China's Record Gold Imports: $158.8B in 8 Months of 2026
Record Chinese gold imports and a 23-month central bank buying streak are reshaping global bullion demand.
- 01/12Photo: CC0 via Openverse
China's gold imports break all records Over 1,000 tonnes and $158.8 billion in the first eight months of 2026, per customs data. $158.8B 02/12China gold imports, Jan–Aug 2026 Record $158.8 billion in gold imports Up from $96.5 billion and 886 tonnes for the full year 2025, per customs data. - 03/12
Three drivers behind the buying spree Cut dependence on US Treasuries Property and stocks underperforming One-year bond yield around 1.2%
Julius Baer and Saxo Bank analysts cite reserve diversification, weak domestic assets, and low yields. - 04/12
23 months of continuous PBOC purchases Full 2025 886 tonnes imported, $96.5B End Aug 2026 ~190 tonnes bought by PBOC (est.) Sep 2026 23 tonnes added, record month
The buying streak is the longest since at least 2015, per SAFE data. - 05/12
September: biggest monthly buy in 3 years ✓PBOC gold added in September 2026 23 tonnes The PBOC added about 23 tonnes, per SAFE data, extending the 23-month streak. - 06/12
Myth China is buying gold because prices are rising. Fact The PBOC's 23-month streak continued through an 8%+ price pullback in September 2026. Gold fell 8%. China kept buying. Prices dropped from above $5,500 in January to about $4,176 in September. $618B 07/12China US Treasury holdings, Jul 2026 US Treasuries at an 18-year low China's holdings fell to $618 billion in July 2026, per US Treasury data. - 08/12
Why Chinese households load up on gold CSI 300 down ~8% in 2026 One-year bond yield around 1.2% Property market in multiyear slump
With property in a multiyear slump and deposits paying little, gold looks safer. - 09/12
The opportunity cost gap: 1.2% vs 4.46% China 1-yr bond yield ~1.2% US 1-yr bond yield ~4.46% Holding gold costs Chinese investors far less in forgone yield than it does in the US. - 10/12u/ringgit_insider
Structural support for gold prices ING's Ewa Manthey: central banks are far less price-sensitive than retail investors. - 11/12
What could slow the buying Fed rate hike in 2026 Weaker yuan makes gold pricier Property or equity recovery in China
Saxo Bank's Ole Hansen flags scenarios that would blunt demand. - 12/12
Bottom line The number to remember China spent $158.8 billion on gold in 8 months. That exceeds all of 2025.
Questions people ask
How much gold has China imported in 2026?
Over 1,000 tonnes in the first eight months, costing a record $158.8 billion, compared with 886 tonnes and $96.5 billion for all of 2025.
Why is the PBOC buying so much gold?
Julius Baer's Carsten Menke calls it political: reducing dependence on US Treasuries after Western governments froze Russia's central bank reserves in 2022.
Will gold prices keep rising?
State Street forecasts $4,750–$5,500/oz by end-Q1 2027. ING says central bank buying provides structural support, though a Fed rate hike and a weaker yuan could temper demand.
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