Did China Send Stocks Higher?

Stocks are up this morning and bonds are lower, partially in response to an increase in China's exports of 11.5%, the first rise since June.  At the same time BBG reports that "Euro-area industrial production fell the most in 18 months in February, giving up some of the surge seen at the start of the year. Data from Eurostat showed output declined 0.8 percent..."  I'm certain this is too simplistic, but it's almost as if all the strings are pulled by the Fed:  Yellen shifts dovish, the dollar falls and takes pressure off the yuan, allowing Chinese exports to become more competitive, while the associated stronger euro diminishes competitiveness of the Eurozone.  The Fed helps in one area, hurts another.  
--Yesterday, oil was the big story, with CLK +177 late to 4213.  Yet another beneficiary of a weaker dollar, as was silver, which broke out to new highs.  Oil has been helped by the softer dollar, and the Saudis, facing budget problems, having just been downgraded by Fitch, also welcome the increased price of their major export, (it just might allow them to hold the USD peg).
--Yields were higher across the board yesterday, with tens up 5.8 bps to 178.  Ten year auction this afternoon.  Open interest in treasury contracts increased, giving a bit more significance to the move.  Weak NFIB small business optimism was ignored, though it did come in weaker than expected at 92.6, and has been trending down for the past 14 months.  Small business is not a concern when the big gears of buybacks and M&A are oiled by the Fed.  However, Reuters notes an area of the market that seems to be seizing up: "About one in 10 Treasury-backed repo trades failed in early March, compared with one in three during the crisis. ...
The amount of deals where one party failed to deliver the government debt pledged as collateral jumped to $456 billion in the week ended March 9, the most since a record $2.6 trillion during the financial crisis, according to industry and New York Federal Reserve data."