* Graphic: World FX rates in 2019 http://tmsnrt.rs/2egbfVh
* Risk-off rally runs out of steam in Asia
* Yen edges higher against major currencies
* FX analysts sceptical about Trump's concession on trade(Adds trader's quote)
By Stanley White
TOKYO, Aug 14 (Reuters) - The yen held onto gains onWednesday as weaker-than-expected Chinese economic datareinforced the view that resolving the trade war was a long wayoff even if U.S. President Donald Trump had delayed someadditional tariffs.
The offshore yuan remained lower against the dollar afterChina's closely watched industrial output rose in July at theslowest pace in more than 17 years. The onshore yuan roseagainst the dollar, taking its cue from a stronger fixing.
News the United States would delay some tariffs supportedAsian stocks, but optimism in the currency market quickly fadedon broader concerns there are no quick solutions to the traderow, which economists say is dragging on China's economy andthreatening global growth.
Increasingly violent clashes between protesters and policein Hong Kong, worries about Britain's exit from the EuropeanUnion, and Middle East tensions mean risk aversion could quicklyflare up again and roil major currencies.
"The mid-term trend is for yen gains, because the UnitedStates has not changed its tough stance on China," said ShuntaroIkeshima, chief manager of forex and financial products tradingat Mitsubishi UFJ Trust and Banking Co.
"There was a lot of short-covering overnight, but in Asiathe market quickly ran into real demand to buy yen. Once youadded the Chinese data, this managed to keep the yen firm."
The dollar pared some of its losses but was still down 0.3%at 106.48 yen in Asia.
The Australian dollar fell 0.2% to 72.45 yen,while the pound fell 0.2% to 128.50 yen.
Against the offshore yuan, the dollar rose 0.3% to7.0331 yuan. However, in the onshore market, the yuanrose to 7.0177 per dollar, stronger than its previous close at7.0558.
On Tuesday, U.S. President Donald Trump backed off of hisSept. 1 deadline for 10% tariffs on remaining Chinese imports,delaying duties on cellphones, laptops and other consumer goods,in the hopes of blunting their impact on U.S. holiday sales.
Still, trade negotiations between the United States andChina have progressed in fits and starts, so many investors andanalysts have scaled back expectations for a resolution in thenear term.
China's industrial output in July rose 4.8% from a yearearlier, which was below the median estimate for a 5.8%year-on-year increase and marked the slowest growth sinceFebruary 2002, data showed on Wednesday.
Retail sales and fixed-asset investment in July also grewless than forecast, highlighting concerns the trade war isdamaging the health of the world's second-largest economy.
The dollar index, measuring the greenback against abasket of six currencies, was little changed at 97.755 afterjumping 0.4% on Tuesday.
Hong Kong's airport resumed operations on Wednesday,rescheduling hundreds of flights that had been disrupted thisweek as protesters clashed with riot police in a deepeningcrisis in the Chinese-controlled city.
Ten weeks of increasingly violent clashes between police andpro-democracy protesters, angered by a perceived erosion offreedoms, have plunged the Asian financial hub into its worstcrisis since it came under Chinese rule from Britain in 1997.
The euro was unchanged at $1.1172, but fell 0.2%to 119.07 yen.
European data on consumer prices and GDP is due from Europelater on Wednesday and could shape the near-term direction ofthe common currency.
Sterling was little changed at $1.2061, butremained within striking distance of $1.2015, the lowest levelsince January 2017.
Britain will release consumer price data later on Wednesday,but uncertainty about how Britain will exit the European Unionhas clouded the outlook for the Bank of England's monetarypolicy.(Editing by Neil Fullick and Jacqueline Wong)