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06/04/2020 Source:  Reuters
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Pompeo urges global stock exchanges to tighten rules for Chinese companies

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Pompeo urges global stock exchanges to tighten rules for Chinese companies
US Secretary of State Mike Pompeo speaks the press at the State Department in Washington, DC, on May 20, 2020.

Secretary of State Mike Pompeo warned American investors on Thursday against “fraudulent accounting practices of China-based companies and suggest the Nasdaq’s recent decision to tighten listing rules for such players should be a model for all other exchanges around the world.

“The Trump administration is committed to ensuring that all American businesses and investors can operate on a level playing field with the rest of the world, he said in a statement. “I applaud Nasdaq for requiring auditing firms to ensure all listed companies comply with international reporting and inspection standards.

“Nasdaq’s announcement is particularly important given a pattern of fraudulent accounting practices in China-based companies, Pompeo added. The secretary’s comments represent the latest flashpoint in the relationship between Washington and Beijing at a time of escalating tensions between the world’s two largest economies over trade, the handling of the coronavirus pandemic as well as a spat over Hong Kong.

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