EM ASIA FX-PBOC stimulus supports Asia FX, China economy woes limit upside

* Won hits almost 3-month high on stock inflows

* Singapore dollar hovers near 3-month high

* Ringgit near 7-week peak, Taiwan dollar touches 2-week

high

(Adds text, updates prices)

By Jongwoo Cheon

SINGAPORE, April 20 (Reuters) - Most emerging Asian

currencies held firm on Monday after China took another bold

stimulus step, while regional units pared some gains on

sustained worries about a slowdown in the world's second-largest

economy.

The People's Bank of China (PBOC) on Sunday cut the amount

of cash that banks must hold as reserves, the second

industry-wide cut in two months. The central bank lowered the

reserve requirement ratio (RRR) for all banks by 100 basis

points, which some analysts saw as a larger-than-expected move.

"Although an RRR cut was widely expected, the

larger-than-expected quantum of the cut means that the move has

yet to be fully priced in," currency strategists for ANZ said in

a client note.

"There should be a positive reaction in the market in the

coming days," they wrote, adding the move is a "slight positive"

for Asian currencies.

South Korea's won hit a near three-month peak and

Singapore's dollar hovered around late January highs.

The Malaysian ringgit touched a near seven-week

peak while the Taiwan dollar rose to its highest in

almost two weeks.

Still, investors took profits from last week's gains in

emerging Asian currencies as some analysts said the PBOC's move

emphasised that the Chinese economy was still losing momentum.

MSCI's broadest index of Asia-Pacific shares outside Japan

also eased.

"A short-lived euphoria for Asian currencies on the back of

China stimulus may provide some decent entry levels to buy

dollars on the cheap," said Suresh Kumar Ramanathan, head of

regional interest rate and FX strategy at CIMB Investment Bank

in Kuala Lumpur.

"It is a larger cut in reserve ratio than expected, implying

China's underlying growth prospects may have deteriorated more

than what the market had anticipated earlier."

WON

The won rose 0.2 percent to 1,081.3 per dollar, its

strongest since Jan. 28.

Foreign investors were set to extend their buying spree in

Seoul's main stock market to a 10th straight session. They

bought a combined net 2.4 trillion won ($2.2 billion) worth of

shares during the period, according to the Korea Exchange data.

The won pared some gains on caution over possible

intervention by the foreign exchange authorities to stem its

strength.

Traders also suspected dollar demand linked to local

companies' dividend payments to foreign shareholders.

SINGAPORE DOLLAR

The Singapore dollar gained as much as 0.3 percent to 1.3418

versus the U.S. dollar, compared with Friday's high of 1.3411.

That was the strongest since Jan. 28, when Singapore's

central bank unexpectedly eased monetary policy in an

unscheduled policy shift.

The city-state's unit is seen staying firm on the recent

weakness in the greenback and as the Monetary Authority of

Singapore last week surprised markets by holding off further

easing, analysts said.

"We extend our target to 1.3210 given the current dollar

environment," said Emmanuel Ng, a foreign exchange strategist

with OCBC Bank, in a client note.

TAIWAN DOLLAR

The Taiwan dollar rose 0.5 percent to 31.000 per U.S.

dollar, its strongest since April 7.

Traders cut holdings in the greenback, while some funds from

foreign financial inflows supported the island's currency.

The central bank has not been spotted in the currency market

to stem strength in the best-performing Asian currency so far

this year, traders said.

RUPIAH

Indonesia's rupiah eased as local importers bought

dollars for month-end payments.

The official Jakarta Interbank Spot Dollar Rate,

which the central bank introduced in 2013 to manage exchange

rate fluctuations, was fixed at 12,875 rupiah per dollar, weaker

than the previous 12,863.

Traders stayed cautious over possible intervention by the

central bank to support the worst-performing Asian currency so

far this year.

CURRENCIES VS U.S. DOLLAR

Change on the day at 0500 GMT

Currency Latest bid Previous day Pct Move

Japan yen 118.78 118.95 +0.14

Sing dlr 1.3447 1.3459 +0.09

Taiwan dlr 31.001 31.162 +0.52

Korean won 1082.45 1083.70 +0.12

Baht 32.36 32.38 +0.06

Peso 44.26 44.28 +0.03

Rupiah 12870.00 12845.00 -0.19

Rupee 62.55 62.36 -0.30

Ringgit 3.6200 3.6255 +0.15

Yuan 6.2029 6.1978 -0.08

Change so far in 2015

Currency Latest bid End prev year Pct Move

Japan yen 118.78 119.66 +0.74

Sing dlr 1.3447 1.3260 -1.39

Taiwan dlr 31.001 31.718 +2.31

Korean won 1082.45 1099.30 +1.56

Baht 32.36 32.90 +1.67

Peso 44.26 44.72 +1.04

Rupiah 12870.00 12380.00 -3.81

Rupee 62.55 63.03 +0.78

Ringgit 3.6200 3.4965 -3.41

Yuan 6.2029 6.2040 +0.02

(Additional reporting by Jeanny Kao in TAIPEI; Editing by

Jacqueline Wong)