China Imports Record Amount of Gold Amid Central Bank Purchases and Economic Uncertainty
China is importing record amounts of gold due to central bank diversification efforts and a weak domestic property and stock market. The People's Bank of China has been buying gold for 23 consecutive months, with September marking its largest monthly purchase in nearly three years at around 23 tonnes. Chinese households are also turning to gold as an alternative store of value amid economic uncertainty. In the first eight months of 2026 alone, China spent $158.8 billion importing over 1,000 tonnes of gold—surpassing its total imports for all of 2025. Analysts attribute this surge to a desire by Beijing to reduce reliance on U.S. dollars and Treasuries following geopolitical tensions that led to the freezing of Russian assets in Western markets. Gold prices have fallen over 8% since January, but analysts expect them to rise again due to sustained demand from China's institutional and retail buyers.
Topics: bullion demand central bank policy China's economy gold