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EM ASIA FX-Italy's reform snub dents Asia FX; ringgit stable after new c.bank steps

* Singapore dlr leads losses as euro is seen part of MAS FX
basket
    * Malaysia c.bank announces new currency stabilisation
measures

 (Adds text, updates prices)
    By Jongwoo Cheon
    SINGAPORE, Dec 5 (Reuters) - Most emerging Asian currencies
pulled back on Monday as Italian Prime Minister Matteo Renzi
said he would resign after suffering a crushing defeat on
constitutional reform, tipping the country into political
turmoil and threatening to destabilise its shaky banking system.
    Malaysia's ringgit edged up after the central bank
on Friday announced fresh measures to stabilise the currency by
boosting liquidity and encouraging more domestic trade of the
unit. 
    The Singapore dollar fell 0.4 percent, leading
losses among regional currencies on the euro's tumble to
a near two-year low. Renzi's defeat deals a blow to the European
Union already reeling under anti-establishment anger that caused
the shock exit of the United Kingdom from the club in June this
year. 
    Taiwan's dollar touched a 1-1/2-week trough on
capital outflows.
    "The Italian referendum dampened market sentiment as it
raised political uncertainties and worries about Italian bank
problems," said Qi Gao, a FX strategist with Scotiabank in
Singapore.
    The Singapore dollar is seen more vulnerable to the euro's
weakness as the single currency is believed to be a part -
around 12 percent - of the undisclosed currency basket used by
the Monetary Authority of Singapore to manage monetary policy,
Gao said.
    
    TAIWAN DOLLAR
    The Taiwan dollar fell 0.2 percent to 32.000 per the U.S.
dollar, its weakest since Nov. 24.
    Foreign investors dumped nearly a net T$10 billion ($312.7
million) worth of local stocks on Friday, the largest daily
selling since Nov. 15, the Taiwan Stock Exchange data showed.
    The island's exporters bought the Taiwan dollar for
settlements around the session low, limiting the currency's
loss, traders said.
    
    RINGGIT
    The ringgit found support after Malaysia's central bank said
exporters could only retain up to 25 percent of export proceeds
in a foreign currency, while the reminder must be converted into
 local currency.
    Higher balances would need central bank approval, Bank
Negara Malaysia said.
    "We view these measures as positive for the ringgit in the
short term and should help ease the current USD shortage," said
analysts for Credit Suisse said in a note.
    Still, the ringgit's long-term outlook remains uncertain,
they added.
    "The extent of ringgit recovery will likely be capped by the
broader USD uptrend, restriction in NDF (non-deliverable
forward) trading, and ultimately the need for BNM to rebuild
reserves."
    
    CURRENCIES VS U.S. DOLLAR
    Change on the day at 0340 GMT
  Currency                Latest bid   Previous day  Pct Move
  Japan yen                   113.43         113.49     +0.05
  Sing dlr                    1.4250         1.4200     -0.35
  Taiwan dlr                  31.978         31.923     -0.17
  Korean won                 1173.07        1172.60     -0.04
 *Baht                         35.60          35.60      0.00
  Peso                        49.710         49.650     -0.12
  Rupiah                       13515          13520     +0.04
  Rupee                        68.15          68.19     +0.06
  Ringgit                     4.4470         4.4500     +0.07
  Yuan                        6.8897         6.8900     +0.00
                                                             
  Change so far in 2016                                      
  Currency                Latest bid  End prev year  Pct Move
  Japan yen                   113.43         120.30     +6.06
  Sing dlr                    1.4250         1.4177     -0.51
  Taiwan dlr                  31.978         33.066     +3.40
  Korean won                 1173.07        1172.50     -0.05
  Baht                         35.60          36.00     +1.12
  Peso                         49.71          47.06     -5.33
  Rupiah                       13515          13785     +2.00
  Rupee                        68.15          66.15     -2.93
  Ringgit                     4.4470         4.2935     -3.45
  Yuan                        6.8897         6.4936     -5.75
  * Thailand's financial markets are closed for a holiday.

 (Reporting by Jongwoo Cheon; Additional reporting by Jeanny Kao
in TAIPEI; Editing by Shri Navaratnam)
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