Over the weekend, China's Vice Premier He Lifeng and Germany's federal minister of finance Christian Lindner co-chaired the third financial dialogue in Frankfurt. The two sides made commitments on trade, investment, and regulatory cooperation.

The U.S. Public Company Accounting Oversight Board (PCAOB) published reports on inspections of two accounting firms that audited 40% of the total market share of U.S.-listed companies audited by Hong Kong and mainland firms. The reports noted "unacceptable rates" of deficiencies, as the audit firms

China’s banking and insurance regulator has recently imposed nearly 400 million yuan fines on five banks, including the Chinese unit of UK lender Standard Chartered Bank, for various violations of laws and regulations.

The U.S. House of Representatives Financial Services Committee held a hearing yesterday on "Combatting the Economic Threat from China." Issues that were discussed at the hearing included: bilateral trade, outbound and inbound investment related to China, Chinese lending, TikTok, and China's presence in Latin American

The Chinese government has sped up regulatory approval on foreign financial service business in recent months, after an official vowed last year to do more to "attract more outstanding international companies and talents to China's capital market."

Last week, a U.S. regulator announced that it has secured access to the audit records of Chinese firms, averting an imminent delisting crisis for over two hundred Chinese companies.

A Republican Senator is pressing the Biden administration in relation to a cooperation agreement on financial audits signed by Chinese and American regulators. Political pressure of this sort could make it more difficult to have a functioning regulatory cooperation agreement.