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EM ASIA FX-Hawkish Fed remarks hurt Asia FX; yuan turns weaker

* Yuan fails to keep strength on Shenzen-HK connect approval
    * Won's loss accelerate after 1,100/dlr break
    * Ringgit, baht slump as Malaysia, Thai bond prices slide

 (Adds text, updates prices)
    By Jongwoo Cheon
    SINGAPORE, Aug 17 (Reuters) - Most emerging Asian currencies
on Wednesday slid as investors booked profits from their recent
gains after hawkish comments from Federal Reserve officials, but
doubts over near-term increases in U.S. borrowing costs limited
their downside.
    The Chinese yuan turned down, failing to
capitalise on gains made after the country approved the launch
of a long-awaited scheme to allow stock trading between Hong
Kong and Shenzhen.  
    South Korea's won lost ground as offshore
investors unwound bearish bets on the dollar. The currency came
under further pressure as the yen extended losses after
Japan's government said it would respond to excessive market
moves. 
    The Malaysian ringgit and the Thai baht 
fell as government bond prices in both markets slid. The
Singapore dollar weakened on data showing exports in
July tumbled far more than expected. 
    The weaker tone for regional currencies was set early in the
session after Tuesday's comments from New York Fed President
William Dudley and Atlanta Federal Reserve Bank President Dennis
Lockhart. 
    Dudley said as the U.S. labour market tightens and as
evidence of rising wages builds, "we're edging closer towards
the point in time where it will be appropriate I think to raise
interest rates further." 
     Lockhart was equally hawkish, saying the U.S. economy is
likely strong enough for at least one interest rate increase
before the end of 2016, with two hikes a possibility.
 
    "Fed remains fickle and changes direction quickly," said
Sean Yokota, head of Asia strategy at Scandinavian bank SEB in
Singapore.
    Yokota advised taking profits from some emerging Asian
currencies such as the won, the Indian rupee, the
Philippine peso and the Taiwan dollar 
especially given their recent rallies.
    He expects regional currencies to resume an appreciation
trend as most Asian countries provide higher returns. Indeed,
investors have been using extremely low interest rates in
developed countries to buy regional assets.
    "We still see a longer term trend in hunting for yield and
growth, where Asia benefits from more inflows."
    
    WON
    The won fell as a break of a psychologically important 1,100
per dollar level prompted traders to quickly cover short
positions in the greenback.
    Investors were also cautious over potential intervention by
South Korea's foreign exchange authorities to curb the won's
strength. 
    The authorities were on Tuesday suspected of slowing down
the won's appreciation as it firmed to 1,092.2 in the previous
session, not far from a near 15-month high hit last week,
traders said.
    
    RINGGIT
    The ringgit slid as leveraged funds sold the currency in
non-deliverable forwards markets.
    The Malaysian currency also came under pressure as crude
prices fell, underscoring concerns over the country's oil and
gas revenues. 

    CURRENCIES VS U.S. DOLLAR
    Change on the day at 0515 GMT
  Currency                 Latest bid   Previous day  Pct Move
  Japan yen                    100.99         100.30     -0.68
  Sing dlr                     1.3436         1.3397     -0.29
  Taiwan dlr                   31.398         31.280     -0.38
  Korean won                  1108.00        1092.20     -1.43
  Baht                          34.65          34.57     -0.23
  Peso                         46.410         46.240     -0.37
 *Rupiah                        13095          13095      0.00
  Rupee                         66.76          66.76     +0.00
  Ringgit                      4.0010         3.9830     -0.45
  Yuan                         6.6301         6.6267     -0.05
                                                              
  Change so far in 2016                                       
  Currency                 Latest bid  End prev year  Pct Move
  Japan yen                    100.99         120.30    +19.12
  Sing dlr                     1.3436         1.4177     +5.52
  Taiwan dlr                   31.398         33.066     +5.31
  Korean won                  1108.00        1172.50     +5.82
  Baht                          34.65          36.00     +3.90
  Peso                          46.41          47.06     +1.40
  Rupiah                        13095          13785     +5.27
  Rupee                         66.76          66.15     -0.92
  Ringgit                      4.0010         4.2935     +7.31
  Yuan                         6.6301         6.4936     -2.06
   * Indonesia's financial markets are closed for a holiday.

 (Reporting by Jongwoo Cheon; Additional reporting by IFR
Markets' Catherine Tan; Editing by Shri Navaratnam)
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