China FX Conversion Eases From Record as Yuan Appreciation Slows

Chinese banks’ clients made less foreign-exchange conversion into the yuan in January, coinciding with a slower pace of appreciation for the country’s tightly managed currency.

Onshore lenders sold a net $88.8 billion of foreign exchange on behalf of clients last month, according to data released Friday by the State Administration of Foreign Exchange. While it fell below December’s all-time high, it remained above 2025’s monthly average.