Mainland authorities have taken the first step to loosening capital controls by announcing that domestic companies investing abroad no longer need to give the government a deposit guaranteeing that they repatriate 100 per cent of profits from overseas operations.
As its name suggests, PetroChina Company Ltd is the listed arm of state-owned China National Petroleum Corporation (CNPC). It is China's biggest oil producer, and is listed in Hong Kong, New York, and Shanghai.
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