EMERGING MARKETS-Indonesian shares lead Asia recovery on Evergrande assurance

    * Philippines meeting due Thursday
    * Markets await tapering signals from Fed
    * Taiwan shares track worst day since Aug. 19

    By Shashwat Awasthi
    Sept 22 (Reuters) - Indonesian shares jumped nearly 1% on
Wednesday to lead gains among most emerging Asian equities, as
China Evergrande's promise to pay some bond interest calmed
nerves, while Singapore stocks hit four-month lows due to a
spike in COVID-19 cases.
    Shares in Manila moved further away from multi-week
lows and equities in Jakarta were set for their best day
since Aug. 30 after Evergrande allayed fears of an
imminent collapse.
    Markets had already begun to stabilise on Tuesday as
analysts downplayed the potential fallout from the Chinese
property giant's debt crisis and saw that relief seep into
    Jakarta's benchmark also bounced after Bank Indonesia (BI)
kept interest rates at record lows and backed its 2021 growth
forecast on Tuesday, even though coronavirus curbs likely
hampered economic growth in the third quarter.
    Any reduction in Indonesian rates ahead of this week's
Federal Reserve policy meeting, which is being closely watched
for signals on its plan for stimulus tapering, would have left
the rupiah vulnerable.
    "The need to secure rupiah stability added to the reasons
for the central bank to keep rates on hold ahead of the U.S.
FOMC meeting this week," research analysts at Singapore-based
DBS said.
    They also said Indonesian rates had bottomed out and
liquidity management would likely be BI's first step towards
policy normalisation in 2022, while they expect the rupiah to be
stable between 14,000-15,000 per dollar going into 2022.
    Chinese shares, which began trading after an
extended holiday, came off a near three-week low hit earlier in
the session to climb 0.2%. The country stood pat on its
benchmark lending rate for the 17th straight month.
    Taiwanese stocks were notable laggards. They too
traded after holidays but sank 2%, while Singapore shares
gave up 0.5% after the city-state reported its highest daily
COVID-19 cases since April last year.
    Most regional currencies traded flat to marginally lower
against the U.S. dollar, with investors on their toes ahead of
the Fed's announcement.
    In the FX space, "near-term catalysts will lie on whether
there will be a hawkish stance from the Fed, and if developments
in China Evergrande will drive further risk-off moves," said
Yeap Jun Rong, a market strategist at IG.
    Looking ahead, a report from Philippines' Bangko Sentral ng
Pilipinas is due on Thursday. The central bank is widely
expected to keep its key interest rate steady at a record low.
    ** Thailand's 10-year benchmark yields are up 2
basis points at 1.81%.
    ** The top gainer on the Jakarta stock index was Andalan
Sakti Primaindo, up 34.6%.
    ** The top loser on the Singapore benchmark was Yangzijiang
Shipbuilding, down 2.1%.
       Asia stock indexes and                       
      currencies at 0625 GMT                      
                     DAILY   YTD %   X    DAILY   S YTD
                       %                    %       %
  Japan              -0.30   -5.75  <.N2  -0.67   8.00
  China   <CNY=CFXS  -0.00   +0.96  <.SS   0.29   4.36
              >                     EC>           
  India              -0.24   -0.98  <.NS  -0.13   25.44
 Indones             -0.11   -1.47  <.JK   0.75   2.13
   ia                               SE>           
 Malaysi             -0.07   -3.97  <.KL  -0.33   -6.26
    a                               SE>           
 Philipp             -0.06   -4.34  <.PS   0.14   -3.49
  ines                               I>           
 Singapo             +0.05   -2.25  <.ST  -0.50   7.18
   re                                I>           
 Taiwan              -0.16   +2.53  <.TW  -2.03   14.89
 Thailan             -0.06   -10.3  <.SE   0.10   11.54
    d                          0    TI>           
 (Reporting by Shashwat Awasthi; editing by Uttaresh.V)