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China's gold imports exceed 1,000 tonnes in first eight months, setting a new record
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According to the latest customs data reported by Chinese financial media 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 records began. The surge was triggered by a price correction in January, when gold prices fell from historical highs, opening a window for bargain buying. The trend continued as domestic gold prices maintained a small premium over international benchmarks, further stimulating imports. Two additional factors supported the buying spree: the renminbi's strength since the beginning of the year reduced import costs, and policy easing under a new licensing system encouraged banks to fully utilize existing import quotas from the central bank. The most significant signal came from the People's Bank of China, which recorded its highest monthly gold purchase since 2023 in August, extending its buying streak to nearly two years. This central bank buying had a demonstration effect, as Chinese gold ETFs added approximately 44 tons (18% growth) during the same period, while global ETFs remained nearly flat. The report concludes that China's buying patterns are reshaping global gold supply-demand dynamics and highlighting the pricing influence of Eastern buyers in an era of global risk aversion.
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 setting a new record for the same period since records began.
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 is a continuation of the "buy more as prices fall" momentum seen early this 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 favorable conditions have emerged:
- Stronger Yuan: The renminbi has remained strong since the start of the year, making imports more cost-effective.
- Policy Easing: Following the implementation of a new licensing system in the first half of the year, banks have been encouraged to fully utilize the existing import quotas allocated by the central bank.
Turning Point 3: The Central Bank Leads by Example
The most significant signal came from the central bank: In August, the People's Bank of China recorded its highest monthly gold purchase since 2023, extending its accumulation cycle to nearly two years. The central bank's "leadership effect" quickly rippled through the market. During the same period, China's gold ETFs added approximately 44 tonnes, an increase of 18%, while global ETFs remained largely flat.
As the world's largest gold buyer, China's purchasing strategy is reshaping the supply-demand narrative of the gold market. When 1,000 tonnes of gold cross the customs border, the world sees not just a number, but the 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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China's Gold Imports Exceed 1,000 Tonnes in Eight Months, Setting New Record