China’s Jan trade data (Yuan terms): Surplus shrinks on huge imports surge

China's trade balance for January, in Yuan terms, came in at CNY +135.8 bn vs +330 bn expected and +262 bn last. Exports came at 6% y/y vs 2.6% expected and 7.4% last, while imports were +30.2% y/y vs 10.6% expected and 4.5% last.