China January & February exports +0.9% and imports -2.9% (yuan denominated)

YTD data from China for exports and imports dribbling out. Yuan terms:

January-February exports +0.9% y/y

• prior -0.5%

January-February imports -2.9% y/y

• prior -2.2%

January - February trade balance is +810bn yuan

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In USD terms:

Exports -6.8% y/y

• expected -9.4%, prior -9.9%

Imports -10.2%

• expected -5.5%, prior -7.5%

And, for the USD denominated trade balance:

Plunging imports contributed the storng trade balance