* Lower inflation in Philippines gives rise to easing talk * Indian rupee gains as tensions with neighbour ease * Malaysian ringgit slips ahead of interest rate decision (Adds text, updates prices) March 5 (Reuters) - Most Asian currencies weakened on Tuesday, when China trimmed its economic growth targets for the year. The Philippine peso weakened sharply after the announcement of lower inflation in February spurred talk of policy easing. The peso shed 0.7 percent to 52.120 against the U.S. dollar, after the annual inflation rate eased to a one-year low of 3.8 percent last month - inside the central bank's 2 to 4 percent target. "With inflation lower, you can probably see that there is increasing expectations of a possible cut in RRR (reserve requirement ratio) as early as the next monetary board meeting" on March 21 said Jonathan Ravelas, chief market strategist at BDO Unibank. China, facing growing challenges from debt and the trade dispute with the United States, cut its economic growth target for this year to 6.0-6.5 percent, compared with last year's goal of about 6.5 percent. Indonesia's rupiah slipped 0.1 percent to 14,145 per dollar, while Thailand's baht fell by the same percentage, to 31.870. Thailand's central bank on Monday said the baht is likely to remain volatile and that it had taken action on excessive moves in the currency to help the private sector adjust. Following a public holiday on Monday, and as tensions between India and Pakistan eased, the Indian rupee strengthened 0.2 percent to 70.80. Ten-year bond yields fell further on Tuesday, after touching a 2019 peak of 7.699 percent mid-last week following skirmishes between the two nuclear-armed neighbours. The Malaysian ringgit eased slightly to 4.076 ahead of a policy decision by the country's central bank, which is expected leave the key rate unchanged. China's yuan gained 0.1 percent. In the work report to the National People's Congress, the government reiterated that it would maintain the yuan currency basically stable and keep it at "reasonable" level this year, quelling concerns from the United States that the country devalues its unit. CURRENCIES VS U.S. DOLLAR Change on the day at 0501 GMT Currency Latest bid Previous day Pct Move Japan yen 111.890 111.74 -0.13 Sing dlr 1.355 1.3544 -0.02 Taiwan dlr 30.831 30.830 -0.00 Korean won 1125.600 1124.9 -0.06 Baht 31.870 31.835 -0.11 Peso 52.120 51.75 -0.71 Rupiah 14145.000 14125 -0.14 Rupee 70.800 70.91 +0.15 Ringgit 4.076 4.074 -0.05 Yuan 6.702 6.7101 +0.12 Change so far in 2019 Currency Latest bid End 2018 Pct Move Japan yen 111.890 109.56 -2.08 Sing dlr 1.355 1.3627 +0.59 Taiwan dlr 30.831 30.733 -0.32 Korean won 1125.600 1115.70 -0.88 Baht 31.870 32.55 +2.13 Peso 52.120 52.47 +0.67 Rupiah 14145.000 14375 +1.63 Rupee 70.800 69.77 -1.45 Ringgit 4.076 4.1300 +1.32 Yuan 6.702 6.8730 +2.55 (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Richard Borsuk)
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