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

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* Brazil central bank seen hiking by another 100 bps * Peru's seeks to redraft legal framework for mining industry * 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 campaign. 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 % change 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 % change 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 (interbank) (Reporting by Susan Mathew in Bengaluru Editing by Mark Potter)

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