>>[Governments use gold to make] their creditworthiness believable

> this not backing ?

It's the opposite. Originally you said "Gold Market is backed by Governments". This is governments being (partially) backed by gold.

>> look at how little gold China stores

> by metric tones china is on 6th place in world, what do you mean ?

Their economy is the largest in the world. How much smaller are their gold holdings, compared to those in first place?