A Chinese state body has acquired a 1.6% stake in Total, the world's fourth-largest oil company, for around €2bn (£1.6bn), it emerged yesterday. In the latest move by state-owned funds to invest in the west's core industries, the Chinese State Administration of Foreign Exchange has gradually built up its holding in France's biggest private sector group.

The body, responsible for managing China's $1,650bn (£833bn) foreign reserves, has been welcomed by Total as a long-term partner. Its move could trigger a greater role for the French company in China, where it employs 4,000 people. ... Read full article