The U.S. dollar tumbled against most major currencies in New York trading on Monday as upbeat Chinese economic data and new global banking rules boosted risk appetite.

The latest data released by National Bureau of Statistics of China on Saturday showed factory production expanded in August, raising optimism in market.

New Basel rules passed by regulators on Sunday require banks to hold top-quality capital totaling seven percent of their risk- bearing assets, which is up from two percent under current rules. The longer-than-expected time for banks to adapt shifted the market's attention to more short-term market-affecting factors.