BEIJING—China's banking system recorded a fourth consecutive month of foreign-currency inflows in November, partly driven by expectations of a strengthening yuan.

The People's Bank of China and other financial institutions made net foreign-exchange purchases of 397.9 billion yuan ($65.5 billion) last month, down slightly from 441.6 billion yuan in October, the central bank said Tuesday. It was the second-largest tally this year, according to calculations by The Wall Street Journal.