At a time when Chinese companies are increasingly confident about investing overseas, Aluminium Corporation of China’s (Chinalco) acquisition of a 12 per cent stake in Rio Tinto is the boldest move yet.

The $14bn purchase shows a degree of political savvy not always displayed by Chinese companies in overseas deals. By involving Alcoa of the US, which invested $1.2bn in the vehicle acquiring the shares, state-owned Chinalco can lessen the impression that it is a representative of the Chinese government.