Why China is importing a record amount of gold — and what it means for prices

China's central bank has bought gold for 23 straight months, and the country is importing more of the precious metal than ever. That buying spree reflects Beijing's push to cut its dependence on the dollar, and Chinese households' lack of safe alternatives, with analysts expecting sustained demand for the bullion in a struggling economy. The People's Bank of China added about 23 tonnes in September, its biggest monthly purchase in almost three years, according to State Administration of Foreign Exchange data, extending the longest purchasing streak since at least 2015 . Chinese households and companies are turning to gold as a safe haven. The country spent a record $158.