* Thai shares gain 1%, led by tech and consumer stocks * China to chart policy targets at parliamentary meeting on Friday * Indonesia greenshoe option debt auction awaited March 3 (Reuters) - Asia's emerging stock markets rose cautiously on Wednesday, led by China, as investors placed their bets back on a global economic recovery, while regional currencies inched higher as U.S. Treasury yields retreated. Shares on Shanghai's Composite Index climbed over 1%, recouping Tuesday's losses, while Singapore's stock index rose half a percent. China will chart out a five-year plan at its annual parliamentary gathering on Friday, setting macroeconomic policy targets beyond the COVID-19 pandemic. The world's second largest economy has steadily recovered from the coroanvirus shock. "We expect these targets to revert partly or fully to pre-pandemic norms, and to be less constraining than in the past," analysts at Goldman Sachs said, noting the policies would have substantial implications for the rest of Asia. Regional currencies edged higher as lower U.S. yields sapped some demand for the dollar. The ringgit gained 0.2% while the rupiah advanced 0.1%. Indonesia will hold a greenshoe option debt auction on Wednesday after Tuesday's bond sale raised a below-target 17 trillion rupiah ($1.19 billion). The weighted average yields of the bonds sold on Tuesday were higher than the comparable bonds sold at the previous auction in mid-February. "If there is still no reversal in sentiment, the government may need to accept higher bid yields, or cut down on planned spending," OCBC said in a note. Thai shares climbed over 1%, led by technology and consumer stocks. PTT PCL led energy stocks higher as oil prices rose, reversing earlier losses. The Organization of the Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, meet on Thursday to discuss output and demand and markets expect it will announce that it will ease production cuts. HIGHLIGHTS: ** Indonesian 10-year benchmark yields up 2.19 basis points to 6.607% ** Top gainers on the Singapore STI include top bank DBS Group Holdings Ltd, which rose 1.6% Asia stock indexes and currencies at 0344 GMT COUNTRY FX RIC FX FX INDEX STOCKS STOCKS DAILY % YTD % DAILY % YTD % Japan -0.18 -3.39 0.18 7.34 China +0.10 +0.98 1.34 2.37 India +0.00 -0.40 0.00 6.70 Indonesia +0.07 -1.75 0.27 6.64 Malaysia +0.22 -0.69 0.38 -3.15 Philippines -0.21 -1.13 -0.18 -3.26 S.Korea +0.04 -3.32 0.51 6.47 Singapore +0.02 -0.67 0.53 5.13 Taiwan +1.78 +2.37 1.14 9.47 Thailand -0.03 -1.09 0.99 4.75 ($1 = 14,280.0000 rupiah) (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Ana Nicolaci da Costa)
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