China’s foreign trade contracted much faster than expected last month, the latest sign of weakening global trade and lethargic domestic commodity demand as the country’s economy slows.

2月，中国外贸额下降速度显著快于预期，这一迹象再次表明，在中国经济放缓之际，全球贸易日趋疲弱，中国国内大宗商品需求萎靡不振。

Exports fell 25.4 per cent in February from a year earlier in dollar terms, the worst one-month decline since early 2009 and down from the 11.2 per cent drop in January. Imports fell 13.8 per cent, trimming losses after an 18.8 per cent fall in January.

以美元计，2月出口额同比下降25.4%，为2009年初以来的最大单月降幅，1月的同比降幅为11.2%。进口额同比下降13.8%，较1月18.8%的降幅有所收窄。

The February data partly reflect seasonal distortions related to the lunar new year holiday, which occurred earlier this year than last, raising the base of comparison for February 2015. But combined January and February trade data still show a marked deterioration compared with late 2015, analysts say.

2月数据在一定程度上反映出与春节假期有关的季节性扭曲——与今年相比，去年春节到来得更晚，因此抬高了比较基数。但分析师表示，1月和2月的合计贸易数据依然显示，贸易状况相比2015年底显著恶化。

In an ominous sign for the renminbi, China’s trade surplus narrowed to $32.6bn in February from an all-time high of $63.3bn in January. The merchandise trade surplus — due mainly to falling prices for commodity imports — has been one of the few bright spots in China’s overall balance of payments over the past year, helping to offset unprecedented outflows from investment and the services trade.

2月，中国贸易顺差从1月633亿美元的历史最高纪录收窄至326亿美元，这对人民币来说不是个好兆头。货物贸易顺差——主要由大宗商品进口价格不断下跌导致——是去年中国整体国际收支中为数不多的亮点之一，在一定程度上抵消了投资和服务贸易方面前所未有的资本流出。

There were also signs that inflated import invoices are being used as a cover to convert renminbi to foreign currency and send funds out of China, mainly to Hong Kong. Foreign exchange reserves data released on Monday indicate capital outflow pressure eased in February as the renminbi stabilised, but many companies and investors remain pessimistic about the Chinese currency.

还有迹象表明，企业以虚开进口发票做掩护，把人民币兑换为外币后把资金带到境外，主要是香港。周一公布的外汇储备数据显示，随着人民币汇率企稳，2月的资本外流压力有所减小，但许多企业和投资者仍对人民币前景感到悲观。

Imports from Hong Kong surged by 88.7 per cent in February, even as those from other Asian trading partners such as Taiwan, Singapore and South Korea fell.

2月，中国从香港进口额激增了88.7%，尽管当月从台湾、新加坡和韩国等其他亚洲贸易伙伴的进口额有所下降。