Investors are scooping up Chinese debt, which has stood tall in sliding bond markets globally, betting that China’s low inflation and preparedness for an oil shock allow it to resist raising interest rates.

Chinese debt markets drew $2.5 billion of foreign inflows in March despite the U.S. and Israeli war on Iran, a sharp contrast from ​the $16.7 billion in outflows from other emerging markets, according to the Institute of International Finance.