China’s actual gold purchases this year may exceed officially declared volumes by several times and have already become one of the key drivers of record growth in precious metal prices, the Financial Times writes, citing analysts and market data.
According to official statistics from the People’s Bank of China, in 2025 the regulator purchased only about 25 tons of gold, with an increase in reserves of approximately 2 tons in some months. However, analysts at Société Générale, assessing trade flows of large bars and import data, believe that Beijing’s actual purchases could reach up to 250 tons per year, or more than a third of the total demand of global central banks. According to their estimates, actual purchases may exceed the officially disclosed figures by ten times or more.
Bruce Ikemizu, director of the Japan Precious Metals Market Association, said that market participants this year “practically do not believe official statistics, especially for China,” and estimates the country’s current gold reserves at nearly 5,000 tons — about twice the level reported publicly by the Chinese authorities.
According to the FT and experts, a significant portion of purchases are made opaquely — through the State Administration of Foreign Exchange (SAFE), the sovereign wealth fund China Investment Corporation, and other entities that are not required to publish detailed reports on gold reserves. This makes it difficult to assess the real scale of operations and increases market uncertainty.
Analysts note that the secretive accumulation of gold is linked to a strategy of de-dollarization. “China is buying gold as part of its strategy to reduce its dependence on the dollar,” the press quotes Jeff Currie, a strategist at Carlyle, as saying. Gold is seen as a hedge against currency and geopolitical risks, including against the backdrop of tensions with the US.
According to estimates by the World Gold Council, over the past decade, the share of gold in the international reserves of countries outside the US has grown from about 10% to 26%, making the metal the second most important reserve asset after the US dollar. Large-scale purchases by central banks have helped push the price of gold above $4,300 per troy ounce, according to the FT and industry publications.
China remains the world’s largest producer and consumer of gold, accounting for about 10% of global production, which allows Beijing to increase its reserves not only through imports but also through the domestic market.
Irish low-cost airline Ryanair has stopped accepting printed boarding passes: a digital boarding pass in the myRyanair app is now required for boarding, the airline has announced. Online check-in is available on the website and in the app, after which the boarding pass is automatically generated in myRyanair. According to the carrier, the share of passengers with mobile boarding passes previously exceeded 80%.
The company explains the move as an effort to speed up boarding and reduce costs. The information page notes that Ryanair is “moving to 100% Digital Boarding Passes from 12 Nov 2025” and paper boarding passes will no longer be issued. Local exceptions may apply at certain airports, a list of which is published by the company in its explanations.
A number of European publications specify that passengers without a smartphone or without access to the app at the airport will be able to obtain a paper boarding pass after online check-in, and some national regulators remind of the need to respect passenger rights when introducing the digital format.
The cryptocurrency market remained quite volatile during the week of November 10-16 and ended the period in the red. According to consolidated quotes from exchange trackers, Bitcoin fell from the $106,000 range to $95,000–96,000, with daily lows dropping to $94,000. Ethereum fell from approximately $3,570 to $3,170, and Solana fell from around $167 to $141. The dynamics were accompanied by irregular flows in spot ETFs: days of net inflows and outflows alternated, which intensified price volatility. Additional pressure was created by the growth in US government bond yields and investor caution ahead of inflation releases.
By segment, BTC is holding the support zone of $94,000–96,000, but the momentum is weak and sensitive to daily flows in ETFs. ETH remains under pressure from outflows and capital rotation into individual altcoins. SOL is showing increased beta volatility amid relatively stable inflows into ecosystem products.
Short-term outlook for 1–2 weeks: the base scenario assumes BTC consolidation in the range of $92–105 thousand with a reaction to daily ETF flows and treasury yields. Several days of steady inflows into funds could return the price to the upper end of the range, while new outflows threaten a retest of $94,000–95,000. ETH is likely to move sideways between $3,050 and $3,350 until flows reverse, while SOL is likely to move between $135 and $155, remaining highly sensitive to ecosystem news.
