China shocks with huge trade miss as exports plunge.

China's exports slumped 3.1% in June, surprising economists who had predicted growth of 4%, and representing a decline from 1% growth in May. Imports fell 0.7% in June vs -0.3% in May and forecasts of +8%, while the surplus grew 33% to $27.1B. The big miss was due to an underestimation of the slowdown in demand as the stronger yuan and rising wages hit exports. Skepticism exists about the reliability of the data, especially as China has been cracking down on false invoicing.