Central Banks News & Analysis

China Imports Record Gold: $158.8B in Jan-Aug 2026

China's central bank has been purchasing gold for 23 consecutive months, with its imports reaching record levels. By September, it had purchased about 23 tonnes, marking the largest monthly acquisition in nearly three years, a move likely influenced by Beijing's ambition to diversify away from the USD. Between January and August 2026, China imported gold worth $158.8 billion, over 1,000 tonnes, surpassing the entire 2025 figure of $96.5 billion and 886 tonnes. This surge comes amidst an economic climate where alternative safe investments are limited, and gold prices have experienced significant drops, falling over 8% in September to approximately $4,176 per ounce, down from January's high above $5,500 per ounce. The People's Bank of China's strategy is seen as political, aiming to lessen dependence on U.S. Treasuries due to geopolitical risks, with gold offering security that foreign-held reserves do not.