EM ASIA FX-Yuan to see worst month since Aug devaluation ahead of SDR decision

* Onshore yuan at 3-month low; PBOC midpoint 3-month low

* Offshore yuan jumps on suspected intervention

* Rupee leads November Asia FX slides on capital outflows

(Adds text, updates prices)

By Jongwoo Cheon

SINGAPORE, Nov 30 (Reuters) - China's yuan was set on Monday

to suffer its largest monthly loss since August, when it was

devalued by the central bank, as markets wait to hear whether

the International Monetary Fund will the currency in its global

reserve basket.

Most emerging Asian currencies slumped on a strong dollar

and weak equity markets, especially in China. Regional

currencies were also on course for monthly declines as

expectations that the U.S. Federal Reserve will raise interest

rates next month gain traction.

The yuan earlier hit a three-month low of 6.3980

per dollar but erased most of its losses in volatile trade.

The People's Bank of China set the daily guidance rate

at 6.3962, the weakest since August.

The renminbi has slumped 1.2 percent against the dollar

this month, which would be the largest monthly depreciation

since a 2.6 percent fall in August, according to Thomson Reuters

data.

The IMF is widely expected to include the yuan in its

Special Drawing Rights reserve currency basket. The move is seen

as supporting the yuan in the longer term as central banks

gradually add yuan assets to their reserves.

Still, the move is unlikely to bolster the renminbi

immediately, analysts said.

"The market will be looking out for details of the

announcement, including any requirement for China to refrain

from currency interventions," analysts at OCBC Bank said in a

note.

China's central bank took various steps including market

intervention to curb the yuan's weakness, especially after the

yuan devaluation on Aug. 11. On Monday, the currency jumped in

offshore trade on suspected intervention.

Some analysts expected Beijing to allow further weakness in

the currency after it is formally included, given China's

slowing economy. That will drag on other emerging Asian

currencies, they added.

"Should the authorities allow the yuan to be more market

determined following SDR inclusion, this could see further

weakness given that the PBOC has been easing policy while the

U.S. Fed is set to hike interest rates at their next meeting,"

said Khoon Goh, senior FX strategist for ANZ in Singapore.

"A weaker yuan will have some spillover effects on Asian

currencies."

STORMY NOVEMBER

Emerging Asian currencies were poised to report monthly

losses in November on expectations of a U.S. liftoff at its next

policy meeting in mid-December.

India's rupee led regional depreciation with a 2.3

percent slide against the dollar this month, Thomson Reuters

data showed.

Foreign investors dumped Indian stocks and bonds after Prime

Minister Narendra Modi's BJP suffered a heavy defeat in Bihar

state's elections, raising concerns the government would

struggle to pass policy reforms.

The South Korean won slumped 1.5 percent this

month as foreign investors sold out of Seoul's stock market

.

Indonesia's rupiah has fallen 1.2 percent so far

November on corporate dollar demand for year-end payments. The

Singapore dollar has lost 0.8 percent on the yuan's

weakness.

The Thai baht has slipped 0.9 percent, while the

Philippine peso ended the month down 0.7 percent. Philippine

financial markets were closed for a holiday on Monday.

Investors are keeping an eye on Fed Chair Janet Yellen's

speech on Wednesday and October U.S. jobs data on Friday for any

clue on U.S. monetary policy.

In contrast, the European Central Bank is expected to add

monetary stimulus at its Thursday meeting. That may limit

downside in emerging Asian currencies.

Malaysia's ringgit bucked the regional depreciation

trend in November with a 0.8 percent gain.

The ringgit rose as a rebound in crude oil prices eased some

concerns over Malaysia's falling oil and gas revenues.

The currency also drew support from an agreement by the

debt-ridden state fund 1Malaysia Development Bhd to sell its

energy business to China General Nuclear Power Corporation in a

$2.3 billion cash deal. China will also buy more Malaysian

government bonds, Premier Li Keqiang was quoted as saying.

CURRENCIES VS U.S. DOLLAR

Change on the day at 0520 GMT

Currency Latest bid Previous day Pct Move

Japan yen 122.70 122.75 +0.04

Sing dlr 1.4126 1.4125 -0.01

Taiwan dlr 32.681 32.815 +0.41

Korean won 1157.30 1153.00 -0.37

Baht 35.86 35.85 -0.03

Peso 47.15 47.15 +0.00

Rupiah 13835.00 13775.00 -0.43

Rupee 66.81 66.76 -0.07

Ringgit 4.2590 4.2600 +0.02

Yuan 6.3967 6.3952 -0.02

Change so far in 2015

Currency Latest bid End prev year Pct Move

Japan yen 122.70 119.66 -2.48

Sing dlr 1.4126 1.3260 -6.13

Taiwan dlr 32.681 31.718 -2.95

Korean won 1157.30 1099.30 -5.01

Baht 35.86 32.90 -8.25

Peso 47.15 44.72 -5.14

Rupiah 13835.00 12380.00 -10.52

Rupee 66.81 63.03 -5.65

Ringgit 4.2590 3.4965 -17.90

Yuan 6.3967 6.2040 -3.01

(Additional reporting by Swati Bhat in Mumbai; Editing by Eric

Meijer)