Snake in the Monkey's Shadow maybe? I think I found another clip of it http://www.youtube.com/watch?v=rq6u62INvgY
There is also a movie actually called monkey Kung Fu, but I think it's confused with another film, you can find the confusion here http://www.imdb.com/title/tt0078969/#comment
Lo Mar's "Monkey Kung Fu" does not have much of a story but the action and performance by martial arts choreographer Tony Ching Siu-Tung ("House of Flying Daggers", "Chinese Ghost Story") is absolutely amazing. His athletic stunts, wireless jumps and kicks are a joy to behold. The new Shaw Brothers DVD is the best deal to watch this incredible action.
However, it seems there is a little mix-up in the names and the user comments of the film. The time I'm writing this, the IMDb picture shows "Monkey Kung Fu" aka. "Monkey Fist, Floating Snake", a vastly inferior movie. But the cast refers to the Shaw film, which is also listed as "Stroke of Death" (1980) - its alternative title.
"Monkey Kung Fu" by Lo Mars starring Ching Siu-Tung tells of a small time crook who gets sentenced to prison. He meets a one-eyed master in the cell who gives him a mysterious object. Ching breaks out of prison with another guy and searches for the answer to the riddle which will lead him to "Gibbon Fist Clan"'s kung-fu technique.