EM ASIA FX-Most currencies firm as investors re-assess trade war risks; Philippine peso falls

* Outflows cause Philippine peso to decline; rate meeting

later in

the day

* Indian rupee, S.Korean won firm most

(Adds text, updates prices)

By Aaron Saldanha

June 20 (Reuters) - Many emerging Asian currencies firmed

against a steady dollar on Wednesday, a partial recovery from

the previous session's losses on fears of knock-on effects from

a China-US trade war.

Wednesday's trade may reflect market participants' view of

China's responses so far as a simple lack of realistic options,

given the extent of US-China trade imbalance, Vishnu Varathan,

head of economics and strategy for Mizuho Bank, wrote in a note.

"Technically, China does not have $200 billion worth of

imports from the United States to dangle as an equivalent

threat."

The dollar index against a basket of six major peers

gained a meagre 0.05 percent to 95.133.

China's yuan firmed 0.16 percent as the fixing

rate set by the central bank was firmer than

expected, despite it being its weakest in more than five months.

The CSI300 index fell 0.5 percent to 3,602.71

points at the end of the morning session, while the Shanghai

Composite Index lost 0.6 percent. It had fallen by as

much as 1.2 percent earlier in the day.

Malaysia's ringgit was 0.1 percent weaker after news

that consumer prices rose 1.8 percent in May from a

year earlier on higher fuel and transport prices and rising

demand for food.

The inflation rate in May was the quickest since January and

topped the 1.4 percent recorded in April.

Indonesia's currency market has been closed in the week to

date for public holidays, but the central bank said on Tuesday

that it was ready to respond to the U.S. Federal Reserve's

interest rate increase with another hike of its own to defend

the rupiah.

The Singapore dollar and the Taiwan dollar

firmed 0.08 percent and 0.03 percent, respectively, while the

South Korean won firmed 0.31 percent.

The Indian rupee strengthened 0.50 percent to claw

back some of the ground lost in Tuesday's 0.58 percent decline,

which left it at its lowest in more than three weeks.

The Reserve Bank of India (RBI) is due to release the

minutes of its June policy meeting later on Wednesday.

India's interim finance minister said on Tuesday the

government was open to discussing the RBI's demand for greater

powers to regulate the country's large but generally

underperforming state banks. Indian banks are burdened by 9.5

trillion rupees ($141 billion) of non-performing loans as of

last year.

WEDNESDAY'S RATE DECISIONS

The central banks of Thailand and the Philippines are

scheduled to hold meetings later in the day to decide monetary

policy but the performance of the currencies on the day were

starkly divergent.

Thailand's baht firmed 0.28 percent while the

Philippine peso slid 0.12 percent and was not far from

falling below a 12-year trough touched on Monday.

With no change in Thailand's benchmark rate expected, the

baht firmed for the first time this week after losing more than

1 percent in the week to Tuesday's close after comments by the

Thai finance minister on Monday hurt the currency.

The minister said that a weaker baht would help the country

and that he saw no reason for Thailand to raise interest rates.

Meanwhile, the Philippines faced outflows on Wednesday with

the country's benchmark equity index falling as much as

0.6 percent and heading for a fifth straight losing session.

Opinions on the Philippine central bank potentially raising

rates are sharply divided, a Reuters poll found, with the weak

peso likely to be the deciding factor.

The following table shows rates for Asian currencies against

the dollar at 0536 GMT.

CURRENCIES VS U.S. DOLLAR

Change on day at 0536 GMT

Currency Latest bid Previous Pct Move

day

Japan yen 110.190 110.04 -0.14

Sing dlr 1.356 1.3567 +0.08

Taiwan dlr 30.176 30.186 +0.03

Korean won 1105.700 1109.1 +0.31

Baht 32.700 32.79 +0.28

Peso 53.329 53.263 -0.12

Rupee 68.040 68.38 +0.50

Ringgit 4.006 4.002 -0.10

Yuan 6.473 6.4830 +0.16

* Indonesia closed for public holiday

Change so far in 2018

Currency Latest bid End 2017 Pct Move

Japan yen 110.190 112.67 +2.25

Sing dlr 1.356 1.3373 -1.35

Taiwan dlr 30.176 29.848 -1.09

Korean won 1105.700 1070.50 -3.18

Baht 32.700 32.58 -0.37

Peso 53.329 49.93 -6.37

Rupiah 13925.000 13565 -2.59

Rupee 68.040 63.87 -6.13

Ringgit 4.006 4.0440 +0.95

Yuan 6.473 6.5069 +0.53

(Reporting by Aaron Saldanha in Bengaluru)