The reason why the dollar is gaining value right now is the FED printing press is slowing down. Though it sounds nice to say "printing press", the mechanics of all fiat currencies(yuan included) are technically printing presses - how fast it prints depends on how low interests are. Every time someone borrows a dollar or a yuan from the bank, that note is more or less "printed" on the spot. When the central bank makes it more expensive to borrow, people borrow less(because they can afford less with higher interest payments), and the printing press slows down. Higher interest rates also encourages people to deposit money into the bank(or keep money in the bank), which acts like a shredder for currencies, since that value is taken out of circulation.
Yes, I think the strength of the dollar won't last long. There's several fundamentals that are moving against the continued strength of the dollar, one being that with higher rates, the massive US debt pile will get harder and harder to finance and ultimately cause severely crippled government spending and other unpleasant growth effects. The strong dollar will also hamper exports on manufactured and commodity goods. The FED is gambling on energy prices/supply chain/labor market issues being resolved rapidly so they can stabilize(minimize the rate hikes) before the economy takes a major it.
Keep in mind that geographical context must be taken in mind with inflation numbers. The 9.1% CPI reported earlier is specifically for the average US resident, living in the US and spending US dollars - for them their buying power did decrease by 9.1%(with nearly half driven by food and energy price increases). But as someone who is living abroad but has US dollars, or an entity that has significant USD denominated assets - say in China, Japan or Saudi Arabia - with their local inflation hovering between 1-2%, they are pretty happy with the strength of their dollars right now as it gained purchasing power.
