The Aussie dollar eased to $0.7185, after topping out at a three-week peak of $0.7235 on Friday. The next resistance level on the charts is at $0.7247 with support at $0.7180.
The kiwi fell to $0.6809 and away from last week's high of $0.6843. Resistance is lined up at $0.6880, with support around $0.6780.
For now, the China news slugged share markets across Asia and boosted sovereign bonds. Australian three-year bond futures firmed 3 ticks to 98.235, while the 10-year contract rose 3.5 ticks to 97.7250.
Cash yields on New Zealand government bonds dipped as much as 5 basis points at the long end of the curve.
China reported dollar-denominated exports fell 4.4 percent in December, from a year earlier, while imports dropped 7.6 percent for the largest decline since July 2016.
Both badly missed analyst forecasts, a negative for Australia given China is its single biggest export market.
"The trade figures are immediately weighing on commodity and equity markets, and associated currency baskets," said Stephen Innes, head of trading APAC at OANDA.
"Fairly damaging data and should reverse this morning's rally on the yuan and other Asia emerging market currencies."
The Aussie has a habit of tracking movement in the yuan as investors use it as a liquid proxy for wagers on China's outlook.