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US-China tensions

China and U.S. sign audit oversight agreement after long negotiations

Deal is only the first step and doesn't eliminate New York delisting risk

Regulators in the U.S. and China have moved to resolve a long-standing impasse over audits of Chinese companies.   © Reuters

HONG KONG/NEW YORK -- China and the U.S. have signed an audit oversight agreement, China's top securities regulator announced Friday, paving the way for further cooperation on an impasse that has threatened Chinese shares with delisting.

The deal was signed between the China Securities Regulatory Commission (CSRC), China's Ministry of Finance, and the Public Company Accounting Oversight Board (PCAOB) of the U.S.

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