Chinese March trade data released this morning showed a better than expected surplus of 220 billion yuan, up from 34.4 billion in February (admittedly impacted by the Lunar New Year holiday). Measured in local currency imports fell 1.8 per cent from year-ago data, and exports rose 21.3 per cent. In US dollar terms the trade surplus was $32.6 billion, imports off 7.6 per cent and exports rose 14.2 per cent.
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