In November 2025, an unprecedented event occurred in the economic relations between Russia and China. For the first time in the trade history of the two countries, a record volume of gold bullion was delivered from Russia to China.
Record amount: $961 million
According to data from China’s customs service, reported by "RIA Novosti," the export volume in November amounted to $961 million (818.6 million euros). This figure surpassed the previous record of $930 million set in October.
- 11-month results: Between January and November 2025, China imported a total of $1.9 billion worth of gold from Russia.
- Rapid growth: Considering that the gold trade in the first nine months of the year amounted to only $9 million, the trade volume has seen a drastic and astonishing increase in the last two months.
Comparison and conflicting data
Compared to 2024, this year’s figures are remarkable. During October and November of last year, Russia did not export any gold to China.
However, there are some discrepancies in the data provided by international publications. For instance, Bloomberg had reported that the export of precious metals had already reached $1 billion during the first half of the year. These differences are attributed to record-high gold prices and fluctuating demand in the domestic market.
Why is China stockpiling gold?
Western analysts, including experts from The Financial Times and Société Générale, suggest that Beijing might be concealing the true scale of its gold purchases.
- Actual scale: Estimates suggest that China will buy a total of 250 tons of gold in 2025. This would account for more than one-third of the global demand from central banks.
- Reducing reliance on the dollar: Experts associate China's significant interest in gold with its strategy to reduce dependence on U.S. dollar reserves and protect its national economy.
Although official data from the World Gold Council shows lower figures for China's purchases, experts state that the actual volumes could be 10 times higher than the reported statistics.
In your opinion, how will China’s sharp increase in gold reserves impact the global economy and the position of the U.S. dollar?
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