* Indonesian rupiah weakens to near 5-month low
* Philippine peso hits lowest level since November
* Malaysian ringgit at 1-month low

By Himanshi Akhand
       Aug 14 (Reuters) - Indonesia's rupiah led declines among
emerging Asian currencies on Monday, as a strengthening dollar
and concerns about China's faltering economic growth ahead of
key data, which could bolster hopes for more direct policy
stimulus from Beijing.
    The rupiah, the best performing Asian currency so far
this year, weakened 0.8% against the greenback to its lowest
level since March.
    Indonesia's central bank intervened in the spot foreign
exchange and domestic non-deliverable forward markets to prevent
high currency volatility, according to an official.
    "We are eyeing a prospective narrowing current account
surplus and it may turn into a deficit next year, which is not a
positive factor for the rupiah," said Fakhrul Fulvian, an
economist at Trimegah Securities.
    Fulvian added that pressure on the rupiah is likely to
continue until higher commodity prices pick up.
    The South Korean won declined 0.6% and the
Malaysian ringgit also weakened 0.6% to its lowest level
in a month.
    China's yuan eased to a six-week low as weak new
bank loan data for July deepened investors' concerns about the
country's slowing growth, while property developers' recent
repayment troubles curbed appetite for yuan assets.
    New bank loans in July tumbled 89% from June, falling far
short of analysts' forecasts. 
    It came days after other data showed the world's
second-largest economy slipped into deflation last month while
exports and imports plummeted, adding pressure on Beijing to
roll out more forceful stimulus measures.
    Figures on China's retail sales and industrial output are
due on Tuesday.
    "China's economic data (trade, inflation, credit) suggests
anaemic activity numbers due for July tomorrow...Further yuan
weakness could potentially mean one less anchor for regional
FX," said Fiona Lim, a senior FX strategist at Maybank. 
    Meanwhile, the Philippine peso depreciated as much as
0.7% to its lowest level since November.  
    Bangko Sentral ng Pilipinas (BSP) governor had said that the
bank sees "no urgency" to change its monetary policy settings,
while the deputy governor indicated that there may be some
chance inflation returns to the 2%-4% target before the fourth
quarter.
    The BSP has kept interest rates steady at its last two
meetings, after nine rate hikes totalling 425 basis points to
curb inflation. The central bank's next rate-setting meeting is
on Thursday.
    Equities in the region also declined with those in Singapore
 and Manila falling 1.9% and 1.5%, respectively.
Markets in Thailand were closed for a public holiday.
    Elsewhere, Argentina's far-right libertarian candidate
Javier Milei pulled off a huge shock in the country's primary
election on Sunday, with the first results showing him in top
spot, a rebuke to the main two political parties.
        
HIGHLIGHTS
    ** Malaysia's ruling coalition retained control of three
states in regional polls on Saturday, though official results
showed a conservative opposition gaining in popularity in a
challenge for Prime Minister Anwar Ibrahim.
    ** Chinese property giant Country Garden's shares
plunged to fresh record low on Monday, after its onshore paper
was suspended from trading as its debt problems deepened.
    
  Asia stock indexes and currencies                             
 at 0441 GMT                                            
 COUNTRY   FX RIC          FX     FX   INDEX    STOCKS    STOCKS
                      DAILY %  YTD %           DAILY %     YTD %
 Japan                  +0.03  -9.52  <.N225   -1.25     22.90
                                      >                 
 China                               >                 
 India                  -0.14  -0.30  <.NSEI     -0.63      6.63
                                      >                 
 Indonesi               -0.78  +1.53  <.JKSE     -0.20      0.23
 a                                    >                 
 Malaysia               -0.54  -4.56  <.KLSE     -0.18     -2.74
                                      >                 
 Philippi               -0.54  -2.13             -1.53     -3.94
 nes                                                    
 S.Korea                             >                 
 Singapor               -0.20  -1.09             -1.89     -0.59
 e                                                      
 Taiwan                 -0.40  -3.81  <.TWII     -1.52     15.64
                                      >                 
 Thailand               +0.00  -1.31  <.SETI      0.11     -8.00
                                      >                 
 

    
 (Reporting by Himanshi Akhand in Bengaluru. Editing by Sam
Holmes)