China’s central bank officially bought +20 tonnes of gold in August, matching its largest monthly purchase since October 2023
China isn’t waiting for gold to get cheap. It’s been steadily adding to its reserves for almost two years, and August was the biggest monthly buy in nearly three years. That makes the 20 tonnes much more interesting than the number by itself.
Central banks keep accumulating gold, with China and Poland leading
The World Gold Council reported 23 tonnes of net central-bank buying in July. China bought 20 tonnes and Poland bought 8 tonnes. China had already reached 60 tonnes of purchases for the year by July.
July 30 — Central-bank gold buying jumped 62% year over year in Q2
https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-q2-2026/central-banks
Central banks bought 288.9 tonnes in Q2, up from 177.9 tonnes a year earlier. China added 33 tonnes during the quarter. The WGC also found that 45% of central banks surveyed expected to increase their own gold holdings over the next 12 months.
September 11 — Gold is being hit by higher yields, yet China keeps buying
https://www.reuters.com/world/india/gold-track-third-weekly-loss-us-inflation-data-looms-2026-09-11/
Gold is down nearly 3% this week as oil, inflation and Fed rate-hike expectations push yields higher. Yet Reuters says investment demand in China remains strong.