Chinese trade data produced another horror show in February with steep declines registered in both imports and exports for the month. From a year earlier exports fell by 25.4%, more than doubling expectations for a decline of 12.5%. Not only was it far steeper than the 11.2% contraction seen in January, it was also the largest seen since May 2009. That was only months after the height of the global financial crisis. On the other side of the ledger, imports slid by 13.8%, again below forecasts for a drop of 10.0%. Despite the continued decline, it was an improvement on the 18.8% drop registered previously. As a ... (full story)