The strengthening of the expectation of the end of the Fed's interest rate hike cycle continued to hit the US dollar, and the central price rose sharply, and the RMB surged for two consecutive days under the stimulus of dual factors. The offshore yuan surged about 300 points in early trading on Tuesday, trading against the strong midpoint.

On November 21, the offshore yuan against the US dollar rose to 7.14, up about 300 points in the day. Offshore yuan rose as high as 7.1369, stronger than Tuesday's midpoint of 7.1406, the first time it has been stronger than the midpoint level since July 27.

Earlier in the day, data from the China Foreign Exchange Trade System showed the central parity rate of the yuan strengthened 206 points to 7.1406 against the dollar.