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China trade surplus narrowed sharply to CNY 34.46 billion in February, missing the estimated figure of CNY 252.3 billion by a big margin.  

Exports tanked 16.6 percent year-on-year as opposed to an expected rise of 6.6 percent. The outbound shipments had jumped 13.9 percent in January.  

Meanwhile, imports also contracted at an annualized rate of 0.3 percent, as opposed to an expected 6.2 percent increase.  

A slide in exports indicates the global demand conditions deteriorated further in February. The risk aversion, therefore, could worsen ahead of the US non-farm payrolls release.