Despite the weakening of the Yuan, China exports collapses 6.6% YoY in January (massively missing the 3.6% increase expected). Imports continued their 15 month series of collapses with a 14.4% plunge (again drastically worse than the 1.8% increase expected). This pushed the trade balance to a record surplus CNY406bn.

In Yuan terms it's ugly… Both imports and exports were worse than the lowest forecast of all professional economists…

But in USD terms it's a disaster…

Of course, between Japan's disastrous GDP and China's trade collapse, this is great news for those demanding moar as excuses for extreme monetary policy are just piling up in the ashes of previous failed policies.

Between ugly Japanese GDP, and miserable Chinese trade data, it is surprising futures aren't up more

— zerohedge (@zerohedge) February 15, 2016

Of course what everyone is really waiting for is the Hong Kong trade data to see just how much capital “leaked”…