Central bank moves in focus; Latam stocks join global rally on Evergrande relief



* Brazil central bank seen hiking by another 100 bps

* Peru's seeks to redraft legal framework for mining industry

* Fed decision due at 2 p.m. ET (1800 GMT)

By Susan Mathew

Sept 22 (Reuters) - Latin American currencies firmed on Wednesday, with eyes on the U.S. Federal Reserve for clues on the timeline for stimulus tapering, while Brazil's central bank is seen hiking the key interest rate by 100 basis points for a second time.

Stocks in Latam .MILA00000PUS followed global equities higher, soothed by embattled Chinese developer Evergrande saying it would make a coupon payment due on Thursday.

Fears of contagion from a collapse at China's second biggest property developer have rattled markets in recent weeks. The impact on an already slowing Chinese economy could hurt markets dependant on demand from China, including commodity markets and in turn assets in resource-rich Latam.

Worries remain as Evergrande made no mention of a coupon payment for its offshore bond also due on Thursday - a fraction of its total $305 billion in debt.

But given a default could hurt consumer sentiment, which is becoming a growing part of China's GDP, the government may step in to protect home buyers, said John Lau, head of Asian equities at SEI.

Brazil's real BRBY made cautious gains, up 0.2%. The central bank has already raised the key rate by 325 basis points so far this year to stave off inflation. Wednesday's decision, due to be announced after market close, is set to take the rate to 6.25%.

Annual inflation stood at 9.7% last month compared with the central bank's target of 3.75%.

Intensifying political tension leading up to next year's elections have seen the currency give up gains of as much as 6.2% to trade lower this year. A hawkish central bank has helped limit losses.

Shortly before Brazil's decision, all eyes will be on the Fed for hints on when it plans to start tapering.

As the dollar traded steady, Mexico's peso MXN= looked to post its best session in nearly four weeks, while Peru's sol PEN= rose as much as 0.4%.

Peru's government said it wants to revise the framework for the world's second biggest copper producer's mining industry, redrafting the umbrella law that regulates the sector, as well as the legislation that sets royalty payments.

Markets had reacted adversely to leftist President Pedro Castillo's calls to raise taxes on mining companies during his campaign.

Among shares, commodity-linked stocks led gains as oil, iron ore and copper prices rallied on Evergrande relief.

Brazil's Bovespa index .BVSP jumped 2%, on course for its best session in a month, while Colombia's COLCAP index .COLCAP snapped a three-day losing streak.

Key Latin American stock indexes and currencies at 1426 GMT: Stock indexes

Latest

Daily %

change MSCI Emerging Markets

1262.63

0.1 .MSCIEF

MSCI LatAm

2334.73

2.15 .MILA00000PUS

Brazil Bovespa

112479.99

2.02 .BVSP

Mexico IPC

51349.67

1.03 .MXX

Chile IPSA

4356.57

1.14 .SPIPSA

Argentina MerVal

75216.84

1.756 .MERV

Colombia COLCAP

1308.60

0.55 .COLCAP

Currencies

Latest

Daily %

change Brazil real

5.2763

0.16 BRBY

Mexico peso

20.0504

0.39 MXN=D2

Chile peso

785.3

0.08 CLP=CL

Colombia peso COP=

3825.58

0.24

Peru sol

4.0966

0.09 PEN=PE

Argentina peso

98.5000

-0.02 (interbank) ARS=RASL



Brazil's real, bonds through interest rate hikes Link



Reporting by Susan Mathew in Bengaluru
Editing by Mark Potter

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