The big story in global markets today is the big selloff in China, which has echoed into other markets.

A key culprit is the weak export data — data that's so bad people might be inclined to think it's all a statistical fluke.

Here's the big-picture chart, via Morgan Stanley. You can see the huge dropoff in the bue line, and you can see how the trade balance bar printed a rare and huge negative number.

But not everyone is giving the decline much credence.

Mamta Badkar explained yesterday that some of the distortions include issues related to the Luna New Year, as well as last year's "over-invoicing" which is a way that companies and their trading partners circumvented capital controls to get cash into the country.

Still it's a heart-stopping chart, and it's making waves in the market.

See Also:

China Is Headed For Its First Domestic Bond Default And Here's Why That's A Good ThingChina Just Set A 7.5% Growth Target Here's Why That's Good News And Bad NewsMORGAN STANLEY: Three Unexpected Developments Have Just Made Things Even Worse For Emerging Markets

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