The data showing the dramatic rebalancing of China’s economy continues.

Imports in January were down 14.4% year-on-year last month, versus a growth of 1.8% expected and a fall of just 4% year-on-year in 2015, in yuan-denominated terms.

Exports were also a big miss, falling 6.6% year-on-year, versus growth of 3.6% expected.

The weakness in the export side of the ledger suggests global growth, where the demand for China’s exports come from, may be weaker than currently thought.

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