Update: U.S. and China Reach Preliminary Audit Deal to Avoid Delistings

Beijing and Washington reached a preliminary agreement to allow American officials to review audit documents of Chinese businesses in a first step toward avoiding the delisting of about 200 stocks from American exchanges.

As part of the agreement, China will allow the Public Company Accounting Oversight Board (PCAOB) to access audit work papers and personnel, according to statements Friday by U.S. and Chinese regulators.