EMERGING MARKETS-Asian markets rally on rate-cut bets after softer US inflation data

(Updated at 0713 GMT) * South Korean won jumps 1.8% * Philippine peso stable after cenbank holds rates * Philippine stocks jump 1.1% * Taiwan stocks hover at record-high level By Poonam Behura May 16 (Reuters) - Asian currencies rose against the U.S. dollar on Thursday, while stocks also surged after softer inflation data in the United States boosted wagers of at least two rate cuts by the Federal Reserve this year. The greenback tumbled to multi-month lows following the release of data overnight that showed U.S. consumer prices in April had plummeted to their lowest level in three years. The dollar index was last down 0.1%. The data spurred anticipation of the first Fed rate cut in September and another in December. In Asia, South Korea's won spearheaded currency gains, rising 1.8% to its highest level since April 4. The East Asian nation on Thursday allowed foreign banks to trade in its onshore foreign exchange market more freely in a bid to pull in more investment. One of the worst regional performers this year, the Thai baht firmed 1.1% to a two-month high and was on course for its third consecutive session of gains. Malaysia's ringgit jumped to its highest level in more than two months and was last up 0.5%. Taiwan's dollar advanced 0.6%, touching a five-week high. The Indonesian rupiah strengthened as much as 0.6% to 15,925 per dollar, its highest level since April 5. In the Philippines, the Bangko Sentral ng Pilipinas kept its benchmark rate steady at 6.50%, matching Reuters expectations. The peso was stable following the decision, last up 0.3%. Asian stock markets also got a boost from the mild U.S. inflation data, with Nomura analysts expecting it to ease emerging market concerns of ‘higher for longer’ rates. Stocks in Manila jumped 1.1%, leading among the gainers in the region. Taipei's benchmark index rose 0.7% and lingered at its record-high level. Shares in Jakarta, Bangkok , Seoul and Singapore rose between 0.7% and 1.1%. "Near term, this (U.S. CPI) data release should boost the prospects of tech/AI/chip-related names in Korea, ASEAN stocks that suffered from stronger USD earlier (e.g. Indonesia consumer stocks) and select REITs," Nomura analysts said. Shares of Chinese property developers surged on Thursday as China reportedly considered a nationwide plan for local governments to buy millions of unsold homes from struggling companies, aiming to ease a prolonged property crisis. Hong Kong's Hang Seng Mainland Properties Index rose as much as 6% in morning trading. HIGHLIGHTS: ** Thai fin min says financial access more worrying than interest rates ** China goes on a $1 trln apartment-buying spree ** Brazil's central bank fully committed to 3% inflation target, board members say Asia stock indexes and currencies at 0713 GMT Japan +0.30 -8.64 <.N22 5> 1.39 16.92 China +0.00 -1.66 <.SSE 0.11 4.99 C> India +0.00 -0.35 <.NSE -0.05 2.11 I> Indonesia +0.53 -3.42 <.JKS 0.82 -0.47 E> Malaysia +0.45 -2.01 <.KLS 0.41 10.66 E> Philippines +0.28 -3.40 <.PSI 1.06 2.76 > S.Korea +1.79 -4.24 <.KS1 0.83 3.68 1> Singapore +0.07 -1.87 <.STI 0.76 2.29 > Taiwan +0.63 -4.29 <.TWI 0.74 18.81 I> Thailand +1.11 -5.44 <.SET 0.56 -2.66 I> (Reporting by Poonam Behura in Bengaluru; Editing by Lincoln Feast and Eileen Soreng)