China Interbank Bond Market quota) granted by the People’s Bank of China. We also invest in the RMB offshore market in Hong Kong as a supplement to the onshore RMB portfolio.
The sizeable FX interventions caused a sharp increase in FX reserves by almost 15 per cent of GDP in less than two months. As the pressure abated, the level of  Side 4 af 13  FX reserves was gradually reversed over the course of 2015 to reach a level of around 20 per cent of GDP – close to the current level.