GLOBAL MARKETS-Stocks gain on manufacturing data, dollar slips

* Global stocks rise on hope of better economic conditions

* Dollar slips as China renews new reserve currency talk

* Crude prices fall on build in U.S. gasoline inventories

* Longer-dated bonds dip as stocks erode safety bid (Updates with U.S. markets activity; changes dateline, previous LONDON)

By Herbert Lash

NEW YORK, July 1 (Reuters) - Upbeat U.S., Chinese and European manufacturing data on Wednesday helped boost global stocks and commodity prices, except for oil, while safe-haven assets like the U.S. dollar and government bonds fell.

The dollar extended declines after a report said China has asked to debate proposals for a new global reserve currency at next week's Group of Eight summit in Italy, G8 sources said. For related news click [ID:nLAG003567].

At the start of a new quarter, bond traders focused on a deluge of pending government debt supply. Euro zone debt prices fell after a disappointing German bond sale.

Interest rates that banks charge each other for dollars, euros and sterling marked record lows as investors await the European Central Bank's policy meeting on Thursday. The ECB is widely expected to keep rates on hold at a lifetime lows.

Investors are keen to learn about follow-up measures the ECB may take after a record injection of 442 billion euros of one-year funds last week as part of stepped-up efforts to bolster confidence and revive interbank lending.

Manufacturing data from key global economies pointed to improving economic conditions and helped lift, along with a weaker dollar, natural resource and energy stocks.

Copper rose 3.6 percent, aluminum added 2.6 percent and nickel jumped 7 percent.

U.S manufacturing shrank in June but at a slower pace than in May, according to the Institute for Supply Management. Similar surveys in Europe also showed manufacturing contracting less than initially thought, while China's output grew modestly.

Shares of Exxon Mobil Corp (XOM.N) rose 1.8 percent and Chevron Corp (CVX.N) gained 0.8 percent.

Freeport-McMoRan Copper & Gold Inc (FCX.N) climbed 3.8 percent and Alcoa Inc (AA.N) rose 1 percent.

"Resource stocks are a good barometer of global economic sentiment and today the miners and energy firms are the standout performers," said David Evans, an analyst at BetOnMarkets.com.