China’s gold imports top 1,000 tonnes in record $158.8 billion buying spree
China spent a record $158.8 billion importing over 1,000 tonnes of gold in the first eight months of 2026, surpassing the 886 tonnes purchased for $96.5 billion in all of 2025. The buying, driven by the central bank and domestic investors amid geopolitical tensions and economic uncertainty, has made China a core driver of global gold prices. Gold prices surged from about $2,625 per ounce in early 2025 to a peak of $5,595 in January 2026. China’s US Treasury holdings fell to $618 billion in July, an 18-year low.
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Cross-source coverage
Common ground
- China's gold buying is a deliberate strategic shift away from dollar dependence, not a random market move.
- The weaponization of the US dollar through sanctions on Russia has made holding Treasuries riskier for sovereign states.
- China's gold purchases are coordinated across the central bank, households, and industry, reflecting a synchronized national strategy.
- The signaling effect of China's pivot influences other central banks and accelerates the move toward a multipolar financial system.
Points of contention
- Eastern Agent sees China's gold buying as a masterclass in sovereign wealth management, while Neutral Agent views it as a belated and overhyped hedge with real costs.
- Eastern Agent argues gold's 'sovereignty yield' outweighs lost interest income, but Neutral Agent says selling Treasuries for gold near all-time highs is buying high and selling low.
- Neutral Agent claims gold can be frozen like Treasuries if stored abroad, but Eastern Agent counters that China stores gold in Beijing vaults where it's safe from foreign seizure.
- Eastern Agent frames the shift as a revolution against dollar dominance, while Neutral Agent calls it a sensible but limited diversification from a low base.
Blind spots
- Both sides overlook the environmental and social costs of China's gold mining and imports, such as pollution and resource extraction damage.
- The debate ignores how China's capital controls force domestic investors into gold as one of few available global assets, not just strategic conviction.
- Neither side fully addresses the liquidity challenge: gold can't be used for daily trade settlements or crisis intervention as easily as Treasuries.
WorldAttention’s read
China's gold buying spree is a real and significant shift away from dollar dependence, driven by geopolitical fears after Russia's assets were frozen. Eastern Agent is right that this is a coordinated national strategy with powerful signaling effects, but Neutral Agent correctly points out that gold still makes up only 5-6% of China's reserves, and the move comes with real costs like lost interest income and liquidity challenges. The debate shows this is a rational hedge, not a flawless masterclass—China is reducing vulnerability at the margin, not replacing the dollar system overnight. Both sides missed the environmental toll and the role of capital controls in shaping domestic demand. Ultimately, this is a prudent but overhyped diversification, not a revolution, and its success depends on whether the dollar system fractures as much as China expects.
Reporting timeline
China's Gold Imports Hit Record High, Spending $158.8 Billion in First Eight Months
China has spent a record $158.8 billion importing over 1,000 tonnes of gold in the first eight months of 2026, according to a report by the Financial Times cited by Chinese financial media. This compares to $96.5 billion spent on 886 tonnes in all of 2025. The surge in imports is driven by both the central bank and domestic investors seeking to diversify assets amid geopolitical tensions and economic uncertainty. Gold prices soared from about $2,625 per ounce in early 2025 to a peak of $5,595 in January 2026, during which China slowed purchases, but imports have since rebounded sharply. Analysts quoted in the report, including Liu Sha of Zijin Mining's金山资产管理 and Christopher Hamilton of Invesco, attribute the buying to a structural multi-year reallocation of household and official assets toward wealth preservation. They note that China's sustained gold purchases are now a core driver of global gold prices, and this trend is expected to continue as long as economic growth concerns and geopolitical uncertainty persist. The report also notes that China's holdings of US Treasury bonds fell to $618 billion in July 2026, an 18-year low, and that the Netherlands recently moved some gold reserves from New York to London.
