China’s onshore FX buying hit a record in March, with banks selling $257.6 billion in foreign currencies, the highest since 2010, amid Middle East-driven market volatility. Demand rose for both trade and securities transactions, while non-bank cross-border payments surged to a record $855.9 billion, driven by strong high-tech imports. Xinquan Chen of Goldman Sachs Group Inc. said exporter dollar sales helped stabilize the yuan. Meanwhile, foreign holdings of Chinese interbank bonds fell for an 1

China’s onshore FX buying hit a record in March, with banks selling $257.6 billion in foreign currencies, the highest since 2010, amid Middle East-driven market volatility. Demand rose for both trade and securities transactions, while non-bank cross-border payments surged to a record $855.9 billion, driven by strong high-tech imports. Xinquan Chen of Goldman Sachs Group Inc. said exporter dollar sales helped stabilize the yuan. Meanwhile, foreign holdings of Chinese interbank bonds fell for an 11th month to 3.19 trillion yuan, the lowest since September 2023, signaling continued outflows.