China's trade surplus narrows to $25.1B in July from $31.7B in June and vs. consensus of $35.2B. Exports +1% Y/Y vs. 11.3% and 8%. Imports +4.7% vs. +6.3% and 7%. Exports to EU -16.2%, to U.S. +0.6%. Along with industrial production figures yesterday, the trade data indicates that economy many not rebound in Q3, as many had predicted.