Following the PRC's acceptance in the World Trade Organization, foreign institutional investors that qualify under PRC's Qualified Foreign Institutional Investor (QFII) system are allowed to invest in CNY denominated bonds listed on the Shanghai and Shenzhen stock exchanges. A QFII must open one special CNY account to trade on PRC's security and bond market. The account is subject to an investment quota issued by the State Administration of Foreign Exchange, which ranges from USD 50 million equivalent up to USD 800 million. The Provisional Measure on the Administration of the Domestic Securities Investment of Qualified Foreign Institutional Investors is at the link below, along with the implementing rules and regulations of the Shanghai and Shenzhen stock exchanges. In addition, criteria used by China Securities Regulatory Commission in granting the QFII license are enumerated at the link below.