Indonesia’s rupiah led declines in most Asian currencies on concern central banks will intervene and introduce restrictions on capital inflows to curb appreciation that may prolong a slump in exports.

The rupiah was the biggest loser today among Asia’s 10 most-traded currencies excluding the yen after the central bank said it is mulling limits on inflows of funds that bet on exchange-rate gains. The Taiwan dollar halted a two-day rally as traders said monetary authorities were buying the greenback.

China is among the emerging markets facing risks of property and commodity market bubbles, central bank adviser Fan Gang said, joining officials from the region in expressing concern about surging asset prices.

A “double-digit” economic growth rate wouldn’t be good for China, Fan, who heads the National Institute of Economic Research, said at a business conference in Hong Kong.

Russia’s central bank may have to accept a stronger ruble next year as rising commodity prices overcome policy makers’ attempts to counter the gains and as consumer demand plays a bigger role in the bank’s decisions.

The authorities “will try to do what they can to smooth the appreciation, but it’s very hard to go against the flow,” said Guillaume Tresca, Paris-based emerging market strategist for Calyon, the investment-banking unit of Credit Agricole SA.