* Malaysia shares, ringgit set for worst week since March * Indonesia"s rupiah falls * Taiwan export orders in April surge - up 14th straight month May 21 (Reuters) - Malaysian shares fell more than 1% on Friday, leading declines among Asia"s other emerging markets, as the country grapples with record numbers of COVID-19 deaths and infections with its currency dipping to a more than 1-1/2 month low. Otherwise, the region"s currencies were largely flat even as the dollar was trading at around three-month lows. Stocks in Kuala Lumpur and the ringgit are both heading for their worst weeks since March, while Indonesia"s rupiah, which backs some of emerging markets" highest-yielding debt, dipped. Erasing early gains, Shanghai"s composite index fell half a percent, while blue-chips were down close to 1%. China, the world"s second-largest economy and one of the top consumers of commodities, earlier this week said it will curb "unreasonable" increases in prices. "China"s inflation situation is strikingly at odds with the much-discussed U.S. situation," RBC Capital Markets" head of Asia FX Strategy Alvin Tan said in a client note. "Can there be a global inflationary cycle without Chinese inflation?". More positively, Taiwan"s tech-heavy stock index rose 1.2%. The island reported a 42.6% jump in export orders, rising for a 14th straight month. The ministry expects orders in May to rise between 40.1% and 44% from a year earlier even as the country is facing a spike in cases. "While the recent national restrictions in response to the COVID-19 outbreak may dent domestic demand and confidence, external demand appears in rude health and should buffer the negative growth impact this quarter," Tan added. HIGHLIGHTS: ** Top losers on FTSE Bursa Malaysia Kl Index include Axiata Group Bhd and Petronas Dagangan Bhd ** Indonesian 10-year benchmark yields rise 2.19 basis points to 6.512% Asia stock indexes and currencies at 0345 GMT COUNTRY FX RIC FX FX INDEX STOCKS STOCKS DAILY % YTD % DAILY % YTD % Japan -0.10 -5.16 0.44 2.84 China +0.03 +1.47 -0.45 0.52 India 0.00 -0.05 0.00 6.61 Indonesia -0.03 -2.33 -0.27 -3.30 Malaysia +0.00 -2.95 -1.11 -4.27 Philippines -0.19 +0.23 -0.29 -13.44 S.Korea +0.40 -3.66 -0.15 9.88 Singapore +0.00 -0.75 0.17 9.54 Taiwan +0.37 +2.06 1.21 10.21 Thailand +0.03 -4.49 0.09 7.35 (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Simon Cameron-Moore) Our Standards: The Thomson Reuters Trust Principles.