中国人民银行9月增持约23吨黄金，创近3年来最大单月采购量1，并实现连续增持纪录，自2015年以来最为持久1。截至今年8月，中国黄金储备总量已达2387吨，约为美国储备量的三分之一1。
中国强劲的黄金购入背后存在多重动力。官方层面，中国央行正在加速推进去美元化战略。数据显示，中国7月持有美债规模降至6180亿美元，创18年来新低1。瑞士宝盛银行分析师孟可指出，中央银行增持黄金的核心动机在于应对美国将美元作为地缘政治武器1。与此同时，美债收益率与国内债券收益率的巨大差异也在推高中国对黄金的需求——中国1年期公债殖利率约1.2%，而美国同期约4.46%1。
民间层面，国内资产表现不佳也促使投资者转向黄金避险。沪深300指数今年下跌约8%，而同期美国标普500指数上涨13%1，这促使民间家户与企业大量购入黄金。今年前8个月，中国进口黄金已突破1000吨，总耗资达1588亿美元1。中国强劲的黄金需求已成为支撑全球金价的重要结构性力量。
China's People's Bank added approximately 23 metric tons of gold in September, marking the largest monthly purchase in nearly three years and extending its consecutive buying streak to 23 months 1. This sustained acquisition reflects a dual-track strategy combining official de-dollarization efforts with rising domestic demand for safe-haven assets.
The central bank's gold accumulation represents a structural pillar of global gold prices. As of August, China's total gold reserves reached 2,387 metric tons, equivalent to roughly one-third of U.S. reserves 1. Over the first eight months of 2026, China imported more than 1,000 metric tons of gold at a cost exceeding $158.8 billion 1. This aggressive stance accompanies a significant reduction in U.S. Treasury holdings; China's Treasury position fell to $618 billion in July, a 18-year low 1. The yield gap between Chinese one-year government bonds (approximately 1.2%) and U.S. equivalents (around 4.46%) further incentivizes portfolio reallocation away from dollar-denominated assets 1.
Private investors have amplified demand alongside official purchases. Deteriorating domestic stock and real estate markets have driven households and businesses to seek refuge in gold. The CSI 300 Index has declined roughly 8 percent this year, contrasting sharply with the U.S. S&P 500's 13 percent gain 1. China's central bank's core motivation for increasing gold reserves centers on countering U.S. use of the dollar as a geopolitical instrument 1.
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