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The general manager and two other executives from Citic Securities, China's largest investment bank, have been arrested as part of an insider trading probe, the latest casualties of the country's ailing stock market.
据中国官方通讯社新华社报道，中国最大投行中信证券(Citic Securities)的总经理及另两名高管“因涉嫌内幕交易、泄露内幕信息被公安机关依法要求接受调查”，成为中国麻烦缠身的股市的最新牺牲品。
State-owned Citic Securities, controlled by industrial and financial conglomerate Citic Group, has been on the front line of government efforts to rescue the country's tumbling stock market. The so-called "national team" of state financial institutions directed many trades through the brokerage's flagship trading hall in Beijing.
由工业及金融综合企业集团中信集团(Citic Group)控股的国有企业中信证券，一直处于中国政府救市的前线。由官方金融机构组成的所谓“国家队”，曾通过该券商在北京的旗舰交易大厅，发出多笔交易指令。
Police are investigating Chen Boming, Citic’s general manager, Yu Xinli, operations management head, and Wang Jinling, vice director of information technology, on allegations in connection with insider trading and the leak of inside information, the official Xinhua news agency said late on Tuesday.
官方的新华社周二晚上表示，警方正在对中信证券股份有限公司总经理程博明、运营管理部负责人于新力、信息技术中心副经理汪锦岭等人展开调查，其涉嫌罪名与内幕交易及泄露内幕信息有关。
In late August, eight Citic executives and board members were taken into custody. Four of them were later punished for insider trading. The three latest arrests deal a further blow to the company, whose stock price has fallen 61 per cent since the height of China's broader market rally in early June.
8月下旬，8名中信证券高管及董事会成员遭到羁押。他们中的4人随后因内幕交易受到处罚。最新被调查的3人对该公司造成了进一步打击。目前，该公司股价已从6月初中国牛市顶峰时期的水平跌去了61%。
In mid-July, as the government was deploying trillions of renminbi in state rescue funds to stem the panic in the Shanghai and Shenzhen markets, Mr. Chen gave an interview to Caijing, a respected financial magazine in which he pledged the broker would do its part to stabilise the market.
7月中旬，在中国政府为官方救市资金配置数万亿元人民币、以遏制沪深两市的恐慌情绪之际，程博明曾接受广受尊敬的财经杂志《财经》采访。在那次采访中，他承诺中信会在稳定市场方面尽到应尽的责任。
Detailed allegations against Mr Chen and other Citic executives are not public, but the company is the government's favoured brokerage and may have had information about which stocks state institutions were buying.
关于程博明和其他中信高管所涉罪行的细节并未公布。不过，该公司是中国政府偏爱的券商，可能会了解官方机构在买入哪些股票的信息。
Traders say China Securities Finance Corp, the state-owned margin lending agency that became the government's main conduit for injecting rescue funds into the market, was known to route trades through Citic. Indeed, picking stocks thought to be favoured by CSF emerged as a popular investment strategy in July, when the agency was conducting daily market interventions.
多名交易员表示，中国证券金融股份有限公司（China Securities Finance Corp，简称：证金公司）据悉是通过中信进行交易的。的确，今年7月证金公司开展日常市场干预之际，一种流行的投资策略就是挑选那些据信受到该公司偏爱的股票。证金公司是一家为保证金交易提供资金的国有机构，已成为中国政府向股市注入救市资金的主要渠道。
Goldman Sachs estimates that the national team has spent Rmb1.5tn ($236bn) since late June to stabilise the market. That includes cash injections from CSF as well as a $120bn fund comprising funds from 21 leading brokerages led by Citic, China's largest by assets.
据高盛(Goldman Sachs)估计，自6月底以来，“国家队”为稳定股市已投入1.5万亿元人民币（合2360亿美元）。这其中包括了证金公司多次注入的现金，以及一只1200亿美元的基金，后者由以中信为首的21家领先券商出资。中信证券是中国资产规模最大的券商。
The Shanghai Composite Index is down 41 per cent from its peak on June 9 and has fallen 6 per cent this week.
目前，上证综指(Shanghai Composite Index)已从6月9日的峰值跌去41%，本周已下跌6%。
The Citic arrests are the latest in a series of regulatory and police actions in response to the market tumble. Police have investigated so-called "malicious" short selling and placed new limits on futures trading. Regulators also targeted high-frequency traders in a probe focused on the practice known as "spoofing".
对中信高管的调查，是为回应股市暴跌而采取的一系列监管及警方行动的最新事例。中国警方已对所谓“恶意”做空行为开展调查，并为期货交易设定了新的限制。此外，在针对被称为“诱骗”(spoofing)行为的调查中，监管机构还把矛头指向高频交易商。
A reporter for Caijing confessed on state television to stoking 'panic and disorder' for a story saying that the national team was looking for a way to scale back interventions.
一名《财经》记者曾在官方电视台认罪，承认因一篇有关国家队正在想办法退出救市的报道，造成“市场混乱和恐慌”。
