Swiss bank UBS Limited has been given approval to open a special Chinese currency account at Citibank's Shanghai branch for investment on China's stock market,the first of its kind on the Chinese mainland.

An official of China's State Administration of Foreign Exchange(SAFE)said the account was a must for China's overseas Qualified Foreign Institutional Investors (QFII).

UBS Limited and Japan's leading Nomura Securities Co.Limited were granted QFII status by China Securities Regulatory Commissionin late May,becoming the first QFIIs on the Chinese mainland.

On June 6,they were granted maximum investments of 300millionUS dollars for UBS,and 50million US dollars for Nomura Securities Co.Limited .

According to China's regulations,foreign investors must apply to SAFE before entering the Chinese stock markets.SAFE will then make a decision on the application within 15business days.