China Surpasses Record Gold Imports in 2026 Amid Economic Uncertainty
China's gold imports have reached an unprecedented level in 2026, with the country importing over 1,100 tonnes of gold through August. This marks a significant increase from last year's total and is attributed to strong investment demand and a favorable exchange rate.
The yuan has remained strong since the beginning of this year, creating conditions that are favorable for gold imports. Zijie Wu, an analyst at Jinrui Futures Co, notes that mainland prices have surpassed the world benchmark price, making increased imports attractive for wholesalers.
China's gold market is the largest in the world, and the current economic uncertainty has led to a surge in demand for gold as an investment option. The combination of strong retail sentiment and generous approval quotas from regulators has also contributed to the increase in gold imports.
The People's Bank of China (PBoC) has been actively buying gold, adding 20.2 metric tonnes to its reserves in August, which is its largest monthly purchase since October 2023. The country's total official holdings now stand at roughly 2,387 tonnes, with a valuation increase of around $43.7 billion last month alone.