China’s gold imports approach 1,200 tonnes in 2026 as local premiums and strong yuan drive investment demand

Imports of gold bullion through August surpassed the total for the whole of 2025, the latest customs data showed, marking the highest rate of imports since at least 2017.

Zijie Wu, an analyst at Jinrui Futures Co, told Bloomberg that strong investment demand has pushed mainland prices above the world benchmark price, making increased imports attractive for wholesalers.

“The yuan has remained strong since the beginning of this year, creating favorable conditions for gold imports and enabling regulators to grant more generous approval quotas,” Wu said.

And while global gold exchange-traded fund flows were largely flat through the year to August, Chinese ETFs added around 44 tonnes through August for an increase of 18% in 2026, according to the Shanghai Gold Exchange.

China is the world's biggest gold market, and the combination of economic uncertainty and fewer investment options compared to other countries has supported gold demand.

Wu said the ramp-up of gold purchases by the People's Bank of China in recent months has also boosted retail sentiment.

Earlier this month, the State Administration of Foreign Exchange (SAFE) announced that the People’s Bank of China (PBoC) added 20.2 metric tonnes of gold to its reserves in August, its largest monthly purchase since October 2023.

Last month’s purchases brought the country’s total official holdings to roughly 2,387 tonnes. China has now increased its gold reserves for 22 consecutive months, and has added approximately 80 tonnes of bullion during the first eight months of 2026.

The valuation of China’s gold reserves has also increased significantly, rising from $306.35 billion at the end of July to $350.08 billion by the end of August—an increase of roughly $43.7 billion last month alone.

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