Bad export data wasn’t enough to stop Chinese stocks from jumping to seven-year highs on Monday, as the weak trade data was expected to push the government into making new stimulus moves to boost the economy.

The data showed that Chinese exports contracted 15 percent in March compared to the same period a year earlier, a massive drop that suggests the government will soon get involved, according to Reuters.

Investment bank NSBO said in a note to clients that it expects a cut in the required reserve ratios for banks as well as an extra cut in the interest rate this month or next, according to the report.

The CSI300 index, which lists the largest companies in Shanghai and Shenzhen, increased to 4,421.07, a 1.8 percent increase, and the Shanghai Composite Index increased by 2.2 percent to 4,121.71.

The CSI300 index has increased by 3 percent. China Merchants Bank Co. Ltd. was one of the biggest gainers at 10 percent, an increase that happened after the bank announced new fundraising and stock incentive plans. Analysts believe that these signs indicate ownership reforms in the banking sector.

Other banks showed an increase, including Western Securities Co. Ltd. and Sinolink Securities Co. However, larger companies like Haitong Securities and Everbright Securities saw a decrease. China is allowing investors to open up multiple A-share accounts, which is believe to helped smaller brokerages steal clients from their bigger rivals.

Imports fell 12.7 percent and exports declined 15 percent. It comes as China’s economy has begun to slow down after many years of robust growth, and many in China are worried about the long-term implications of such negative data.