China's exports rose 17.7% in December, ending a 13-month drop in trade and stealing the title of 'world's largest exporter' from Germany. The year-on-year surge is seen as a sign that China's hard-hit manufacturers have made it through the financial storm. But it's not all good news for China, as the rebound is sure to reopen the debate over the country's currency.
China's competitors, chief among them the United States, want the country to revalue the yuan, citing artificially low prices that have allowed Beijing to be more competitive globally. But Chinese Premier Wen Jiabao has said he "will not yield" to foreign demands, the BBC reports; the government says the yuan will trade freely until the domestic economy is strong enough to weather a drop in foreign demand.