Assessment until the end of 2025: in a bullish scenario, a series of net inflows into BTC-ETFs and an improvement in global risk appetite could bring BTC back to 105–112 thousand and pull ETH up to 3.4–3.7 thousand. Against a neutral backdrop, trading is likely to remain in the $95,000–107,000 range for BTC, with high-quality altcoins dominating. The bearish scenario envisages a strengthening of the dollar and yields, with the risk of BTC testing the $90,000 level and ETH falling below $3,000.
Key indicators for the coming week: daily reports on inflows and outflows in spot ETFs on BTC, ETH, and the largest alt products, leverage and liquidation metrics on derivatives exchanges, as well as the US macro calendar (inflation, Treasury auctions, Fed comments). For tactical strategies, the advantage of range trading and quick reactions to flows is noted. For strategic positions, it is better to gradually build up long positions as inflows stabilize and volatility decreases.
Ukraine’s negative foreign trade balance in goods in January-September 2025 increased by 50% compared to the same period in 2024, to $30.619 billion from $20.403 billion, the State Statistics Service (SSS) reported on Friday.
According to its data, exports of goods from Ukraine during the specified period decreased by 4.1% compared to January-September last year, to $29.572 billion, while imports increased by 17.5%, to $60.191 billion.
The statistics agency specified that in September 2025, compared to August 2025, seasonally adjusted export volumes decreased by 1.0%, and imports by 4.2%.
The seasonally adjusted foreign trade balance in September 2025 was negative and amounted to $3.612 billion, while in the previous month it was also negative at $3.874 billion.
The export-to-import coverage ratio was 0.49 (0.60 for the first nine months of 2024).
Foreign trade operations were conducted with partners from 222 countries around the world.
Imports of electric telephone or telegraph apparatus and videophones (UKTZED 8517) to Ukraine in January-October increased by 26.9% compared to the same period in 2024, reaching $1.28 billion, according to statistics from the State Customs Service.
According to statistics, the largest volume of these products was imported from China (55.3%, or $706.2 million), Vietnam (15.2%, $194.5 million), and the United States (8.4%, $107 million). Last year, it was also China (63.7%, $640.5 million), Vietnam (16.3%, $163.5 million), and the United States (4.3%, $43.2 million).
In October this year, Ukraine imported telephone and telegraph equipment worth $152.04 million, which is 48% more than a year ago.
At the same time, exports of these products from Ukraine in January-October 2025 reached $100.9 million, which is 38.3% more than in the first 10 months of last year. Supplies were mainly to Hungary (71%), Poland (24%), and the Netherlands (less than 1%). During the same period in 2024, products were exported mainly to the same countries, but Hungary’s share was 60.8%, Poland’s 30%, and the Netherlands’ 4%.
According to the State Customs Service, in 2024, telephone or telegraph apparatus and videophones worth almost $1.26 billion were imported into Ukraine, which is 10% more than in 2023.
In January-October 2025, Ukraine imported 24,295 tons of pork worth $61.554 million, which is 11.5 times (2,120 tons) more than in the same period of 2024, according to statistics from the State Customs Service.
According to the published statistics, the top three suppliers of pork to Ukraine during the reporting period were Denmark, which accounted for 58.62% of supplies worth $36.08 million, Poland (18.29%, $11.26 million), and the Netherlands (8.54%, $5.26 million).
At the same time, pork exports for the first 10 months of this year amounted to 2,152 thousand tons worth $6.42 million, which is 15.7% (2,554 thousand tons) less than in the same period last year.
In addition, Ukraine increased imports of lard, pork fat, and poultry fat by 28.9% in January-October, to 15,672 tons worth $18.085 million.
The top three suppliers of lard to Ukraine in 2025 were Poland (66.86%, $12.091 million), Germany (12.92%, $2.337 million), and Spain (9.79%, $1.886 million).
