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EMERGING MARKETS-Asian currency, stock markets hit by China COVID unrest

* South Korean won biggest loser among Asian peers * China's yuan hits lowest in over one-month * U.S. dollar index firmed to 106.34 By Roushni Nair Nov 28 (Reuters) - Asian emerging markets came under selling pressure on Monday, with the South Korean won and China's yuan declining the most, as protests in major Chinese cities over strict COVID-19 curbs dampened the outlook for the world's second-largest economy. The South Korean won weakened 1.1%, snapping a three-day winning streak, while the Indonesian rupiah fell 0.4% for its biggest percentage loss since Nov. 16. The Singapore and Taiwan dollars gave up 0.2% each, while the Philippine peso slipped marginally. Investor sentiment was hit by protests in China, a manufacturing powerhouse and Southeast Asia's top trading partner, which flared for a third day and spread to several cities in a blow to risk appetite. Khoon Goh, head of Asia research at Australia and New Zealand Banking Group, said the protests in China hurt risk sentiment and stoked uncertainty. "This will continue to be the main driver for Asian markets in the near term until we see how the situation evolves." Markets are adopting cautious approach due to the "unusual and rare" nature the protests, and on uncertainty about how the Chinese government will respond to the unrest, Goh said. Analysts at Barclays are expecting a sharp drop in China's economic growth in 2022 to 3.3% from last year's 8.1%. The Chinese yuan retreated 0.4% at 0423 GMT to its lowest level since Oct. 11. Elsewhere, Thailand's baht added 0.2%, while stocks lost 0.2%, with investors cautiously awaiting the country's central bank decision on interest rates on Wednesday. The Bank of Thailand will raise interest rates by a modest quarter-point for a third straight meeting amid fragile tourism-reliant growth and signs inflation has started to ease, a Reuters poll of economists found. Across the region, most stock indexes remained subdued with equities in South Korea losing 1.1%, China giving up 1%, and Taiwan slipping 1.1%. However, stocks in India and the Philippines tacked on 0.1% and 0.6%, respectively. The Philippines' economic growth may ease next year after a likely expansion of more than 7% this year as global risks linger, but it will remain resilient, a top official said on Sunday. Separately, South Korea's central bank and government rolled out additional support measures for the local credit market, including a 2.5 trillion won ($1.86 billion) repo operation by the Bank of Korea to be carried out in December. HIGHLIGHTS: ** Indonesian 10-year benchmark yields rise 3.6 basis points to 6.979% ** Top losers on the Singapore STI include Yangzijiang Shipbuilding (Holdings) and CapitaLand Investment ** Markets in Malaysia closed for a holiday Asia stock indexes and currencies at 0408 GMT COUNTRY FX RIC FX FX INDE STOCKS STOCKS DAILY % YTD % X DAILY YTD % % Japan +0.30 -17.0 <.N2 -0.54 -2.29 2 25> China 2 EC> India -0.06 -9.06 <.NS -0.05 6.63 EI> Indonesi -0.41 -9.44 <.JK -0.18 6.98 a SE> Malaysia - -6.95 <.KL - -3.32 SE> Philippi -0.11 -10.1 <.PS 0.56 -6.72 nes 5 I> S.Korea 7 11> Singapor -0.16 -2.03 <.ST -0.40 3.45 e I> Taiwan -0.20 -10.6 <.TW -1.18 -19.84 3 II> Thailand -0.06 -6.82 <.SE -0.13 -2.35 TI> (Reporting by Roushni Nair in Bengaluru Editing by Shri Navaratnam)