Why China Keeps Buying Gold as It Cuts U.S. Treasury Exposure

Another Look with Tiffany Georgopoulos examines why China is accelerating gold accumulation while reducing its exposure to U.S. Treasury securities—and what that says about reserve diversification, the yuan, and the global monetary system.China spent $158.8 billion importing more than 1,000 tonnes of gold in the first eight months of 2026, already exceeding its full-year 2025 import volume. Meanwhile, the People’s Bank of China extended its reported gold-buying streak to 23 consecutive months in September, adding 23 tonnes and bringing official holdings to about 2,410 tonnes. Tiffany separates private Chinese demand from central-bank reserve strategy and asks why Beijing keeps accumulating gold…