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Chinese and US regulators will solve audit oversight issues by stepping up cooperations, reported Bloomberg News, citing an emailed statement from the China Securities Regulatory Commission (CSRC).
China and US regulators are currently conducting “candid and pragmatic” negotiations over audit oversight cooperation, CSRC said, according to the report.
The statement was in response to comments from US Securities Exchange Commission (SEC) Chairman Gary Gensler, who said US and Chinese officials must reach an agreement “very soon” over access to audit work papers for Chinese companies to avoid being kicked off American stock exchanges.