EMERGING MARKETS-Asia stocks mark tepid gains amid China worries; baht at 1-month high

    * Thailand announces reopening rules for tourism reboot, baht up
    * Indonesian rupiah declines 0.4%
    * China warns latest COVID-19 outbreak could spread further

    By Anushka Trivedi
    Oct 25 (Reuters) - Asian stocks were mostly flat to marginally higher on Monday as a
fresh COVID-19 outbreak in China added to worries about slowing growth in the world's
second-biggest economy, while the Thai baht advanced on a revival in the country's tourism
    Philippine stocks fell 1% to lead losses, followed by Thailand, while
equities in Singapore, Taiwan and Malaysia traded flat to slightly
    China, already struggling with a power crunch and crisis in its real-estate sector, on
Sunday warned that its latest COVID-19 outbreak - across 11 provinces - was likely to
spread further, with authorities discouraging travel in an attempt to contain it.

    Market watchers worried that new curbs could be imposed in the country, which could
see economic growth and trade with its Asian partners slow. The Chinese yuan
opened 0.1% weaker on the news, but later recouped those losses.
    There could be "aggressive measures to control virus spreads," Yeap Jun Rong, market
strategist at retail trading platform IG said, adding "which may put a cap on growth,
thereby potentially putting risk appetite in the region on hold over the coming days."
    Meanwhile, the Indonesian rupiah dropped 0.4% to a nearly two-week low as the
coal exporter's currency continued to suffer from tumbling prices of the commodity.
    Singapore's dollar and the South Korean won firmed 0.2% and 0.7%,
respectively, while most other Asian currencies were tepid.
    The South Korean won and stocks rose as corporate blue-chip earnings in the
country rolled in, with investors shifting focus to third-quarter gross domestic product
data due on Tuesday.
    The Thai baht rallied 0.8% to hit its highest since Sept. 16 after the trade-
and tourism-reliant economy announced rules for its quarantine-free reopening to visitors
from 45 countries.
    Yield on the 10-year government bonds in the country fell 8 basis points to 1.98%.
    This comes after confidence in the Thai economy had waned due to collapse of its
tourism sector as exports also struggled after the pandemic, with the baht becoming Asia's
worst-performing currency this year.    ​​
    ** Singapore's 10-year benchmark yield is down 1 basis points at 1.752%
    ** In the Philippines, top index losers are Ayala Land Inc, down 4.1%, and
Aboitiz Equity Ventures Inc, down 2.5%
    ** South Korea Q3 GDP expected to have expanded by 0.6% from the previous quarter on
robust exports.

 Asia stock indexes and currencies at                                                     
 0724 GMT                                                                     
 Japan                              -0.21     -9.20                    -0.71          4.21
 China                              +0.06     +2.31                     0.76          3.94
 India                              -0.25     -2.68                     0.18         29.80
 Indonesia                          -0.39     -0.95                    -0.10         11.00
 Malaysia                           -0.02     -3.11                     0.18         -2.23
 Philippines                        -0.04     -5.41                    -1.07          1.01
 S.Korea                            +0.74     -7.04                     0.48          5.12
 Singapore                          +0.19     -1.80                    -0.04         12.66
 Taiwan                             +0.17     +2.25                     0.03         14.67
 Thailand                           +0.82     -9.51                    -0.55         12.77

 (Reporting by Anushka Trivedi in Bengaluru; Editing by Sherry Jacob-Phillips)