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## China exports post big miss in March, total trade falls 5.1%

China’s exports fell far short of expectations in March, recording a 7.5% fall year on year. This was far more than the 2.3% decline expected by economists polled by Reuters, and a reversal from the 7.1% year-on-year gain in the combined first two months of the year. Total trade in the world’s second-largest economy also slid 5.1% year-on-year to $500.8 billion. China’s trade surplus shrunk more than expected to $58.55 billion, compared to the $70.2 billion expected in the Reuters poll.

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## Yen continues to weaken to record lows against U.S. dollar

The Japanese yen weakened past the 153 mark on Friday, setting a new 34-year low of 153.29 against the dollar. As of 3.06 Tokyo time, the currency was trading at 153.26 against the greenback. Japanese officials once again repeated their warnings about the yen. Finance Minister Shunichi Suzuki said authorities were analyzing not just the recent decline in yen, but also the factors driving the moves, adding that Tokyo stood ready to respond to any excessive currency swings, according to a Reuters report.

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## Bank of Korea leaves interest rates unchanged at 15-year high

The Bank of Korea bank left its key policy rate unchanged for the 10th consecutive time at 3.50%. The central bank noted in a statement that it is still “premature to be confident that inflation will converge on the target level” given how there is a “high degree of uncertainty associated with the outlook for consumer price inflation.” South Korea’s consumer prices rose 3.1% year on year in March, still far off from its 2% target. “The Board, therefore, will keep its restrictive monetary policy stance for a sufficient period of time until such confidence is established,” the bank said.

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## Singapore’s economy expands by 2.7% in first quarter, advance estimates show

Singapore’s first-quarter gross domestic product grew 2.7% year on year, according to the Ministry of Trade and Industry on Friday. This was faster than the 2.2% uptick in the October to December quarter. The city-state’s manufacturing sector grew by 0.8% year-on-year in the first quarter of the year, compared with a 1.4% growth in the previous quarter, MTI said. Wholesale and retail trade, and transportation and storage sector grew 2.7% year on year compared with 1.4% in the previous quarter.

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