EM ASIA FX-Korean won leads declines as exports weaken, China slows

(Adds text, updates prices)

By Aby Jose Koilparambil

Jan 21 (Reuters) - Most Asian currencies eased against the

dollar on Monday, as data showed China's economy slowed at the

end of last year, underlining the need for more stimulus amid

the months-long Sino-U.S. trade war.

The world's second-largest economy grew 6.4 percent in the

fourth quarter from a year earlier, slowing to a pace last seen

in early 2009 during the global financial crisis and stoking

concerns over the global economy.

The Chinese yuan hardly reacted to the GDP data

and was trading down 0.1 percent.

But, OCBC Bank said in a note that the risk appetite levels

for Asian forex would be constrained for the near term by the

"overhang" from a global macro deceleration.

The dollar hovered near a two-week high against a basket of

currencies, supported by a sustained recovery in investor risk

appetite which nudged U.S. bond yields higher.

The dollar index, which measures its strength against

six major currencies, was steady at 96.315 after climbing to

96.394 percent on Friday, its strongest since Jan. 4.

Among Asian currences, the Korean won led

declines, easing as much as 0.6 percent to 1,128.10 against the

dollar, its weakest in two weeks, after data showed the

country's exports were set to decline for a second straight

month.

The Indian rupee fell as much as 0.5 percent to

71.52 against the dollar, its weakest in more than a month,

while the Indonesian rupiah shed up to 0.4 percent to

14,220 per dollar, both impacted by the rising cost of importing

oil.

Crude prices rose to their highest for 2019 after data

showed refinery processing in China, the world's second-largest

oil consumer, climbed to a record in 2018, despite a slowing

economy last year.

Prices are further being supported by supply cuts led by the

Organization of the Petroleum Exporting Countries (OPEC),

analysts said.

The Philippine peso weakened for a fourth straight

session, losing 0.4 percent.

The Thai baht eased as much as 0.2 percent after

the country's customs-cleared exports dropped for a second

straight month in December, as against analysts' forecast for a

small rise.

Malaysian markets were closed on Monday for a holiday.

The following table shows rates for Asian currencies against

the dollar at 0442 GMT.

CURRENCIES VS U.S. DOLLAR

Currency Latest bid Previous day Pct Move

Japan yen 109.600 109.76 +0.15

Sing dlr 1.359 1.3585 -0.02

Taiwan dlr 30.847 30.842 -0.02

Korean won 1127.300 1121.9 -0.48

Baht 31.760 31.71 -0.16

Peso 52.780 52.6 -0.34

Rupiah 14228.000 14170 -0.41

Rupee 71.423 71.18 -0.34

Yuan 6.788 6.7795 -0.12

Change so far in 2019

Currency Latest bid End 2018 Pct Move

Japan yen 109.600 109.56 -0.04

Sing dlr 1.359 1.3627 +0.29

Taiwan dlr 30.847 30.733 -0.37

Korean won 1127.300 1115.70 -1.03

Baht 31.760 32.55 +2.49

Peso 52.780 52.47 -0.59

Rupiah 14228.000 14375 +1.03

Rupee 71.423 69.77 -2.31

Yuan 6.788 6.8730 +1.26

(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by

Simon Cameron-Moore)