BANGKOK, Sept 19 : Asian currencies broadly declined on Monday as the Chinese yuan weakened further, while equities also fell ahead of a slew of central bank meetings this week, including a rate decision by the US Federal Reserve.

Thailand's baht, however, bucked the regional trend to strengthen 0.3% after the country's central bank said last week it was ready to manage any excessive moves in the currency.

Malaysia's ringgit hit a fresh 24-1/2-year low and Taiwan's dollar hit its lowest level since September 2019.

"The Fed (meeting on rates) looks set to dominate the narrative on risk assets. Against this backdrop, a mood of caution is likely to prevail ahead of the FOMC meeting mid-week," said Mizuho bank economist Vishnu Varathan.

Currently, markets are pricing in at least another 75 basis point increase for Wednesday's Federal Open Market Committee's (FOMC) meeting, and 19% odds of a super-sized full percentage point rise.

The yuan fell to trade on the weaker side of the psychologically critical 7 per dollar level, as economic worries and the possibility of more benchmark interest rate cuts loom on Tuesday.

The relentless ascent of the dollar and U.S. yields have weighed heavily on riskier Asian assets, with several currencies hitting multi-year lows on Friday.

The Bank of Thailand said on Friday it was closely monitoring its currency and was ready to "take action when the baht moves in an unusually volatile way". The baht hit its weakest level in nearly 16 years on Friday.

The Indian rupee edged up after the country's central bank vowed to front-load rate hikes to tame stubbornly high inflation.

Aside from the Fed, Asia-focused investors will also be on the lookout for central bank meetings in Japan, Indonesia, Taiwan and the Philippines, as well as a decision on China's loan prime rate.

The week is also littered with inflation data from Japan, Singapore and Malaysia. Bank Indonesia, the Bangko Sentral ng Pilipinas and Taiwan's central bank are all expected to hike interest rates this week, with Japan being the exception.

The Bank of Japan has so far shown no sign of abandoning its uber-easy monetary policy despite the drastic slide in the yen. The yen was down 0.3% at 143.32 on Monday.

"The effect of verbal interventions in the yen has faded, but a move in USD/JPY towards 145 could spark further concern from the Japanese authorities," said Jessica Amir, market strategist at Saxo Capital Markets.

Shares in Asia also fell on Monday, with a weak Friday session on Wall Street souring sentiment in Asian trading. Equities in Manila fell as much as 1.8% in their fifth straight session of losses.

The index hit its lowest level since Aug. 10. Shares in Seoul and Kuala Lampur both hit a two-month low.

 - Reuters