U.S. Secretary of State Mike Pompeo is set warn 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.
President Donald Trump on Friday said his administration would begin the process of eliminating special U.S. treatment for Hong Kong to punish China, saying Beijing's move to impose new national security legislation meant the territory no longer warranted U.S. economic privileges. "No country should be allowed to lie to the American investors to create an unfair advantage especially when operating in American markets," Krach said, adding that there was a push within the administration to make U.S. investor community more aware about China's opaque accounting practices.
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