No change to PBOC policy outlook

China's exports slowed in Q1, albeit moderately. There were several factors unrelated to the actual strength of China's external demand that distorted March data. 

Together with the expectation for further improvement of developed economies, China's export growth is expected to normalize meaningfully in the coming months. If this proves to be the case, then there should be no change to Beijing's currency policy choices. 

The chance of the yuan being used intentionally as a tool to support exports and the overall economy remains low.