This depends on a country's foreign exchange system. For China, it will lead to inflation. Because foreign exchange enters China, it must be settled. China's foreign exchange settlement system determines that it will lead to inflation. The practice in China is as follows:

The RMB used by the central bank to purchase foreign exchange shall be settled by the central bank that issues RMB. This leads to RMB overspending, which in turn leads to inflation.

If the RMB needed by the central bank to buy foreign exchange is not solved by the central bank issuing RMB, such as issuing bonds, this will not happen.