The United States and China appear to have reached a landmark deal that would allow Chinese companies to remain listed on US exchanges, halting the threatened delisting of about 200 stocks that trade in New York.The announcement by US and Chinese regulators is a breakthrough after a prolonged standstill. Beijing has not allowed foreign regulators to inspect Chinese company audits, citing a desire to protect state secrets. US law requires Chinese companies to leave American stock exchanges if they do not comply with the countries audit rules.
The US Public Company Accounting Oversight Board, announced on Friday that it would have the power to select the companies, audit engagements and potential violations it inspects and investigates, without consulting Chinese authorities.
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