US STOCKS-China move on inflation pushes futures lower

* China to raise banks' reserve requirements

* Bernanke hits back at Fed critics

* Del Monte shares rally on KKR deal report

* Futures down: Dow 53 pts, S&P 6.4 pts, Nasdaq 9.75 pts

* For up-to-the-minute market news see [STXNEWS/US] (Adds quote, updates prices)

By Ryan Vlastelica

NEW YORK, Nov 19 (Reuters) - U.S. stock index futures were lower on Friday after China's central bank took steps to battle inflation.

The People's Bank of China said it will raise bank reserve requirements for the second time in two weeks, stepping up its fight to rein in prices. For details, see [ID:nTOE6AI071]

Concerns about the effects of China inflation along with debt woes in Europe have pressured equities in recent weeks. A possible resolution to Ireland's debt crisis sparked a big rally on Thursday.

"Investors are going to have to digest what this rate increase means for commodities and the dollar, and what this could do to the Treasury yield curve," said Keith Bliss, senior vice president at Cuttone & Co, an institutional broker in New York.

"Given the sharp selloff we had on Tuesday, the nothing day on Wednesday, then the sharp rally yesterday, I'd be surprised to see us post a big reaction to this today."

Crude oil futures fell 0.5 percent, while gold December contract was off 0.4 percent. The U.S. dollar index <.DXY> slipped 0.2 percent.

Despite Thursday's gains, the S&P 500 hovered around 1,200 for most of the session but failed to hold above the key level and could mean the index trades in a tight range for the rest of the year.

Federal Reserve Chairman Ben Bernanke hit back at critics of the U.S. central bank's controversial bond-buying program and issued a thinly veiled attack on China's policy of keeping its currency depressed. The comments were prepared for a conference at the European Central Bank in Frankfurt Friday. [ID:nN18107490]

S&P 500 futures fell 6.4 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures slid 53 points, and Nasdaq 100 futures lost 9.75 points.

Del Monte Foods Co rose 11 percent to $17.48 in premarket trading after sources said private equity firm Kohlberg Kravis Roberts & Co was in advanced talks to buy the company. [ID:nSGE6AH0JU]

Dell Inc rose 3.9 percent to $14.20 before the bell after the computer maker raised its profit view and reported quarterly margins that easily topped estimates late Thursday. [ID:nN18114219]

H.J. Heinz Co posted higher quarterly profit and raised its forecast for free cash. [ID:nN19166935]

A day after General Motors Co made a triumphant return to Wall Street with the largest initial public offering in U.S. history, Harrah's Entertainment terminated its own IPO, citing market conditions. [ID:nSGE6AI0HF]

GM shares rallied throughout Thursday's session, but were down 1.2 percent to $33.77 in premarket trading Friday as prospects for the formerly bankrupt automaker drew a mixed review from investors. For a BUY OR SELL story, see [ID:nN18142191] (Editing by Jeffrey Benkoe)