According to the report from Customs General Administration of China, China's exports tumbled the most in three years in February while imports fell for a third straight month, pointing to a further slowdown in the economy despite a spate of support measures.

February exports fell 20.7% from a year earlier, the largest decline since February 2016, customs data showed. Economists had expected a 4.8% drop after January's unexpected 9.1% jump. Imports fell 5.2% from a year earlier, worse than analysts' forecasts for a 1.4% fall and widening from January's 1.5% drop. That left the country with a trade surplus of $4.12 billion for the month, much smaller than forecasts of $26.38 billion.

Analysts warn that data from China in the first two months of the year should be read with caution due to business disruptions caused by the long Lunar New Year holidays. But many China watchers had expected a weak start to the year as factory surveys showed dwindling domestic and export orders and the Sino-U.S. trade war dragged on.