China's State Administration of Foreign Exchange approved an investment limit of US$75 million for Citigroup Inc to buy yuan-denominated shares and bonds as the domestic market opens to overseas investors for the first time.

Citigroup Global Markets Ltd, a unit of Citigroup Inc, is the third company to be given an investment limit, after UBS AG was told it may invest up to US$300 million and Nomura Holdings Inc got a US$50 million ceiling.

UBS, Nomura Securities Co, Morgan Stanley and Citigroup Inc have been approved as qualified foreign institutional investors, known as QFIIs. Morgan Stanley has yet to receive an investment limit from the administration.

The approval allows approved investors with at least US$10 billion in assets and at least US$50 million to spend, to buy Class-A shares, which had been barred to foreigners, convertible bonds, mutual funds and initial public offering shares.