"With vaccines gaining traction, we expect the PBOC to start to pare back its credit-fueled stimulus efforts," Win Thin, global head of currency strategy at Brown Brothers Harriman, said in a note.
The Thomson Reuters/HKEX Global CNH index, which tracks the offshore yuan against a basket of currencies on a daily basis, stood at 96.8, weakening from the previous day's 96.85.
In the cryptocurrency market, ethereum spot prices fell 1.21% to $1,595 after the listing of ethereum futures on the Chicago Mercantile Exchange on Sunday.
"We expect the PBOC to ease the tight liquidity situation in the next couple of weeks and interbank rates to return to more desirable levels," Nomura analysts said in a note.
Across the Tasman, the Kiwi dollar was trading 0.39% higher at $0.7218, after the jobless rate dropped unexpectedly to 4.9% from 5.3%, dampening prospects for further central bank rate cuts.
The dollar index was up 0.21% to 90.815 at mid-morning in New York, while the euro was off 0.36% to $1.209. Against the Swiss franc the dollar was up 0.45%.
The dollar may be more resilient in the near-term because "both growth and vaccination favour the U.S."
