Chinese traders looking stressed during one of the many down days at the Chinese stock market during Shemitah 2014-15
(ZEROHEDGE) – Chinese stocks traded in the U.S. jumped on Thursday morning after U.S. regulators said that they had been allowed to inspect the work of auditors in China for the first time, easing the threat that about 200 Chinese companies could be thrown off the U.S. stock market.
According to the FT, the announcement is a significant breakthrough after a more than decade-long stand-off between Beijing and Washington, which has argued shoddy audit work contributed to a series of accounting frauds at US-listed Chinese companies.
WND is now on Trump's Truth Social! Follow us @WNDNews
Companies including Alibaba, JD.com and Baidu were on course to be delisted starting in 2024 under U.S. legislation that bans trading in stocks whose auditors cannot be inspected by the Public Company Accounting Oversight Board.
The post Chinese stocks jump after U.S. watchdog reaches audit breakthrough appeared first on WND.
