People's Bank buys $246m stake in UK insurer

The People's Bank of China has bought up to £134m-worth ($246m) of shares in the UK's second-largest insurer.

UK newspapers reported that the central bank now holds a 1% stake in Prudential, an insurer, making it one of the company's top 25 investors, after purchasing the shares in the open market in recent weeks. It would not have to declare any share purchases until its stake rose above 3%.

The reports said that the move was seen as a long-term investment rather than an attempt to take over