* Philippine peso hits over 2-month high
* First Thai parliament meeting due later in the day
* China's June Caixin PMI eased to 50.5 from 50.9 in May

By Upasana Singh
       July 3 (Reuters) - Most Asian emerging currencies
advanced on Monday as investors braced for a week packed with
economic data that could provide further clues on the outlook
for the Chinese economy and the Federal Reserve's stance on
future policy tightening. 
    The Philippine peso strengthened 0.2% to hit its
highest since April 12, while Thailand's baht rose 0.5%
and led gains in the region.
    Markets await Thailand's first parliamentary session
scheduled to take place later in the day, a royal decree
published on the official royal gazette website said on
Saturday.
    The decree sets a motion for the formation of a new
government, following the general election in May, with the vote
to elect a new prime minister likely to be held in July.
    "I am quite concerned that the baht could be quite volatile
i.e. reverse recent gains," said Poon Panichpibool, a markets
strategist at Krung Thai Bank. 
    If the Pheu Thai party reaffirms their goal to secure the
House speakership that could signal more tensions with the Move
Forward party and could be seen as raising uncertainty about
forming the coalition government, Panichpibool added.
    China's yuan was up 0.1%, after data showed
factory activity growth in June eased to 50.5 from 50.9 in May,
beating market forecasts of 50.2, but still underlining the
weakening trend seen in other surveys.
    Shares in Shanghai were trading 1.3% higher.
    "We still hold a glass half full view that a stimulus
package could be unleashed after the Chinese leaders made 
multiple rounds of conversations held with local and foreign
business leaders and foreign counterparties," analysts at
Maybank said in a note.
    In South Korea, factory activity shrank at a steeper pace in
June and extended its downturn to a record 12th consecutive
month.
    The won firmed 0.6% as signs of a recovery in the
country's exports and Wall Street's rally in the previous
session aided the currency. Equities in Seoul gained
1.5%.   
    Elsewhere, the Vietnamese dong fell 0.1% to hit a
more than three-month low and Russia's rouble weakened
2.7% over domestic political risk concerns. 
    Minutes of the U.S. Federal Reserve's June meeting due on
Wednesday will be crucial to the outlook for interest rates. 
    The central bank left interest rates unchanged in its June
meeting but hinted that borrowing costs may still need to rise
by as much as half of a percentage point by the end of the year.
   
    
    HIGHLIGHTS:
    ** China forex regulator Pan Gongsheng named central bank
party boss
    ** Asia's factory activity slumped in June, business surveys
showed, as sluggish demand in China and advanced nations clouded
the outlook for the region's exporters
    ** Japanese business sentiment improved in the second
quarter as raw material costs peaked and removal of pandemic
curbs lifted consumption, a central bank survey showed

    The following table shows rates for Asian currencies against
the dollar at 0413 GMT.
 COUNTRY   FX RIC          FX     FX  INDE  STOCKS  STOCKS
                      DAILY %  YTD %     X   DAILY   YTD %
                                                 %  
 Japan                  -0.16  -9.30  <.N2   1.65   29.28
                                      25>           
 China                               EC>           
 India                  +0.27  +1.11  <.NS    0.48    6.50
                                      EI>           
 Indonesi               -0.23  +3.59  <.JK    0.22   -2.54
 a                                    SE>           
 Malaysia               +0.00  -5.68  <.KL    1.01   -7.02
                                      SE>           
 Philippi               +0.19  +0.92  <.PS    0.39   -1.11
 nes                                  I>            
 S.Korea                             11>           
 Singapor               +0.14  -0.76  <.ST    0.22   -1.17
 e                                    I>            
 Taiwan                 +0.02  -1.36  <.TW    1.07   20.93
                                      II>           
 Thailand               +0.53  -1.58  <.SE   -0.29  -10.18
                                      TI>           
 
 (Reporting by Upasana Singh in Bengaluru; Editing by Lincoln
Feast)