worth individuals.

Hong Kong

THE FALL from grace for China's biggest brokerage and investment bank, Citic Securities Co, has been fast and steep. The firm - sometimes referred to as the Goldman Sachs of China - began the year on its way to eclipsing UBS Group AG in the ranks of the top four securities firms