Customs data indicates that the volume of bullion entering China from January to August 2026 has already surpassed the total amount brought in during the previous calendar year. These imports exceeded 1,000 tonnes in the first eight months, with total spending reaching almost $160 billion. This expenditure marks a record for the world's second-largest economy, driven by demand from local investors and the central bank.

Strong investment demand kept onshore prices at a slight premium to world benchmarks, which further incentivized imports, according to Jinrui Futures analyst Zijie Wu. The buying surge was supported by a firmer yuan, a slump in international prices, and investor diversification away from domestic assets amid rising geopolitical uncertainty.