The Chinese yuan erased its early losses against the U.S. dollar in Asian deals on Monday.

The yuan rebounded to 7.0113 against the greenback, from a 4-day low of 7.0139 set at 8:30 pm ET. The yuan is seen locating resistance around the 6.9 mark.

The People's Bank of China set today's central parity rate of the yuan at 7.0119 per dollar, compared to Monday's rate of 7.0117. The Chinese central bank sets central parity rate every morning and allows the yuan to fluctuate up to 2 percent from that level.

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