* Kiwi at lowest since early March vs USD, 9-mth low vs AUD     * Aussie drops 0.4 pct on the day vs USD     * AUD govt bonds futures skid as Treasuries hit by Fed risk      By Gyles Beckford and Cecile Lefort     WELLINGTON/SYDNEY, Aug 21 (Reuters) - The New Zealand dollar fell to its lowest in more than five months and the Australian dollar shed half a U.S. cent on Thursday, following a soft survey reading of China's manufacturing activity and a hawkish-sounding Federal Reserve.     The kiwi was at $0.8352  
   NZD=D4
   , its lowest since early March, while the Australian dollar  
   AUD=D4
    looked feeble at $0.9250, having shed 0.4 percent on the day.     The latest blow came from a soft reading of China's vast factory sector. The Antipodean currencies are sensitive to news out of China, a key export market.      The HSBC/Markit Flash China Manufacturing Purchasing Managers' Index (PMI) fell to 50.3 from July's 18-month high of 51.7, missing a Reuters forecast of 51.5.  
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        Both currencies had already been under pressure after investors detected a hawkish turn in policy discussions at the U.S. Federal Reserve, giving a fillip to the U.S. dollar.      The New Zealand dollar dropped as far as $0.8347 and is not expected to see any relief as local data has pointed to slowing momentum, key commodity prices have fallen and the central bank has paused its rate rises likely until the end of the year.     "Markets are selling the kiwi on the twin factors of a lack of domestic support for a move higher, and stronger U.S. dollar," said ANZ senior currency strategist Sam Tuck.     He said the kiwi was looking like a boxer on the ropes and might face a further beating if Federal Reserve chair Janet Yellen makes hawkish comments at the Jackson Hole central bankers' gathering on Friday.     "If she indicates the Fed is re-examining its previous view on the slack in the labour market and is seeing less slack, then that could be a punch that puts kiwi on the floor."     Near term support for the kiwi is seen initially around $0.8340, the year to date low, but more substantially at $0.8280. The previous $0.8400 support level was now the first hurdle higher.     Across the Tasman Sea, the Aussie slipped as far as $0.9235, after stops around $0.9250 were triggered.     "The Aussie was already on the backfoot and the Chinese data was just an excuse to push it lower," said a trader at a European bank in Singapore, seeing the heavy tone continuing.     He said a break of 92 cents would open the way to a retracement to 90 cents. Immediate support was found at $0.9240.     Against its kiwi neighbour, the Aussie dollar managed to climb to a nine-month high of NZ$1.1101.   
   AUDNZD=D4
        Australian government bond futures fell in sympathy with  U.S. Treasuries following the Fed minutes. The three-year bond contract  
   YTTc1
    shed 7 ticks to 97.300, while the 10-year contract  
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    lost 7.5 ticks to 96.510.     The premium offered by Australian 10-year bonds over U.S. Treasuries last stood at 108 basis points, from a trough of 89 basis points hit last month.     New Zealand government bonds  
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    had an offered tone, sending yields up to 5.5 basis points higher.   (Editing by Shri Navaratnam)  ((Cecile.Lefort@thomsonreuters.com)(+61 2 9373-1234)(Reuters Messaging: cecile.lefort.thomsonreuters@reuters.net))  Keywords: MARKETS AUSTRALIA/FOREX