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EM ASIA FX-Global stimulus doubts hurt Asia FX; ringgit hits 11-wk low

* SE Asia FX fall more on catch-up plays after holiday
    * Ringgit slide as Malaysia stocks, bonds slump
    * Philippine peso at 2-month low on equity outflows
    * Won turns down on geopolitical tensions, before holidays

 (Adds text, updates prices)
    By Jongwoo Cheon
    SINGAPORE, Sept 13 (Reuters) - Most emerging Asian
currencies slid on Tuesday as traders took a step back on
broader concerns over global growth and anxiety over central
banks' ability to stimulate their own economies.
    Regional currencies failed to draw much comfort from dovish
comments by Federal Reserve Governor Lael Brainard, who said on
Monday the U.S. central bank should avoid removing support for
the world's top economy too quickly. 
    The Malaysian ringgit hit an 11-week low, tracking
lower stocks and government bond prices,
after a regional holiday on Monday when risky assets fell on
rising doubts over further global monetary stimulus. The
Philippine peso touched a two-month trough on stock
outflows.
    South Korea's won turned weaker as offshore funds
sold the currency on growing geopolitical tensions and ahead of
a long holiday.
    Despite Brainard's dovish remarks, investors cut holdings in
emerging Asian currencies ahead of the Federal Open Market
Committee next week and on worries that global central banks may
have run out of ammunition to support economies.
    "The bias remains to buy USD on dips in the lead up to the
FOMC next week," said Christopher Wong, a senior FX strategist
for Maybank in Singapore, adding the bank's base expectation is
a December hike with rising risks of a September move.
    "Markets are also pondering over the outlook of global
central banks monetary policies. If easy monetary conditions are
no longer going to be easier while the Fed is on the cusp of
raising rate in this environment of slow growth, the bias will
be in favour of USD."
    The won, the ringgit and the Singapore dollar are
seen as particularly vulnerable to the Fed's tightening as those
currencies are highly sensitive to moves in the U.S. Treasury
yields, Wong said.
    
    WON
    The won started the day firmer and had risen on demand from
local exporters for settlements ahead of a holiday.  
    But the gains proved short-lived and the currency turned
weaker as selling from offshore funds prompted local traders to
cut their exposure to the won as they prepared for market
closures from Wednesday through Friday.
    Importers also scrambled for dollars to make payments.
    Geopolitical tensions had ebbed somewhat after North Korea's
nuclear test last week. Two U.S. B-1 bombers flew over South
Korea on Tuesday in a show of force and solidarity with its
ally.  
    
    RINGGIT
    The ringgit lost 1.2 percent to 4.1160 per dollar, its
weakest since June 27.
    The Malaysian currency was vulnerable to slipping to 4.1161,
the 76.4 percent Fibonacci retracement level of its appreciation
from June to mid-July as it broke a chart support line at
4.0957, a 200-day moving average, analysts said.
    The ringgit had been stronger than the average since early
March.
    
    PHILIPPINE PESO
    The peso fell 0.7 percent to 47.48 per dollar, its weakest
since July 12.
    Foreign investors were net sellers in Manila's stock market
 in the previous four weeks, according to the Philippine
Stock Exchange data.
    Foreign direct investments in June tumbled 41 percent from a
year earlier, the central bank data showed. 
    A senior Philippine bank currency trader said sentiment
towards the country's assets remained weak due to "the recent
run of onshore developments such as Duterte's spat with the U.S.
plus global re-pricing of EM risks."
    Philippine President Rodrigo Duterte was in the spotlight
last week over a televised tirade against the United States and
President Barack Obama.
    But the trader was looking to sell the peso only on rallies,
seeing its recent weakness as excessive.
    
    CURRENCIES VS U.S. DOLLAR
    Change on the day at 0630 GMT
  Currency                Latest bid   Previous day  Pct Move
  Japan yen                   101.94         101.88     -0.06
  Sing dlr                    1.3601         1.3563     -0.28
  Taiwan dlr                  31.705         31.716     +0.03
  Korean won                 1117.99        1113.50     -0.40
  Baht                         34.88          34.94     +0.18
  Peso                        47.465         47.160     -0.64
  Rupiah                       13175          13097     -0.59
  Rupee                        66.92          66.92     +0.00
 *Ringgit                     4.1140         4.0675     -1.13
  Yuan                        6.6799         6.6805     +0.01
                                                             
  Change so far in 2016                                      
  Currency                Latest bid  End prev year  Pct Move
  Japan yen                   101.94         120.30    +18.01
  Sing dlr                    1.3601         1.4177     +4.23
  Taiwan dlr                  31.705         33.066     +4.29
  Korean won                 1117.99        1172.50     +4.88
  Baht                         34.88          36.00     +3.21
  Peso                         47.47          47.06     -0.85
  Rupiah                       13175          13785     +4.63
  Rupee                        66.92          66.15     -1.14
  Ringgit                     4.1140         4.2935     +4.36
  Yuan                        6.6799         6.4936     -2.79
  * Indian financial markets are closed for a holiday.

 (Reporting by Jongwoo Cheon; Editing by Shri Navaratnam)
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