The offshore yuan also followed its onshore counterpart's appreciation in morning trade to test the key 6.4 per dollar level. It jumped to a high of 6.4010 before trading at 6.406 per dollar as of midday.
The dollar sank to an almost two-week low against its major trading partners, moving in tandem with retreating Treasury yields from recent peaks despite signs of a robust US economic recovery.
In the spot market, the onshore yuan trading unchanged fron the open at 6.5550 per dollar, 125 pips firmer than the previous late session close on Friday.
Speaking to reporters, Wong said: "It is too early for me to talk about how we are going to utilise our very strong capital but at the moment, we do not have any M&A plan under review."
A trader at a Chinese bank said the market was wary of the global reflation trade against the backdrop of rising long-term US Treasury yields, which could be a headwind for the yuan.
However, trading in spot and futures markets for iron ore and steel has thinned ahead of China's week-long Spring Festival holiday beginning on Thursday.
The buzz that started last Thursday saw silver dealers scramble to find supplies for retail buyers, and the amount of silver traded in the London market surged to 1.006 billion ounces on Monday.