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EMERGING MARKETS-Thai, China shares surge, Asia FX up as U.S. yields retreat

    * China to chart policy targets at parliamentary meeting on
Friday
    * Thai shares gain 1%, led by tech and consumer stocks
    * Indonesia greenshoe option debt auction awaited

    March 3 (Reuters) - Thai, Chinese and Indian stock markets
rose more than 1% each on Wednesday, 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 1.6%
ahead of Friday's annual parliamentary gathering, while Bangkok
 and Mumbai markets rose 1.6% and 1.1%,
respectively. 
    China will chart out a five-year plan at Friday's political
conference, setting macroeconomic policy targets beyond the
COVID-19 pandemic. The world's second-largest economy has
steadily recovered from the coronavirus shock.
    "We expect these targets to revert partly or fully to
pre-pandemic norms, and to be less constraining than in the
past," Goldman Sachs analysts said, adding the policies would
have substantial implications for the rest of Asia. 
    Earlier this week, data across the region showed
manufacturing activity continued to expand, with export-reliant
economies showing the greatest strength. 
    Asia's emerging 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 analysts wrote in a note. 
    Thai shares were led by technology and consumer stocks,
while an uptick in oil prices supported PTT PCL and its
energy peers ahead of a meeting by the Organization of the
Petroleum Exporting Countries (OPEC) and allies, known as OPEC+,
on Thursday. 
    Demand is recovering as economies reopen, with the market
expecting OPEC+ to ease sharp production cuts announced last
year during the worst of the pandemic to boost prices.
        
    HIGHLIGHTS:
    ** Indonesian 10-year benchmark yields down 1.6 basis points
to 6.569%
    ** Top gainers on the Singapore STI include top bank
DBS Group Holdings Ltd, which rose 1.8%   
    
  Asia stock indexes and currencies at 0632 GMT
 COUNTRY      FX RIC      FX       FX     INDEX    STOCKS   STOCKS
                          DAILY %  YTD %           DAILY %  YTD %
 Japan                    -0.18    -3.39           0.51     7.71
 China                    +0.08    +0.97           1.59     2.63
 India                    +0.46    +0.06           1.08     7.86
 Indonesia                +0.14    -1.68           0.22     6.59
 Malaysia                 +0.20    -0.72           0.58     -2.97
 Philippines              -0.16    -1.09           0.34     -2.76
 S.Korea                  +0.33    -3.04           1.29     7.29
 Singapore                +0.02    -0.68           0.55     5.15
 Taiwan                   +2.00    +2.59           1.66     10.04
 Thailand                 -0.03    -1.09           1.62     5.41
 ($1 = 14,280.0000 rupiah)

 (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Ana
Nicolaci da Costa and Anil D'Silva)
  
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