China bought more US Treasuries in March (US banking crisis) than it had since January 2021, adding $20 billion (the first buying month since July 2022)...

Source: Bloomberg

That is a bounce from its lowest levels since June 2010.

China's proxies were also buyers in March as the SVB collapse saw safe-haven demand soar...

Source: Bloomberg

UAE, Germany, and Iraq were the biggest sellers.

In aggregate, Treasuries were bought (but at a slower pace) and stock holding soared...

Foreign buying of Treasuries increased by $35.8BN, down from $57.6BN, 11th straight month of foreign TSY buying.

Breaking that Treasury buying down we see that after 12 months of selling by foreign official institutions, Feb and March saw buying, $48.0BN and $16.5BN respectively.

Meanwhile, foreign private buying of Treasuries is relentless, and extends to 17 consecutive months, with $19.3BN bought in March, after $9.6BN bought in Feb.

So of the $35.8BN buying in total TSYs, $16.5BN was foreign official, and $19.3BN was foreign private

Foreign buying of Agencies increased by $16.8BN, up from $14.2BN; there hasnt been a foreign sale here since March 2017.

Foreign buying of Corporate bonds increased by $21.8BN, the most since April 22 ($22.4BN), and non-stop buying in the series since Dec 21.

Foreign buying of stocks soared by $36.1BN, a reversal after two months of sales and the biggest foreign buying since Dec 22.

Finally, the trend of de-dollarization continues with global gold reserves hitting a new record high according to The IMF...

Source: Bloomberg

Treasury holdings did also rebound strongly in the last period (after plunging) as the SVB banking crisis rippled across the world.