Morgan Stanley Co International Limited and Citigroup Global Transaction Services of the United States became the latest foreign investors to be granted Qualified Foreign Institutional Investors status, which allows them to invest in the Chinese stock markets, authorities said yesterday.

The China Securities Regulatory Commission said that it is evaluating applications of other foreign institutions for the QFII status.

Morgan Stanley and Citigroup will still need to have their applications for the maximum amount of investment approved by China's State Administration of Foreign Exchange before they can invest in the Chinese stock markets under Chinese regulations.

SAFE will then make a decision on the application within 15 business days.

Before Morgan Stanley and Citigroup, Swiss UBS Limited and Japan's Nomura Securities Co Limited were granted the QFII status by SAFE on Friday, with the institutions granted a maximum investment amount of US$300 million and US$50 million, respectively.