China Spends Record $158.8 Billion on Gold Imports in Eight Months

China’s record gold imports exceed 1,000 tonnes as U.S. Treasury holdings fall to $618 billion

China spent a record $158.8 billion importing more than 1,000 tonnes of gold during the first eight months of 2026, according to data cited by Coin Bureau from the Financial Times and Chinese customs figures.

The amount is 65% higher than the $96.5 billion China spent on 886 tonnes of gold during the whole of 2025. The pace of imports underscores the scale of Chinese demand for the precious metal this year, although the customs figures cover gold imports broadly and do not by themselves identify the proportion purchased by the central bank.

China’s Gold Imports Reach Record Level

The figures cited by Coin Bureau show that China crossed the 1,000-tonne mark in gold imports within eight months, with total spending reaching $158.8 billion.

The Financial Times reported that the surge has occurred alongside demand from both official and private-sector buyers. China’s property market weakness, subdued domestic investment opportunities and demand for assets viewed as stores of value have been cited as factors behind the increased interest in gold.

The scale of imports also comes as China continues to adjust the composition of its foreign reserves. The country’s holdings of U.S. Treasury securities fell to $618 billion in July, according to the figures cited in the X post. That was the lowest level since August 2008. The Financial Times separately reported the same July figure and described the decline as part of a broader diversification of China’s reserve assets.

Central Bank Gold Buying Accelerates

China’s central bank added 20 tonnes of gold in August, marking its largest monthly addition since 2023, according to the Coin Bureau post.

The reported August purchase followed an estimate from Goldman Sachs that China bought 35 tonnes in July, rather than the 20 tonnes officially disclosed. The difference highlights the uncertainty surrounding estimates of central-bank gold accumulation when purchases may not be fully reflected in reported figures.

Goldman Sachs has identified central-bank demand as an important structural factor in the gold market. Its research published in August said central banks were continuing to diversify reserves through gold and projected average central-bank purchases of 50 tonnes per month in 2026. The firm also said its estimates indicated China was the largest identifiable central-bank buyer in June.

U.S. Treasury Holdings Continue to Decline

China’s declining Treasury holdings provide another part of the reserve-allocation picture. The $618 billion reported for July compares with a peak of more than $1.3 trillion in 2013, according to the Financial Times.

The reduction does not establish that Treasury sales are being directly redirected into gold, and the two trends should not automatically be treated as a single transaction strategy. However, both developments are occurring as China holds a larger amount of gold and a smaller stock of U.S. government debt than in previous years.

For now, the latest figures leave August’s 20-tonne official markets gold purchase and Goldman Sachs’ 35-tonne July estimate as key reference points for assessing China’s reported accumulation, while the country’s gold imports have already exceeded the total volume recorded for all of 2025.

Writer: Victoria Hale
Technology & Blockchain Writer

Victoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.

She prioritises clarity and accuracy when explaining technical developments to a general audience.