Chinese Stocks, Yuan Rally After Exports Rebound From February Bloodbath, Imports Fall For 17th Month In A Row
After February's bloodbath in Chinese trade data, expectations were for a scorching hot rebound in March. With PBOC's Yuan 'basket' devaluation accelerating throughout this period it should not be surprising that Yuan-based China exports soared and imports beat expectations (but fell 1.7% - extending the losing streak to 17 months in a row). For now, oil and stock (US and China) prices are rising in reaction to this "good" news. Offshore Yuan is drifting stronger against the dollar.