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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

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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

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