EMERGING MARKETS-China stocks lead gains on stimulus hopes, investors digest cenbank decisions

* Turkey’s cenbank holds rate at 14% despite surging inflation

* Mexico June inflation tops estimates; cenbank decision eyed

* Philippine hikes rates by 25 bps; peso down

* Russia sent dollar-Eurobond coupon payouts to NSD in roubles (Updates with details)

June 23 (Reuters) - China stimulus hopes lifted emerging market stocks up from six-week lows on Thursday, while developing world currencies were largely flat as central banks in Turkey and Indonesia acted as markets expected.

MSCI’s index of emerging market shares rose 0.2%, as mainland China and Hong Kong stocks jumped more than 1% after President Xi Jinping signalled support to the country’s payment and fintech firms.

Among currencies, Turkey’s lira was flat after the country’s central bank held the policy rate unchanged at 14% for a sixth straight month, repeating that disinflation was expected to begin despite rampant inflation topping 73% last month.

The currency has tumbled about 23% this year.

“High inflation, falls in the lira and aggressive monetary tightening elsewhere are clearly not enough to persuade Turkey’s central bank to lift interest rates,” said Jason Tuvey, senior EM economist at Capital Economics.

“Disorderly falls in the lira are a major risk, which would probably be met with capital controls rather than rate hikes.”

Meanwhile, data showed Mexico’s inflation rose by more than expected in early June ahead of a meeting at which the central bank is expected to raise interest rates again.

“The stronger-than-expected rise in inflation adds to pressure on Banxico to fight stubbornly strong price pressures and will likely trigger a 75 basis point hike,” said Tuvey, adding the central bank is likely to continue hiking to a much higher level than investors currently forecast.

Indonesia’s rupiah held on to early gains of 0.2% after its central bank left interest rates at a record low. In contrast, the Philippine peso fell 0.6%, hovering near its lowest in 16 years despite a 25 bps hike.

Elsewhere, the Russian finance ministry said it had fulfilled its obligations on two issues of dollar-denominated Eurobonds “in full” by sending 12.51 billion roubles ($234.5 million) in coupon payments to the National Settlement Depository.

The Russian rouble weakened against the dollar but hovered near seven-year highs. The country’s central bank sees further potential to lower interest rates but will need to keep an eye on the dynamics of inflation, First Deputy Central Bank Governor Vladimir Chistyukhin said.

Egypt’s central bank is seen raising its overnight deposit rate by 50 basis points, according to a Reuters poll. The Egyptian pound was flat.

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Reporting by Anisha Sircar and Susan Mathew in Bengaluru; editing by Uttaresh.V and Amy Caren Daniel