CHINA CPI BREAKDOWN:

March CPI experienced a seasonal decrease, due to the drop in post-holiday consumer demand and an overall sufficient market supply.

The core CPI rose by 0.6% y/y, vs 1.2% y/y in Feb, increased modestly.

Food prices dropped by 3.2% y/y, expanded by 2.3 percentage points, due to weaker demand after the holiday.

Pork prices dropped by 6.7% y/y, vs +0.2% y/y in Feb.

Vegetables and fruits have declined by 11% and 4.5% from February.