Simplify the following text for a Grade 7 native English-speaking person.
Original: The Xinhua press agency was started in November 1931 as the Red China News Agency and changed to its current name in 1937 .
Simplified: Xinhua News Agency is the official press agency of the People 's Republic of China ( PRC ) . It was first named Red China News Agency in 1931 but changed its name to the current one in 1937 .