China fund buys nearly 1 percent of BP

Reuters- China has accumulated a stake of just under 1 percent in BP, raising fresh questions about Beijing’s strategy for investing its huge foreign currency reserves.

A spokesman for BP, Britain’s largest company, said it was aware of the Chinese stake, which is worth about $2 billion (1 billion pounds), and that it welcomed all shareholders.

He declined to name the identity of the investor but The Daily Telegraph said it was the same Chinese state fund that had built up a stake in French oil giant Total.

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