China’s Record Gold Imports and 23-Month Central Bank Buying Streak Signal Deepening Shift Away From Dollar - Tekedia

China's gold imports have reached record levels, while the People's Bank of China has extended its gold-buying streak to 23 consecutive months, according to Tekedia. The combination points to a sustained official appetite for bullion rather than a short-term trade.

Central bank purchases matter because they represent steady, price-insensitive demand. Unlike jewellery or industrial use, reserve buying is driven by policy objectives — typically diversification of foreign exchange reserves, which are still heavily weighted toward US dollar assets. A 23-month streak suggests a deliberate, incremental strategy rather than a reaction to any single market event.

For observers, the key question is whether this pace continues. Persistent official demand can tighten available supply and provide a structural floor under prices, though gold remains sensitive to real yields, the dollar's direction, and broader risk sentiment. Record imports also raise the issue of transparency: some flows may reflect commercial stockpiling alongside state reserves. What to watch next: monthly PBOC reserve disclosures, China's import data, and whether other central banks follow a similar pattern. Together, these signal how quickly reserve diversification is actually progressing.