Czech crown slips ahead of rate decision; yuan snaps 8-day losing streak



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Czech central bank to hold rates, keep supporting crown - poll

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Hungary's forint falls 1.8% to historic low on gas leak worries

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Turkey's Erdogan hopes rate will come down to single digits

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China's yuan bounces from 14-year low after PBOC verbal warning

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EM currencies up 0.2%, stocks off 0.1%

By Bansari Mayur Kamdar

Sept 29 (Reuters) - The Czech crown slipped ahead of the country's rate decision later in the day, while other emerging market currencies edged up after steep losses in the week so far, as a robust dollar wrecked havoc on risk sentiment globally.

The crown EURCZK= edged 0.1% down against the euro ahead of the Czech National Bank (CNB)'s rate decision at 1430 GMT. It is likely to hold the key rate unchanged at 7.00% for a second straight meeting, as the first signs of inflation peaking below expectations begin to appear.

The Czech central bank was among the first in the region to launch sharp monetary policy tightening last year and is seeking now to be the first to put an end to rate hikes.

The Hungarian forint EURHUF= hit a record low against the euro and led losses among central and eastern European peers on worries over gas leaks on the Nord Stream pipelines leading from Russia to Europe.

Broadly, emerging market currencies .MIEM00000CUS edged 0.2% up, while stocks .MSCIEF slipped 0.1%.

China's yuan bounced back from Wednesday's drop to its weakest level since the global financial crisis of 2008, after the central bank warned against speculative trading and heavy one-way bets on the currency.

The Turkish lira TRY= slipped 0.2% against the dollar, hovering near its all-time low a day after Turkish President Tayyip Erdogan said he hopes the central bank's monetary policy committee will deliver another cut to its policy rate next month and bring it down to single digits by year-end.

"Major central banks in the world are now going through an aggressive tightening cycle and Turkey is going in the opposite direction," said Ipek Ozkardeskaya, senior analyst at Swissquote.

"What keeps everything kind of together is the central bank interventions in the FX markets directly with the money that is flowing in to fill up the reserves in a shady fashion, since we don't really know where the money comes from officially. This whole thing is a time bomb."

Turkey's central bank unexpectedly cut its policy rate by 100 basis points twice in the past two months, lowering it to 12% despite inflation at more than 80% in August.

South Africa's rand ZAR= slid 0.9% against a resilient dollar.

Russian stocks extended their recovery from months-long lows struck earlier this week as volatile trading sparked by President Vladimir Putin's mobilisation order continued, while the rouble RUBUTSTN=MCX eased against the dollar. For GRAPHIC on emerging market FX performance in 2022, see Link For GRAPHIC on MSCI emerging index performance in 2022, see Link

For TOP NEWS across emerging markets

For CENTRAL EUROPE market report, see

For TURKISH market report, see

For RUSSIAN market report, see
Reporting by Bansari Mayur Kamdar in Bengaluru; editing by Uttaresh.V

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