China Strengthens Yuan Fixing to Near 3-Year High

China's central bank set the yuan's exchange rate to its strongest level in almost three years.

This means the yuan is getting stronger against the U.S. dollar.

The bank wants the yuan to get a little stronger, but not too fast, to help Chinese exports.

China's exports have been doing really well, and the country had a big trade surplus last year.

However, the yuan is still considered undervalued compared to China's economy.

The bank is careful not to let the yuan get too strong too quickly, as it could hurt exports and the economy.

The yuan is trading at around 6.96 to the dollar in China and slightly lower outside China.