Another "portion" negative Chinese data

China's exports fell 25.4 percent on-year in February, while imports declined 13.8 percent, clocking far bigger slides than expected by analysts.

Analysts had expected a 12.5 percent drop in February exports, and a 10.0 percent drop in imports, after China's exports fell 11.2 percent in January from a year earlier and imports slid 18.8 percent.

China's trade surplus came in at $32.59 billion in February, against analysts' expectations of a $50.15 billion surplus.

The trade data will still deepen concerns about the health of the world's second-largest economy. Economic growth slowed to a 25-year low of 6.9 percent in 2015, debt has ballooned, capital outflows have accelerated in recent months and last week Moody's Investors Service warned that it may lower the country's debt rating.

At the opening of the National People's Congress at the weekend, China's leaders forecast growth of between 6.5 percent and 7 percent this year, and indicated they were willing to spend more to goose an economy that is shifting to a greater dependence on consumption, having been previously driven by manufacturing.

China's central bank also cut the reserve requirement ratio for banks last week in a bid to free up surplus cash in the banking system and spur lending.