The Chinese foreign exchange market recorded transactions worth 21.97 trillion yuan (about 3.10 trillion U.S. dollars) in October, according to data released by the State Administration of Foreign Exchange on Friday.
The data showed that the forex market saw cumulative transactions of 252.07 trillion yuan in the first ten months of the year.
The value of China's international trade in goods and services reached nearly 4.29 trillion yuan in October, the official data showed.
Of the total, exports of goods stood at around 2.16 trillion yuan and imports exceeded 1.52 trillion yuan, resulting in a surplus of 641.3 billion yuan.
Exports of services reached 260.7 billion yuan and imports reached 340.4 billion yuan, resulting in a deficit of 79.7 billion yuan, the data showed.
China's foreign exchange market transactions total 3.1 trln USD in October
China's foreign exchange market transactions total 3.1 trln USD in October
China's foreign exchange market transactions total 3.1 trln USD in October
The price of aluminum, a key industrial metal used in automotive manufacturing, construction and packaging, has been climbing as production cuts in the Gulf region, logistical constraints and Iranian attacks on two regional producers over the weekend tightened supply.
On March 31, the benchmark London Metal Exchange (LME) three-month price for aluminum rose to 3,535 U.S. dollars per metric ton, a year-on-year increase of around 40 percent.
Iran's Islamic Revolutionary Guard Corps (IRGC) said on Sunday that they launched missile and drone strikes on aluminum plants in Bahrain and the UAE that are linked to the U.S. military and aerospace industries, in retaliation for U.S.-Israeli attacks on Iranian steel factories.
Emirates Global Aluminium issued a statement saying that its Al Taweela site in the Khalifa Economic Zone in Abu Dhabi was severely damaged after Iranian strikes, with some employees injured.
Aluminum Bahrain confirmed in a statement on Sunday that some of its facilities were struck by Iranian attacks, resulting in injuries to two employees.
The two aluminum plants have a combined annual output of 3.2 million tons, more than half of the approximately 6 million tons of aluminum produced every year by Gulf Cooperation Council (GCC) member states.
The region is a key source of aluminum supply, accounting for about 9 percent of global production.
Goldman Sachs on Tuesday raised its LME aluminum price forecast from 3,200 U.S. dollars to 3,450 U.S. dollars per ton for the second quarter of 2026 after the attacks on the facilities.
Goldman Sachs also predicted a global primary aluminum market supply deficit of 570,000 tons in 2026, a sharp turnaround from its previous forecast of a 550,000-ton surplus.
Analysts point out that the aluminum market is currently facing multiple shocks, with shipping in the Strait of Hormuz disrupted, aluminum production facilities in the Gulf damaged or even shut down, and production in other parts of the world currently limited.
The impact will also spread to downstream enterprises in the coming months, with higher-cost aluminum alloys, primarily used in the aerospace, automotive, and construction industries, facing the most constrained supply, analysts said.
The Gulf region has long been a significant source of these high-end products, particularly for the European market, and also supplies manufacturers in the United States.
Aluminum prices climb as effects of Middle East tensions spread through global economy
