China's economy grew at a steady 6.4 percent pace in thefirst quarter, defying expectations for a further slowdown, asindustrial production surged and consumer demand showed signs ofimprovement. The New Zealand dollar, meanwhile, fell after data showedthat annual inflation slowed in the first quarter, which raisedthe odds of an interest rate cut in the coming months. Data on Wednesday also showed that the U.S. trade deficitfell to an eight-month low in February as exports to Chinasurged, helping to eclipse a rebound in overall imports, whichcould boost economic growth estimates for the first quarter.