Statistics on China's trade balance was worse than analysts' expectations. Thus, the trade balance surplus in March was only 3.1 billion, compared with an expected 43.4 billion. It will be recalled that in February the figure was 60.6 billion. Exports fell at an annualized rate of 15%, which is 3% worse than analysts' expectations. Among the causes of performance degradation is a celebration of the lunar New year, higher labor costs and a slowdown in economic growth. It is worth noting the negative impact of the trade balance data on the quotes the Australian dollar, which is heavily dependent on exports of Australian products in China and prices for these products, including iron ore. We maintain our medium-term negative outlook for the Australian dollar and recommend holding short positions with the target at 0.7500.