China's trade data for June badly missed expectations, with the 3.1% drop in exports comparing with consensus of +4% and an increase of 1% in May. The 0.7% decline in imports compares with forecasts of +8% and May's -0.3%. China's trade surplus grew 33% to $27.1B vs expectations of $27B. The big miss was due to an underestimation of the slowdown in demand, the stronger yuan and rising wages. DailyFX.com's John Kicklighter expressed skepticism about the reliability of the data, especially given that China has been cracking down on false invoicing.