important_btc_update

China
The world's 7th largest economy in US Dollar terms in 1999, China jumped to 3rd place on the GDP league table within 10 years and then overtook Japan, closing the gap with world No.1 economy the USA to less than 50% by 2014 and then to barely 30% last year.
 
Driving that economic growth, China has built a giant manufacturing sector and earns a huge trade surplus against the rest of the world. Today it ships out over 14% of all merchandise exports by value, but it buys less than 11% of global imports. To pay for the gap, other countries – led by the USA – must send huge quantities of currency to China to get the goods that they want. That has enabled the central bank in Beijing to build massive reserves of foreign currency and bonds, led by the US Dollar.
 
China's FX reserves at the People's Bank are so huge, its massive gold holdings still accounted for just 5.5% of the total in US Dollar terms at New Year 2025. But that ratio has more than doubled over the past 20 years as Beijing more than tripled the weight of its gold bullion reserves to reach more than 2,270 tonnes on the official data.
 
That makes China the 6th largest national gold holder, with analysts believing that the vast bulk if not all of its gold is stored domestically. But do those figures understate China's true bullion reserves?
 
Many analysts believe China's national gold bullion holdings are larger than the reported total, perhaps twice the size if you compare the country's visible private-sector demand against its gold mining output and bullion imports. The excess supply must have gone somewhere, and the People's Bank has in the past kept the changes in its gold holdings a secret, suddenly announcing huge increases in its gold reserves.
 
India
For a country with such a deep and famous love for gold, India began the 21st Century very shy about buying any gold for its central-bank reserves. But looking to diversify its foreign-exchange reserves as economic growth in the world's most populous nation accelerated, the Reserve Bank of India in late 2009 bought a massive 200 tonnes of gold from the International Monetary Fund.
 
India's 2009 gold purchase was the largest increase in its national gold holdings on record. It cost the central bank $1045 per Troy ounce, then the highest gold price ever. The very same level then became the final floor for the gold prices when the market slumped in 2012-2015.
After the 2009 purchase of IMF gold, the RBI kept its record-large gold reserves unchanged for 8 years, focusing instead on trying to boost the Rupee's exchange-rate value while building its holdings of US Dollars and other foreign currencies. Indeed, there was discussion about selling or lending some of India's gold to help the central bank defend the Rupee, something it had done two decades earlier.
 
But the officials in Mumbai then began to buy gold regularly from the end of 2017, adding almost 320 tonnes since then to take the Reserve Bank of India's total reported bullion reserves to the 8th largest worldwide among national central banks. Over 27% of the total has been added in the past 5 years alone, as our table shows.
 Poland
Trailing the monster gold buyers of China, India and Russia, three members of the European Union have also shown strong appetite for central-bank gold reserves over the past five years, led by Poland.
 
While some of Warsaw's gold buying appeared politically motivated under the right-wing Law and Justice Party (PiS), Poland's gold purchases have continued since they lost power in 2023, adding another 89.5 tonnes last year alone.
 
Hungary and the Czech Republic have meanwhile more than doubled their gold reserves since the start of 2020, eve of the global Covid pandemic. Like Poland, they are due to join the single Euro currency at some stage. But for now, they continue choosing the safety of gold bullion as a key monetary reserve.
 
Countries doubling their gold reserves
Other countries doubling the weight of their gold reserves since the end of 2019 include Georgia and Kyrgyzstan in eastern Europe, major African gold-mining nation Ghana, EU and Euro member Ireland (albeit to only 12.0 tonnes), plus Middle East states the United Arab Emirates and Qatar.
 
Russia
As with China, the Central Bank of Russia is believed to keep all its gold bullion domestically, rather than holding much if any abroad.
 
Also like China, there's debate over the true size of Russia's government gold holdings. But on the central bank's official data, Moscow now holds the world's 5th largest national gold hoard after choosing to buy almost 2,000 tonnes for its reserves over the last 20 years.
 
That gold-buying spree took off as the price of oil and gas – which make up half of Russia's total exports and account for almost 1/5th of its entire economic output – began rising in the 'commodity supercycle' of the early 2000s. Boosting Russia's GDP as well as Moscow's tax revenues, the country's trade surplus with the rest of the world also spurred a jump in the central bank's reserves of foreign currency, most of all the US Dollar.
 
At the same time, Vladmir Putin – then as now President of Russia – called for the Central Bank of Russia (CBR) to increase gold's share in its foreign-exchange reserves, and he also called for greater investment into Russia's gold-mining industry. The country has since moved from 5th position to No.2 among the largest producer nations, almost doubling its annual gold mine output by weight.
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