Gold imports into China this year have reached record levels thanks to a collapse in international prices and a stronger yuan, Bloomberg reports.

Purchases for the period through August exceeded 1,000 tons, surpassing the total for all of 2025, according to the latest customs data compiled since 2017. Strong investment demand keeps domestic prices at a slight premium to global benchmarks, which is boosting imports, said Ziqjie Wu, an analyst at Jinrui Futures Co.

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

China’s exchange-traded funds (ETFs) added about 44 tonnes over the period through August, which is 18% more than at the start of the year, according to the Shanghai Gold Exchange. Global ETFs were almost unchanged over this period.

Large volumes of imports in recent months continue the trend seen at the beginning of the year, when gold’s drop from its all-time high in January prompted investors to buy the dip. Purchases were also likely supported by a new licensing regime introduced in June, which encouraged banks to exhaust existing import quotas issued by the People’s Bank of China.

China is the world’s largest buyer of gold, and demand is supported both by economic uncertainty and by more limited investment alternatives than in other countries.

The central bank’s ramp-up of gold purchases in recent months has also improved retail buyers’ sentiment, said W. In August, the PBOC bought the most bullion since 2023, extending the buying streak to nearly two years.

The spot price of gold (XAU/USD) fell by 0.59% to $4,318.25 per ounce. The December gold futures contract (GCZ6) is trading at $4,354.70 per ounce, down 0.67%, or $29.20.

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