FX firms as dollar loses ground; stocks jump on Beijing stimulus hopes



* Peru cenbank raises benchmark interest rate to 6.75%

* China inflation slows in August as COVID saps demand

* EU members to debate Russian gas price cap

By Anisha Sircar

Sept 9 (Reuters) - Currencies across emerging markets strengthened on Friday as the dollar recoiled from recent peaks, while stocks were led higher by Chinese equities on hopes of more stimulus from Beijing.

MSCI's index of emerging market (EM) currencies rose 0.4% .MIEM00000CUS , while stocks .MSCIEF jumped 1.2% and were headed for their best day in more than two weeks. China's blue-chip CSI 300 Index .CSI300 advanced 1.4%, while the Shanghai Composite Index .SSEC gained 0.8%.

China's consumer and producer prices rose at a slower pace than expected in August, data showed on Friday, fanning hopes for more stimulus from the government.

"Consumer price inflation fell in August and remains below the PBoC's (People's Bank of China) preferred ceiling of 3%, leaving room for the bank to ease policy further," said Zichun Huang, an economist at Capital Economics.

"Although core inflation may inch up if demand becomes stronger when the COVID situation improves, it is likely to be offset by lower fuel and food inflation. The PBoC lowered most policy rates in August, and we continue to anticipate more rate cuts during the rest of the year."

Currencies were set to slip 0.2% for the week dominated by economic data and central bank moves, while stocks were on pace for a decline of 0.4%.

EM equity fund outflows for the week increased substantially to the highest since December 2021 at $3.8 billion, compared with outflows of $596 million a week earlier, according to JPMorgan.

Among Central and Eastern European currencies, Hungary's forint EURHUF= was up 1.7% on the week, while Poland's zloty and the Czech crown were set for gains of 0.3% each EURPLN= EURCZK= .

Poland's central bank could hold rates next month or opt for a small increase, Governor Adam Glapinski said on Thursday, after raising rates by 25 bps earlier this month, the smallest increase in its current rate hike cycle so far.

"We could see further appreciation (in CEE FX)... Today's EU meeting could bring a further drop in gas prices and additional support for the CEE, but nothing changes the previous arguments for weaker FX and the narrow influence of gas prices should not last forever," said ING strategist Frantisek Taborsky.

A proposed European price cap on Russian gas goes against European and Hungarian interests, Hungarian Foreign Minister Peter Szijjarto said, ahead of an emergency meeting of EU energy ministers where they are set to discuss ways to tame energy prices.

Elsewhere, Peru's central bank raised its benchmark interest rate by 25 bps to 6.75% on Thursday, another consecutive hike in this cycle.

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 Anisha Sircar in Bengaluru; Editing by Subhranshu Sahu

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