China imported more than 1,000 tonnes of gold in the first eight months of 2026, worth a record $158.8 billion — already exceeding all of 2025's 886 tonnes, UA.NEWS reports, citing CNBC. The People's Bank of China added about 23 tonnes in September, its largest monthly purchase in nearly three years, extending its buying streak to 23 consecutive months — the longest since at least 2015.
Julius Baer analyst Carsten Menke says Beijing's main motive is reducing dependence on the U.S. dollar and Treasuries — China's Treasury holdings fell to an 18-year low of $618 billion in July — while households are piling into jewelry, bars and coins as the property market slumps and stock returns disappoint.
