* Thai baht hits lowest level since June-end
* Chinese yuan hits nine-month low
* China cuts short-term rates

By Himanshi Akhand
       Aug 15 (Reuters) - Emerging Asian currencies declined on
Tuesday, with the Thai baht weakening the most, as another array
of disappointing data from China fanned worries about its
faltering economic recovery.
    The baht depreciated as much as 0.8% against the
greenback to its lowest level in 1-1/2 months.
    China's July industrial output and retail sales growth
slowed and undershot forecasts, adding to a raft of recent weak
data, suggesting policymakers may need to step up support
measures to shore up a the economy.
    Less than an hour before the data release, China's central
bank unexpectedly cut key policy rates for the second time in
three months on, underlining the rapid loss of the post-COVID
economic rebound.
    "From a macro perspective, today's policy decisions are
somewhat helpful. They will help improve the debt-service
ability of cash-strapped local governments and property
companies," analysts at ING wrote in a note.
    "But this isn't a game-changing outcome, and so we doubt
that market sentiment will dramatically improve just on this."
    The yuan declined as much as 0.4% to a nine-month
low. The slide in the yuan was later contained, after state
banks were seen selling U.S. dollars to buy yuan in the onshore
spot foreign exchange market, as Reuters reported.
    "We saw the 10-year UST yields running high and with the
PBOC rate cut this will lead to the rates difference widening
between China and the U.S. and put the renminbi under further
pressure," said Ken Cheung, chief Asia FX strategist at Mizuho
Bank.
    Cheung added that the slow Chinese economic recovery would
continue to be a negative factor for regional currencies.
        The Indonesian rupiah fell 0.2% and hovered near
a five-month low. 
        A Reuters poll found that Indonesia's exports and
imports likely continued a decline on a yearly basis in July
amid weakening global trade, with its trade surplus seen
shrinking. 
        The Philippine peso and the Malaysian ringgit
 declined 0.3% each.    
    The Philippine central bank will leave its key interest rate
unchanged at 6.25% for a third consecutive meeting on Thursday
and keep it there for the rest of the year to assess the impact
of previous hikes on inflation, a Reuters poll found.
    Equities in the region were largely mixed. Stocks in Bangkok
 fell 0.4%, while those in Kuala Lumpur and
Singapore gained 0.3% and 0.1%, respectively.
    Markets in South Korea and India were closed for a holiday.
    
    
HIGHLIGHTS
    ** China's statistics bureau said it had suspended
publication of youth jobless data, citing the need to improve
methodology in the way it measured unemployment among young
people
    ** Argentina's central bank will raise the benchmark
interest rate to 118% from 97% previously, an official source
said Monday, adding the country's currency will be devalued to
350 pesos per dollar in the aftermath of a shock primary
election 
    

  Asia stock indexes and currencies                       
 at 0458 GMT                                        
 COUNTRY   FX RIC          FX     FX  INDE  STOCKS  STOCKS
                      DAILY %  YTD %     X   DAILY   YTD %
                                                 %  
 Japan                  +0.01  -9.90  <.N2   0.80   23.84
                                      25>           
 China                               EC>           
 India                      -  -0.28  <.NS       -    7.34
                                      EI>           
 Indonesi               -0.23  +1.43  <.JK    0.00    0.87
 a                                    SE>           
 Malaysia               -0.26  -4.91  <.KL    0.29   -2.29
                                      SE>           
 Philippi               -0.25  -1.97  <.PS   -0.03   -3.64
 nes                                  I>            
 S.Korea                             11>           
 Singapor               -0.07  -1.22  <.ST    0.10   -0.01
 e                                    I>            
 Taiwan                 -0.01  -3.82  <.TW    0.54   16.58
                                      II>           
 Thailand               -0.69  -2.00  <.SE   -0.38   -8.35
                                      TI>           
    

    
 (Reporting by Himanshi Akhand in Bengaluru; editing by Miral
Fahmy)