Today was published the data on the trade balance of China, according to which the surplus totaled 29.9 billion dollars against forecasted 30.2 billion dollars. But on the other hand, a positive has become export growth of 11.5% that was the first increase after eight months of decline. The average export growth forecast was 8.5%. Imports decreased by 7.6%, after falling by 13.8% in February. This fact reduces the risks for the growth of the global economy that leads to a decrease in demand for defensive assets like the yen and gold. Our medium-term outlook for the yen remains negative and we are waiting for a decline in the near future.