China's Gold Imports Surpass 1,000 Tonnes Year-to-Date, Setting a Historic Record
nashnova research
China imported over 1,000 tonnes of gold in the first eight months alone — surpassing all of 2025 and setting the highest total since customs data began in 2017. A strong yuan and sustained central-bank buying are fueling demand with no sign of a slowdown.
What does 1,000 tonnes really mean?
Eight months of imports have already exceeded all of 2025, the highest on record since trackable customs data began in 2017.
This means → China is absorbing physical gold at an unprecedented pace; a new full-year record is all but certain.
In plain terms = last year's entire haul was matched by August — and the buying is still accelerating.
Who is buying, and what is driving them?
Gold ETFs: Shanghai Gold Exchange data show holdings rose roughly 44 tonnes through August, up 18% year-to-date — while global gold-ETF holdings were essentially flat.
The central bank: The People's Bank of China bought more gold in August than in any month since 2023; it has now been buying continuously for close to two years.
Retail investors: The PBOC's visible buying has lifted retail sentiment, stacking demand layers that push domestic spot prices above global benchmarks and pull in more imports.
This means → demand is not one-dimensional speculation — it is an ETF + central bank + retail triple layer, structurally more durable than a single driver.
What role are the yuan and policy playing?
Analyst Wu Zijie at Jinrui Futures notes that the yuan has stayed strong since January, lowering import costs and giving regulators room to approve more generous import quotas.
In plain terms = a stronger yuan buys more dollars per unit → the same weight of gold costs fewer yuan → importers are more willing to buy.
A new licensing regime that took effect in June may also be pushing banks to use up existing quotas faster, further boosting short-term import volumes.
How did the early-year price pullback matter?
Gold fell sharply from its January all-time high, drawing investors to buy the dip and sustaining the import momentum that had been building since the start of the year.
This reflects a defining trait of Chinese gold buyers: the lower the price drops, the stronger the buying impulse — the opposite of panic selling.
Will the buying continue at this pace?
China is the world's largest gold buyer. Economic uncertainty and a relative lack of alternative investment channels provide structural support for demand.
This means → as long as those two conditions hold — an unclear economic outlook and few attractive places for households to put money — gold demand is unlikely to cool.
The key variable: whether the PBOC maintains its buying cadence. If the central bank slows, retail sentiment could follow, and only then would import volumes have room to retreat.
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