EMERGING MARKETS-Central bank moves in focus; Latam stocks join global rally on Evergrande relief

    * Brazil central bank seen hiking by another 100 bps 
    * Peru's seeks to redraft legal framework for mining
    * Fed decision due at 2 p.m. ET (1800 GMT) 

    By Susan Mathew
    Sept 22 (Reuters) - Latin American currencies firmed on
Wednesday, with eyes on the U.S. Federal Reserve for clues on
the timeline for stimulus tapering, while Brazil's central bank
is seen hiking the key interest rate by 100 basis points for a
second time.
    Stocks in Latam followed global equities
higher, soothed by embattled Chinese developer Evergrande saying
it would make a coupon payment due on Thursday. 
    Fears of contagion from a collapse at China's second biggest
property developer have rattled markets in recent weeks. The
impact on an already slowing Chinese economy could hurt markets
dependant on demand from China, including commodity markets and
in turn assets in resource-rich Latam. 
    Worries remain as Evergrande made no mention of a coupon
payment for its offshore bond also due on Thursday - a fraction
of its total $305 billion in debt. 
    But given a default could hurt consumer sentiment, which is
becoming a growing part of China's GDP, the government may step
in to protect home buyers, said John Lau, head of Asian equities
at SEI. 
    Brazil's real made cautious gains, up 0.2%. The
central bank has already raised the key rate by 325 basis points
so far this year to stave off inflation. Wednesday's decision,
due to be announced after market close, is set to take the rate
to 6.25%.
    Annual inflation stood at 9.7% last month compared with the
central bank's target of 3.75%. 
    Intensifying political tension leading up to next year's
elections have seen the currency give up gains of as much as
6.2% to trade lower this year. A hawkish central bank has helped
limit losses. 
    Shortly before Brazil's decision, all eyes will be on the
Fed for hints on when it plans to start tapering.
    As the dollar traded steady, Mexico's peso looked to
post its best session in nearly four weeks, while Peru's sol
 rose as much as 0.4%. 
    Peru's government said it wants to revise the framework for
the world's second biggest copper producer's mining industry,
redrafting the umbrella law that regulates the sector, as well
as the legislation that sets royalty payments.
    Markets had reacted adversely to leftist President Pedro
Castillo's calls to raise taxes on mining companies during his
    Among shares, commodity-linked stocks led gains as oil, iron
ore and copper prices rallied on Evergrande relief.

    Brazil's Bovespa index jumped 2%, on course for its
best session in a month, while Colombia's COLCAP index
snapped a three-day losing streak. 
    Key Latin American stock indexes and currencies at 1426 GMT:
   Stock indexes           Latest    Daily %
 MSCI Emerging Markets      1262.63      0.1
 MSCI LatAm                 2334.73     2.15
 Brazil Bovespa           112479.99     2.02
 Mexico IPC                51349.67     1.03
 Chile IPSA                 4356.57     1.14
 Argentina MerVal          75216.84    1.756
 Colombia COLCAP            1308.60     0.55
      Currencies           Latest    Daily %
 Brazil real                 5.2763     0.16
 Mexico peso                20.0504     0.39
 Chile peso                   785.3     0.08
 Colombia peso              3825.58     0.24
 Peru sol                    4.0966     0.09
 Argentina peso             98.5000    -0.02
 (Reporting by Susan Mathew in Bengaluru
Editing by Mark Potter)