The Chinese central bank can take credit for the moderate appreciation of the yuan against the US dollar in November, as it may have helped to prop up the exchange rate, The Paper said.

The foreign exchange purchase position of the People’s Bank of China declined 57.13 billion yuan from October to 21.26 trillion yuan in November.

It is the fourth consecutive month for the figure to decline, though the contractions have been decelerating, compared with 119.39 and 91.57 billion yuan declines in September and October respectively.

Changes in official foreign exchange reserves and the central bank’s foreign exchange purchase position are often used as a reference for observing whether the central bank intervenes in the foreign exchange market, the report said.