EMERGING MARKETS-Asian FX weaken on US rate outlook, China growth worries

* Philippine central bank rate decision due later today * Indian central bank likely sold dollars to keep rupee from record low * Thai baht at 1-1/2-month low By Himanshi Akhand Aug 17 (Reuters) - Emerging Asian currencies declined on Thursday, with Malaysia's ringgit and South Korea's won weakening the most, as concerns over China's slowing economic growth and higher-for-longer rates in the United States kept risk sentiment in check. The ringgit eased by as much as 0.4% to its weakest level in over a month. The won was down 0.3%. Malaysia's gross domestic product (GDP) data is due on Friday and a Reuters poll found that economic growth likely slowed to its weakest in nearly two years in the second quarter on an annual basis. The Philippine peso was 0.1% lower ahead of the central bank's monetary policy meeting later in the day, when it is expected to leave its key interest rate unchanged at 6.25% for a third consecutive time. The Bangko Sentral ng Pilipinas (BSP), which has hiked rates by 425 basis points since May 2022, is expected to keep rates steady for the rest of the year to assess the impact of previous hikes on inflation. "We think a pause could potentially weigh on the PHP, especially if the statement turns out a tad more dovish than the market is expecting," analysts at Maybank wrote in a note. "The current environment of a firm USD and weak CNY also supports the case for further downside for the PHP." The Indian rupee was last down 0.2% at 83.095 to the U.S. dollar after Reuters' reported that the Reserve Bank of India (RBI) likely sold dollars via public sector banks to ensure that the rupee did not fall to a record low. The dollar rose broadly against a basket of currencies as a resilient U.S. economy reinforced expectations that U.S. interest rates could stay higher for longer. Although, minutes from the Federal Reserve's July meeting showed officials were divided over the need for more interest rate hikes. That contrasted with expectations for further monetary easing in China to prop up a faltering economic recovery, driving yield differentials between the world's two largest economies to the widest level in 16 years and pressuring the yuan. Meanwhile, China's major state-owned banks were seen selling U.S. dollars to buy yuan in both onshore and offshore spot foreign exchange markets this week in an attempt to slow the yuan's depreciation, Reuters reported. The yuan was last down 0.2%. The Thai baht had also declined 0.2%, hanging at its lowest level since June 30. Thailand has been under a caretaker administration since March and parliament has been deadlocked over the formation of the next government after the anti-establishment Move Forward met resistance from conservative lawmakers allied with the royalist military. Thai lawmakers will vote for a new premier next week, the house speaker said, after a court rejected a bid by election winner Move Forward to challenge parliament's blocking of its candidate. Singapore's dollar also weakened 0.2%, a day after data showed that the city-state's annual exports fell for a 10th month in July. The financial hub's non-oil domestic exports (NODX) fell last month by 20.2% compared to a year earlier, official data on showed, extending a run of declines stretching from October. Analysts at Barclays said in a note that their base case remains for the Monetary Authority of Singapore (MAS) to keep its SGD NEER band settings unchanged this year. Capital markets in Indonesia were closed for a holiday. HIGHLIGHTS ** Japan's exports fell in July for the first time in nearly 2-1/2 years ** Thai industrial sentiment at 10-month low on weak exports, political uncertainty Asia stock indexes and currencies at 0502 GMT COUNTRY FX RIC FX FX INDE STOCKS STOCKS DAILY % YTD % X DAILY YTD % % Japan -0.02 -10.4 <.N2 3 25> China EC> India -0.16 -0.44 <.NS -0.37 7.11 EI> Indonesi - +1.87 <.JK - 0.73 a SE> Malaysia -0.39 -5.27 <.KL -0.49 -2.62 SE> Philippi -0.09 -1.76 <.PS -0.26 -2.63 nes I> S.Korea 11> Singapor -0.15 -1.61 <.ST -0.38 -1.54 e I> Taiwan -0.14 -3.85 <.TW 0.41 16.81 II> Thailand -0.15 -2.65 <.SE 0.27 -8.69 TI> (Reporting by Himanshi Akhand in Bengaluru; Editing by Simon Cameron-Moore)