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China's gold imports exceed 1,000 tonnes in first eight months, a record high
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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.
Source report
Date: September 22, 2026 Source: China Finance Network
According to the latest customs data, China's gold imports in the first eight months of this year have exceeded 1,000 tonnes — already surpassing the total volume for the entire year of 2025 and marking the highest level for the same period on record.
Turning Point 1: A Window of Opportunity from Price Correction
The buying spree began with a price correction. In January, gold prices retreated from historical highs, opening a window for bargain hunting. The surge in imports over recent months reflects a continuation of the "buy more as prices fall" momentum seen early in the year. Domestic gold prices have maintained a slight premium over international benchmarks, further stimulating import demand.
Turning Point 2: Favorable Exchange Rates and Policy Support
Beyond timing, two additional factors have supported the import surge:
- Stronger Renminbi: The renminbi has remained strong since the start of the year, reducing the cost of imports.
- Relaxed Policy Environment: Following the implementation of a new licensing system in the first half of the year, banks have been encouraged to fully utilize existing import quotas allocated by the central bank.
Turning Point 3: Central Bank Enters the Fray
The most significant signal came from the central bank itself. In August, the People's Bank of China recorded its highest monthly gold purchase since 2023, extending its buying streak to nearly two years. This "leadership effect" quickly rippled through the market:
- China's gold ETFs added approximately 44 tonnes, an increase of 18% over the same period.
- In contrast, global gold ETFs remained largely flat.
As the world's largest gold buyer, China's purchasing strategy is reshaping the supply-demand narrative of the global gold market. When 1,000 tonnes of gold cross its borders, the world sees not just a number, but the growing pricing power of an Eastern buyer in an era of global risk aversion.
— International Finance Digest
Source
中财网-期货Eastern
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