China increases gold imports to record levels amid dollar de-risking

People's Bank of China gold imports de-dollarization central bank reserves safe-haven assets

China is experiencing a significant surge in gold demand, driven by both central bank policy and domestic investor interest. The People’s Bank of China (PBOC) has increased its gold reserves for 23 consecutive months, marking its longest buying streak since at least 2015. In September, the PBOC purchased approximately 23 tons of gold, its largest monthly acquisition in nearly three years.

Customs data reveals that during the first eight months of 2026, China spent a record $158.8 billion to import over 1,000 tons of gold, surpassing the total imports for the entire previous year. Analysts suggest this trend is motivated by a strategic desire to reduce reliance on the U.S. dollar and American treasury bonds, particularly following the freezing of Russian central bank assets by Western nations in 2022.

Domestically, Chinese households and businesses are also turning to gold as a safe-haven asset due to a sluggish economy and a downturn in the real estate market. With declining yields on bank deposits and bonds, gold has become a preferred method for wealth preservation. Despite recent fluctuations in global gold prices, experts predict strong seasonal demand through the winter.

Entities

China · Julius Baer · Julius Baer Group · People's Bank of China · State Street Investment Management · United States

Claims

What the coverage asserts, and how many sources carry each claim.

[● 4 SOURCES] The People’s Bank of China has increased gold reserves for 23 consecutive months. newsbit.nl · economytoday.sigmalive.com · www.epochtimes.com · www.powergame.gr
[● 3 SOURCES] China spent $158.8 billion on gold imports during the first eight months of 2026. economytoday.sigmalive.com · www.epochtimes.com · www.powergame.gr
[● 4 SOURCES] In September, the PBOC purchased approximately 23 tons of gold. newsbit.nl · economytoday.sigmalive.com · www.epochtimes.com · www.powergame.gr
[● 2 SOURCES] Gold prices fell by more than 8% in September to approximately $4,176 per ounce. newsbit.nl · www.epochtimes.com
[● 3 SOURCES] The primary motivation for the PBOC's gold accumulation is political, aimed at reducing dependence on U.S. Treasuries. economytoday.sigmalive.com · www.epochtimes.com · www.powergame.gr
[● 2 SOURCES] Chinese domestic gold prices are trading at a premium compared to international prices. economytoday.sigmalive.com · www.epochtimes.com
[● 3 SOURCES] China imported more than 1,000 tons of gold in the first eight months of 2026. economytoday.sigmalive.com · www.epochtimes.com · www.powergame.gr
[● 2 SOURCES] China's holdings of U.S. Treasury bonds fell to $618 billion in July, an 18-year low. www.epochtimes.com · www.powergame.gr