Why China’s Gold Imports Surged Past 1,000 Tonnes

China’s gold imports exceeded 1,000 tonnes in the first eight months of 2026—more than in all of 2025 and the highest January–August volume in comparable customs data going back to 2017. The reported import value was about $158.8 billion. Lower international prices and a firmer yuan made overseas bullion more attractive, while strong demand kept gold trading at a slight premium inside China. 15

Why did imports accelerate?

A stronger yuan reduced the local-currency cost of dollar-priced gold, and a retreat in international bullion prices gave buyers another reason to purchase. At the same time, China’s onshore price premium signaled demand that could make importing worthwhile. These factors help explain the surge, although the import figures do not measure each factor’s individual contribution. 13

The reported June change to import licensing may also have affected when approved importers brought gold into China. An analyst cited in the reporting linked the stronger yuan to more generous import-quota approvals. The available figures do not establish how many tonnes—or how much of the reported $158.8 billion—resulted from the licensing change. 19

Who was buying the gold?

Investment demand extended beyond official reserves. Reported purchases of bars and coins point to interest in physical gold, while Chinese gold ETFs added about 44 tonnes through August, including 11 tonnes in August. Separately, the People’s Bank of China reported a 20.2-tonne increase in its gold reserves in August. 149

Those measures describe different things: customs imports, ETF holdings and central-bank reserves. They cannot be added together or used to assign a share of imported gold to any one group. Official buying was part of the picture, but it does not, by itself, explain imports exceeding 1,000 tonnes. 124

Do falling Treasury holdings reveal a gold-for-bonds trade?

No. Reported Chinese holdings of U.S. Treasuries declined as gold imports rose, a pattern consistent with broader diversification. But the Treasury figure and the import total cover different assets and potentially different buyers. Their movement together does not show that proceeds from Treasury sales paid for the gold. 5

Likewise, imports after gold’s January price peak are consistent with buyers responding to a pullback. Timing alone does not establish a coordinated official strategy—or prove that buyers successfully timed the market. 3