* Thai baht sees worst weekly decline in 6-months
* Philippine shares rise over 2% for the week
* U.S. CPI data in focus

By John Biju
       Feb 9 (Reuters) - Most Asian currencies declined for the
week as concerns over China's shaky economic recovery and a
gloomier outlook for U.S. rate cuts soured sentiment. 
    The Thai baht fell 0.2% on Friday and was down
about 2% for the week, heading for its worst weekly fall since
Aug. 4, 2023. 
    The Malaysian ringgit was last marginally lower but
declined 1.3% for the week. 
    Trading was thin in Asia with Chinese markets closed for the
Lunar New Year break. Markets in Indonesia, Taiwan and South
Korea were also closed. 
    China was in the limelight during the week with authorities
announcing a slew of measures to arrest the decline in the stock
market after it touched a 5-year low at the start of the week.
    "If you look at the fundamentals in the region and how the
selloff in Chinese equities did not translate into a bigger
selloff in currencies, it shows how markets are slowly coming to
compartmentalise some of these Chinese equity risk," Christopher
Wong, FX strategist at OCBC said. 
    The Chinese yuan held steady against a broadly
firmer dollar on Friday and fell marginally for the week. 
    Sentiment towards riskier Asian assets was also dented after
strong economic data from the U.S. and hawkish comments from
Federal reserve policymakers prompted investors to reassess
their rate-cut expectations for the year.
    Anticipation of slower and later-than-expected U.S. rate
cuts in 2024, and a reassessment of the cooling U.S. economy,
has made foreign investors pivot towards net selling of Asian
equities in January.
    "In the near term, Asia FXs will be under pressure from
growing expectations of 'slower and shallower' Fed rate cuts vs
what the market had been pricing in ... Unclear signs of China's
economic recovery could negatively affect Asia FX as well," Poon
Panichpibool, markets strategist at Krung Thai Bank, said. 
    Markets now await U.S. inflation data due next week for
further clues on rate cuts. 
    Regional equities also remained under pressure for the week,
with shares in Thailand and South Korea eking
out marginal gains, while equities in Singapore retreated
1.3%. 
    However, shares in the Philippines climbed 2.1% for
the week.
    The focus is now on the interest rate decision from the
Bangko Sentral ng Pilipinas (BSP) next week. 
    "We expect the BSP to maintain its hawkish stance, and cut
only when it sees a sustained downtrend in inflation," Barclays
analysts wrote.  
    Meanwhile, Indonesia is set to hold its 2024 presidential
election next week, and Gross Domestic Product (GDP) data from
Malaysia and Singapore will also remain on investors' radar. 
    
    HIGHLIGHTS:    
    ** BOJ Gov Ueda: High chance easy money conditions will stay
even if negative rates end 
    ** China's central bank to keep policy support for economy
    ** Thailand, Malaysia, Singapore hope to lure Chinese with
visa-free travel
    
    
  Asia stock indexes and                             
 currencies at 0523 GMT                         
 COUNTRY  FX RIC        FX     FX  INDE  STOCK  STOCK
                     DAILY  YTD %     X      S  S YTD
                         %               DAILY      %
                                             %  
 Japan               -0.03  -5.55  <.N2  0.32   10.51
                                   25>          
 China                           EC>          
 India               -0.05  +0.26  <.NS  -0.10  -0.16
                                   EI>          
 Indones                 -  -1.50  <.JK      -  -0.52
 ia                                SE>          
 Malaysi             -0.13  -3.81  <.KL   0.08   4.05
 a                                 SE>          
 Philipp             +0.02  -0.90  <.PS      -   6.20
 ines                              I>           
 S.Korea                         11>          
 Singapo             +0.04  -2.04  <.ST  -0.15  -3.15
 re                                I>           
 Taiwan                  -  -1.99  <.TW      -   0.92
                                   II>          
 Thailan             -0.24  -4.90  <.SE   0.07  -1.85
 d                                 TI>          
 

    

    
 (Reporting by John Biju in Bengaluru; Editing by Stephen
Coates)