China Imports (YoY) registered at -12.7%, below expectations (-11.7%) in March

China's Trade Balance (Mar) missed expectations by a mile, coming at CNY 18.8 bln vs CNY 250.0 bln expected by the market, with exports at -14.6% year-on-year (in yuan terms), while imports were -12.3% y/y (yuan terms), all components being a big miss.