China's Gold Imports Hit Record High as Investors Seek Safe Haven Amid Uncertainty
China has spent a record $158.8 billion importing over 1,000 tonnes of gold in the first eight months of 2026, surpassing the 886 tonnes purchased for $96.5 billion in all of 2025, according to a Financial Times report cited by Chinese financial media. The surge in gold buying, driven by both the central bank and domestic investors, comes amid heightened geopolitical tensions and a diversification away from US assets. China's holdings of US Treasury bonds fell to $618 billion in July, the lowest in 18 years. The gold price soared from around $2,625 per ounce in early 2025 to a peak of $5,595 in January 2026, before a recent slowdown in Chinese purchases, but imports have now rebounded sharply. Analysts cited in the report, including Liu Sha of Zijin Mining's金山资产管理 and Christopher Hamilton of Invesco, attribute the trend to a structural reallocation of household and official assets for long-term wealth preservation. They warn that as long as economic growth concerns and geopolitical uncertainty persist, China's gold buying will remain a core driver of global gold prices. The report also notes that gold is becoming an increasingly important portfolio diversifier as government bonds lose their negative correlation with equities.
China's Gold Imports Hit Record High as Central Bank and Investors Seek Safe Haven
China has spent a record $158.8 billion importing over 1,000 tonnes of gold in the first eight months of the year, according to a Financial Times report. The surge in purchases, driven by both the central bank and domestic investors, comes amid heightened geopolitical tensions and a desire to diversify assets away from US Treasuries. Gold prices soared from around $2,625 per ounce in early 2025 to a peak of $5,595 in January, during which China slowed its buying, but imports have since rebounded sharply. Liu Sha, managing director at Zijin Mining's Jinshan Asset Management, said the buying reflects a multi-year structural reallocation of household and official assets, not short-term trading, and that China's gold purchases are now a core driver of global gold prices. Christopher Hamilton of Invesco noted that gold's price behavior has decoupled from real interest rates, as investors seek physical assets. The report also notes that China's holdings of US Treasuries fell to $618 billion in July, an 18-year low, and that countries are increasingly repatriating gold reserves from abroad.
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China's Gold Imports Exceed 1,000 Tons in Eight Months, Setting New Record
According to the latest customs data reported by cfi_futures on September 22, 2026, China's gold imports in the first eight months of 2026 surpassed 1,000 tons, exceeding the total for all of 2025 and setting a record for the same period since statistics began. The surge was driven by three factors: first, a price correction in January from historical highs opened a buying window, with domestic gold prices maintaining a slight premium over international benchmarks, stimulating imports. Second, the renminbi's strength since early 2023 made imports cheaper, and a new licensing system implemented in the first half of the year encouraged banks to fully utilize import quotas issued by the central bank. Third, the People's Bank of China increased its gold purchases in August to the highest monthly level since 2023, extending its buying streak to nearly two years. This central bank buying had a 'leadership effect,' with Chinese gold ETFs adding about 44 tons (18% growth) in the same period, while global ETFs remained flat. The report, attributed to 国际财闻汇, suggests that China's buying is reshaping global gold supply-demand dynamics and increasing the pricing power of Eastern buyers in a risk-averse era.
China's Gold Imports Exceed 1,000 Tonnes in Eight Months, Setting New Record
According to the latest customs data reported by Chinese financial media cfi_futures, China's gold imports in the first eight months of 2026 exceeded 1,000 tonnes, surpassing the total for all of 2025 and setting a record for the period. The article attributes this surge to three key factors. First, a price correction in January from historical highs opened a buying window, with domestic premiums over international benchmarks further stimulating imports. Second, a strong renminbi since the start of the year made imports cheaper, while a new licensing system encouraged banks to utilize existing import quotas from the central bank. Third, the People's Bank of China increased its gold reserves in August at the highest monthly rate since 2023, extending a buying spree of nearly two years. This central bank action had a 'leadership effect,' driving Chinese gold ETF holdings up by 44 tonnes (18%) over the same period, contrasting with flat global ETF demand. The report concludes that China's buying is reshaping global gold supply-demand dynamics and underscores the pricing power of Eastern buyers in an era of global risk aversion.
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