The euro surrendered gains on Monday after Greek Prime Minister George Papandreou urged the Group of 20 to take the lead in efforts to rein in market speculators, warning that failure to do so could trigger another global financial crisis. Yuan non-deliverable forwards rose to a five-week high after the Chinese central bank chief hinted China would eventually drop the dollar/yuan peg it had imposed since mid-2008 to help fight the global financial crisis. Earlier the euro was higher amid easing concerns on Greece's fiscal problems after French President Nicolas Sarkozy on Sunday hinted at plans to support the debt-stricken country.

Greece has been a heavy weight in 2010 on the euro, which has lost 4.9 percent against the dollar year-to-date and 7.6 percent against the yen. Midway through the New York session, the euro was little changed at $1.3621. Earlier, International Monetary Fund managing director Dominique Strauss-Kahn told Reuters Greece's financial problems were unlikely to spread to other euro zone countries with high levels of public debt.

Prospects China will allow its currency to appreciate again as the global financial crisis eases had little impact on foreign exchange trading in the major currency pairs. The yuan, however, rose to a five-week high against the dollar in benchmark offshore non-deliverable forwards (NDFs) on Monday after comments by the Chinese central bank chief on an end to the dollar/yuan peg. China's trade chief said on Monday any rise in the yuan's exchange rate will be gradual in comments that underline the competing interests at the heart of Chinese policy-making. China has effectively re-pegged its exchange rate at around 6.83 yuan per dollar since mid-2008.