FOREX-Dollar off to sluggish start, Aussie hails China stimulus

* Dollar, euro and yen fairly steady, not far from New York close

* Aussie & kiwi outperforms after latest stimulus by China

* PBOC cuts reserve requirements by 100 basis points

By Ian Chua

SYDNEY, April 20 (Reuters) - The dollar got off to a sleepy start on Monday, in contrast to a more sprightly performance by its Australian and New Zealand peers in the wake of China's latest stimulus injection.

The People's Bank of China (PBOC) on Sunday cut the amount of cash that banks must hold as reserves (RRR) in the latest attempt to help spur bank lending and combat slowing growth.

The Aussie dollar briefly touched a near one-month high of $0.7844, rising from around $0.7785 late in New York on Friday. It has since stepped back to $0.7807.

It's New Zealand counterpart climbed as far as $0.7720 from $0.7665, but trimmed gains to last stand at $0.7692 following soft inflation numbers at home.

Still, given that China is the biggest export market for both Australia and New Zealand, fresh stimulus to boost growth there is likely to underpin both Antipodean currencies.

"The RRR cut was much bigger than the market anticipated," analysts at ANZ wrote in a note to clients.

"Will it work? Yes, it will have an impact, though the impact of a boost when you're on a slide can be hard to spot."

By contrast, the greenback was becalmed in early Asian trade. The dollar index was steady at 97.424, having suffered a 1.8 percent drop last week as underwhelming U.S. data prompted the market to trim long positions.

It was a touch softer against the yen at 118.86, while the euro was trying to hold above $1.0800, off last week's peak of $1.0849.

Greece is still a potential risk for the euro as Athens continues to seek a deal with its creditors on reforms to unlock aid.

Not helping sentiment, France's central bank chief said Greek banks may soon run out of collateral to access European Central Bank refinancing unless Athens reaches an agreement with the European Union and International Monetary Fund on economic reforms.

Monday's data schedule for Asia is pretty light, leaving the focus on equities after Wall Street's big fall on Friday.

Investors will also look to a deluge of U.S. earnings this week for a clearer picture of the U.S. economy, amid worries a strong dollar has hurt profits at some major companies.

(Editing by Eric Meijer)