Forget the weather, it must be the smog. China just announced total carnage in its trade data for March: CHINA'S MARCH IMPORTS FALL 12.3% Y/Y IN YUAN TERMS; EST. -11.3% CHINA'S MARCH EXPORTS FALL 14.6% Y/Y IN YUAN TERMS; EST. +8.2% CHINA'S MARCH TRADE SURPLUS 18.16 BILLION YUAN; EST 250B YUAN So what exactly was the Chinese stock market 'discounting'? Trade Surplus collapses... (economists knew about year-end and forecast +250bn!!!) While year-end shenanigans will likely be blamed (and sure enough...) *CHINA 1Q TRADE VOLATILITY MAINLY DUE TO SPRING FESTIVAL: HUANG *UNCERTAINTIES EXIST IN CHINA'S 2Q EXPORTS MOMENTUM: ... (full story)