EM ASIA FX-China GDP lifts yuan; ringgit eases on outflow concerns

* Yuan firms on upbeat GDP data

* Malaysian ringgit at near 3-month low

* Indonesia closed for elections

(Adds text, updates prices)

By Shriya Ramakrishnan

April 17 (Reuters) - The yuan firmed on surprisingly solid

Chinese economic growth data on Wednesday, which raised hopes of

stabilisation in the world's second-largest economy, while

Malaysia's ringgit weakened on rising capital outflow worries.

Most Asian currencies had initially firmed over China's

better-than-expected first quarter GDP figures, but later

retreated. A revival of the Chinese economy is considered

beneficial for regional economies and global growth.

China's economy grew at a steady 6.4 percent pace in the

first quarter from a year earlier, defying expectations for a

further slowdown, as industrial production jumped sharply and

consumer demand showed signs of improvement.

The upbeat readings pushed the yuan up 0.2

percent against the dollar. But analysts caution that it may be

too early to call it a sustainable turnaround, and further

policy support is likely still needed to keep the momentum

going.

The ringgit, however, weakened 0.3 percent to 4.143

per dollar, set for a second straight session of decline after

global index provider FTSE earlier this week pointed out the

potential exclusion of Malaysia from its World Government Bond

Index (WGBI). It was the top loser on the day, standing at its

weakest against the U.S. dollar in nearly three months.

Elsewhere, the Singapore dollar largely wavered

between positive and negative territory after the city-state's

non-oil domestic exports in March saw their biggest decline

since October 2016. The weak trade data points to a potential

downward revision of Singapore's already disappointing

first-quarter economic growth figures.

While financial markets in Indonesia were closed for general

elections on Wednesday, one-year non-deliverable forwards

showed the rupiah being traded at 14,800 per

dollar at 0533 GMT.

That compared with levels of 14,818 the previous day and

Tuesday's spot rupiah close of 14,080.

Polls close in the early afternoon in Indonesia and official

results will be announced in May.

The Philippine peso, which has surged 1.6 percent so

far this month against the dollar, weakened on the day with an

analyst citing a possible market correction.

Indian markets were also closed for a public holiday.

FTSE MALAYSIA REVIEW IGNITES OUTFLOW FEARS

Malaysia, which has been a part of the WGBI since 2004, may

see about $8 billion in outflows if the FTSE review decides to

downgrade the country, Morgan Stanley estimates.

A Malaysian-based trader who did not wish to be named said

FTSE's announcement had resulted in a little uncertainty,

causing selling pressure on the ringgit.

Earlier this month, Norway's sovereign wealth fund said it

would cut emerging market bonds from its portfolio, including $2

billion worth of Malaysian bonds it holds.

At the end of the fourth quarter, foreigners owned 142.5

billion ringgit ($34.40 billion) worth of Malaysian bonds or 37

percent of the outstanding, according to data from the Malaysian

central bank. It excludes their holdings of short term bills,

sukuk bonds and private sector debt.

CURRENCIES VS U.S. DOLLAR

Change on the day at 0534 GMT

Currency Latest bid Previous day Pct Move

Japan yen 111.990 111.99 +0.00

Sing dlr 1.353 1.3542 +0.06

Taiwan dlr 30.856 30.874 +0.06

Korean won 1135.800 1135.7 -0.01

Baht 31.780 31.76 -0.06

Peso 51.800 51.718 -0.16

Ringgit 4.143 4.131 -0.29

Yuan 6.699 6.7128 +0.21

Change so far in 2019

Currency Latest bid End 2018 Pct Move

Japan yen 111.990 109.56 -2.17

Sing dlr 1.353 1.3627 +0.69

Taiwan dlr 30.856 30.733 -0.40

Korean won 1135.800 1115.70 -1.77

Baht 31.780 32.55 +2.42

Peso 51.800 52.47 +1.29

Ringgit 4.143 4.1300 -0.31

Yuan 6.699 6.8730 +2.61

(Reporting by Shriya Ramakrishnan; Additional reporting by

Nikhil Kurian Nainan in Bengaluru;

Editing by Jacqueline Wong)