China Imports Record $158.8 Billion of Gold in 2026 as PBOC Extends 23-Month Buying Streak
Updated
Updated · CNBC · Oct 12
China Imports Record $158.8 Billion of Gold in 2026 as PBOC Extends 23-Month Buying Streak
1 articles · Updated · CNBC · Oct 12
Summary
$158.8 billion of gold imports—more than 1,000 tonnes—entered China in the first eight months of 2026, already surpassing all of 2025 as households and companies piled into bullion.
23 straight months of central-bank buying helped drive that surge, with the PBOC adding about 23 tonnes in September—its biggest monthly purchase in nearly three years—as Beijing sought to reduce reliance on the dollar.
Falling domestic alternatives reinforced demand: China's property slump persists, the CSI 300 is down about 8% this year, and one-year government bond yields sit near 1.2%, lowering the opportunity cost of holding gold.
Gold still held around $4,176 an ounce after an 8% September pullback from January's record above $5,500, with analysts saying Chinese buying has become structural support and could lift prices back to $4,750-$5,500 by early 2027.
China's reserve shift fits a broader de-dollarization push after Western sanctions on Russia highlighted the risks of foreign-held assets; Beijing's Treasury holdings fell to an 18-year low of $618 billion in July.