The yuan terms have hit already: January China trade balance: CNY 271.2bn (expected CNY 245bn)

USD terms now China trade balance: 39.16bn USD

  • expected $34.3bn, prior was $57.06bn

Exports: 9.1% y/y

  • expected -3.3%, prior -4.4%

Imports: -1.5% y/y

  • expected -10.2%, prior was -7.6%

I'll repeat the caution on the January data;

  • While the lunar new year holidays were in February there is still some distortion expected in the figures from the proximity of the holidays in January. The first two months of each new year are often read together for this reason.

Still, the headline results are good for exports, not so much for imports. Given the caveat I'd not draw firm conclusions but the data is suggestive that there has been no collapse in growth in China.

AUD popped a few points.