This article only represents the author's own views.
Perhaps it got lost in the flood of news about China’s sudden relaxation of its “zero Covid” policy. Or perhaps it was overshadowed by the Fed’s decision to raise interest rates by another 50 basis points. Or perhaps it was simply a case of the stock market axiom that says to “buy on the rumor and sell on the news.”
Whatever the reason, investor reaction was quite the opposite of what you might expect to a U.S. statement that was highly praiseworthy of the first inspections under a recently signed information-sharing agreement between the U.S. and Chinese securities regulators. We’ll look at the statement in more detail shortly. But its headline nicely sums things up, saying “PCAOB Secures Complete Access to Inspect, Investigate Chinese Firms for First Time in History.”